While the retail industry is still reeling from the realization that digital commerce is edging out brick and mortar, Amazon just had the biggest online retail day in history. The third Amazon Prime Day garnered between $500 million and $600 million in incremental sales, with a 60% increase in global sales and a 50% increase in U.S. sales.
It’s true, we’ve moved beyond the Information Age and entered the Age of the Customer, and customers demand convenience and better shopping experiences. Amazon has cashed in on the new emphasis on convenience and customer-centric selling, but more traditional retailers are struggling to keep up, with more store closures in the first quarter of 2017 than in all of 2016 (see below). Now that ecommerce is all about the customer and convenience, what options do retailers have to ensure they thrive in a digital world?