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Maintaining Consistent Pricing, Content, and Controlling Third-Party Access Key to Success in the Current Retail Landscape
Johan, an expert in retail, suggests several strategies for physical stores to coexist with Amazon. One of the critical strategies is maintaining consistent pricing across all channels to avoid damaging the brand’s reputation. Retailers must also ensure their content, such as product descriptions, images, and reviews, is up to date and appealing to potential customers. Controlling access to the catalog by limiting the number of third-party sellers is also important to avoid pricing conflicts and maintain the brand’s reputation. To maintain a positive rating on Amazon, retailers should respond professionally to negative reviews and address customer issues promptly.
When expanding their business, retailers should consider selling directly to Amazon via 1p or 3p and evaluate the benefits of using Fulfillment by Amazon (FBA) versus Fulfillment by Merchant (FBM). Johan emphasizes that Amazon is an extension of a retail brand and should be treated as such. Entrepreneurs must carefully consider whether to start their business on Amazon or in a physical retail store, depending on the product category and their goals.
Retailers have adapted to the changing times by offering convenient shopping options like buy-online-pick-up-in-store or curbside pickup. To succeed in the future, entrepreneurs should consider both retail and online platforms and offer customers multiple buying options. This can lend legitimacy to the brand and give entrepreneurs negotiating leverage with retailers. Overall, Johan’s expert strategies can help physical stores coexist with Amazon and thrive in the current retail landscape.