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Amazon Accelerate 2023: Unpacking Buy with Prime Updates
Enhancing the E-commerce Experience
Greetings D2C Geeks,
Welcome to this week's edition of D2C Geek, where we dive into the latest developments reshaping the e-commerce landscape. In the spotlight today is Amazon Accelerate 2023 and the exciting updates to their Buy with Prime service.
Food for Thought: Amazon Accelerate 2023 Unleashes Buy with Prime Updates
The annual Amazon Accelerate conference is a momentous occasion for e-commerce enthusiasts, and this year's event, held on September 13-14, 2023, did not disappoint. Attendees had the privilege of gaining insights directly from Amazon's senior leaders and subject matter experts, who unveiled a treasure trove of new products, tools, and resources.
This year, Amazon Accelerate put the spotlight on six key areas:
Advertising: Exploring innovative ways to capture the audience's attention.
Building and Protecting Your Brand: Strategies to establish and safeguard brand identity.
Driving Visibility and Engagement: Techniques to stand out in a crowded digital landscape.
Gaining Insights Using Amazon Tools and Strategies: Leveraging data for informed decision-making.
Optimizing Fulfillment Operations: Streamlining logistics for efficient order processing.
Scaling Your Business Globally: Expanding reach and market presence.
One of the most notable updates unveiled at Amazon Accelerate was related to Buy with Prime. This feature allows Amazon Prime members to tap into Amazon's expansive fulfillment network when shopping on external websites, offering a seamless and efficient shopping experience.
Here are the key takeaways:
Buy with Prime Assist: Sellers can now provide Amazon customer support at no extra cost. Customers have access to a chat feature connecting them with Amazon's customer service representatives, assisting with shipping, order inquiries, and returns.
Buy with Prime Cart: Amazon has introduced a cart feature, making the off-site purchasing experience resemble the convenience of shopping on Amazon.com. Customers can now purchase multiple items at once, similar to a traditional online shopping cart.
But what exactly is Buy with Prime, and why is Amazon expanding it now? Launched in April 2022, Buy with Prime allows retailers to sell products listed on Amazon from their own websites. Customers can check out using Amazon's payment system and receive orders through Amazon's fulfillment network, all while retailers pay a fee for this service.
The timing of this expansion aligns with Amazon's heavy reliance on third-party sellers, who account for a significant portion of the marketplace's revenue. In 2022, 63.7% of Gross Merchandise Volume (GMV) came from third-party sellers. To maintain its competitive edge, Amazon is diversifying its strategies and expanding its offerings to secure its market share.
Notably, Amazon's collaboration with Shopify merchants to offer Buy with Prime on their Shopify websites demonstrates the ever-evolving landscape of e-commerce. This partnership is a strategic move for both Amazon and Shopify, offering benefits to merchants and challenging the traditional e-commerce ecosystem.
Amazon is committed to delivering benefits to sellers. Data reveals that businesses using Buy with Prime enjoy a competitive edge, with three out of four purchasers being new customers to the brand. This tool has also led to a 25% increase in conversion rates on average, providing a compelling reason for sellers to embrace this feature. In addition, other Amazon tools, such as incorporating Amazon reviews on their websites, have delivered substantial conversion growth for retailers.
Weekly Hack: Leveraging Buy with Prime for Your E-commerce Success
As an e-commerce executive, you're likely pondering how to make the most of Amazon's Buy with Prime updates. Here's a practical tip: Embrace change. Consider integrating Buy with Prime into your online sales strategy to attract new customers, boost conversions, and enhance the shopping experience.
That's a wrap for this edition of D2C Geek. Stay tuned for more insights into the dynamic world of e-commerce.