Occupation ‑‑‑‑‑‑‑ Entrepreneur
Problem ———– Having problems generating revenue
Desire ————– Wants To learn how top e-commerce sites generate revenue.
Amazon is the second company in history to be valued at $1tn; In other words, it has more than twice the market value of Wal-Mart Stores and more than four times that of Target and Shopify. There are only 3 companies in the world that make this elite grade. A company hit the milestone when its stock price crossed the $1tn threshold, continuing an impressive climb. Soon, analysts predicted that Amazon would become a $2tn giant, which made everyone wonder how it could keep going after hitting the upper limit of what a company’s dream market value could be. Investors have been bullish on Amazon stock for years and would not trade in another direction anytime soon, but many wondered what marketing strategies let Amazon stay ahead of the retail market.
In this article, I will be discussing the marketing tricks Amazon use to hold its grip on the E-commerce industry.
Amazon Marketing Tricks
Amazon is one of the companies that introduced the most novel ideas in the marketing world. Its growth curve for more than 30 years has been excellent and still, it is having enough reasons to continue growing at a rate of 50% every year. There are several tricks and tactics for this but if you go through its cost structure, it’s also giving a lot of opportunities for beginning marketers who want to learn and earn money from Amazon. Here I am going to mention some of the vital points that are used by Amazon which can help amateur marketers to increase their sales in a few days.
Here are 10 Amazon marketing tricks and tips that you can use to improve your website sales.
- Creating Scarcity: “The scarcer a product is the more people want it.” Sounds familiar? Yeah, the law of supply. Amazon creates the illusion that it’s about to run out It does it by showing a certain number of an item left in stock
- Setting a Deadline: Most people put off buying if they know there’s no rush Amazon uses a countdown timer on their site to Show viewers how many days, hours, and minutes they have to decide
- Price anchoring: Amazon creates an illusion that users are saving MORE In every product it includes: -List price -Recommended retail price -Saving Amount
- Upselling Products: Everyone wants to get good deals Amazon shows another product that complements an existing purchase this gets more sales in the process. Amazon does this with its frequently bought together section.
- Creating social proof: Customers buy from people they trust Amazon uses 5-star ratings and honest customer reviews to persuade people Which helps them not struggle to convince people
- Adding Trust: Amazon adds a “best seller” tag to gain more trust this helps them to -Sell Faster -Gain Trust -Get more customers
- Manufacturing best selling products: Amazon manufactures products that sell a lot this helps them make MORE money than eating commission Plus most of the times Amazon will label its manufactures product as “Amazon choice”
- Creating Ad Platform: Amazon is one largest ad platforms it takes money from sellers to promote their products this helps sellers give more visibility and Amazon more revenue
- 1-day delivery: Amazon tricks users to get the fastest delivery by making them pay for prime membership Once they get all the benefits, it’s hard to undo Plus this also makes the user buy more stuff
- Using user data to customize the feed: Amazon has a ton of user data from what you bought to what you clicked With the help of user data, it provides you with a customized feed You are most likely to buy the product when you see it everywhere
As E-commerce startup serious about growth You can copy some of this trick and integerate them to your existing marketing strategy.
Note: Not all can be integerated at once, study your audience and choose the one that suit your current status and iterate the rest as you scale.
Notice: This tips was pulled out from Agarwal Gaurav’s twitter handle and modified for techpadi’s readers.