Sales Strategy

Why Retailers Should Create Amazon-Like Ecosystem for Increased Sales February 08, 2023 (0 comments)

Boston, MA--Global management consulting firm Bain & Company said in a new report that not every retailer could build an ecosystem like Amazon, so it was crucial for them to find a new approach in 2023 — something to give them a more comprehensive identity.

[Image via Pixabay Commons]

The firm noted that holiday sales grew nominally by 4.9% year over year, with Amazon outperforming the market. It added in its report that offerings and services that encompass traditional retail store activities amount to more profits.

While doing so was important, few could take Amazon's brand approach.

The report stated that retailers would need to develop an ecosystem strategy based on a combination of scale and advantageous assets to better deal with Amazon's market takeover.

Bain credits Amazon's consistent success to its ecosystem — its network of integrated offerings that provide value to all stakeholders., including customers, employees, suppliers, shareholders and communities. These ecosystems turn especially advantageous during the holidays, thus leading to more sales.

So how can retailers make a note and work on their ecosystem landscape? The article lists several points that can serve as guiding lines. Such as making an honest assessment, choosing the right strategy, and building focused and narrower ecosystems.

Learn more about these in the entire report.