As retailers prep for the upcoming holiday season, Amazon Prime Day (or “Black Friday in July”) offers several lessons for other retailers. Chief among these lessons: to level the playing field (and compete with the likes of Amazon), location intelligence and data needs to be front and center among cross-channel strategies.
Let’s first look at how brick-and-mortar sales and foot traffic fared against Prime Day’s competitive ecommerce deals. Gravy Analytics’ Prime Day Foot Traffic Analysis (measured consumer visits at 1400 retail chains for the two weeks prior and following Prime Day 2018, and compared it to 2017 data), found that for some retail categories – particularly consumer electronics and cosmetic shops – in-store shopping is alive and well. In higher-end consumer electronic stores, in-store traffic picked up this year, adding 5 percent over the average daily attendance rates for the two weeks prior.
This kind of data, which reveals where people go and what they do there, provides valuable intelligence about consumer behaviors that can help retailers plan, predict and take action ahead of the year’s pivotal holiday shopping season.