Moreover, when these consumers begin a search for a new product, 66% start on Amazon, and if they have a specific product in mind that they want to buy, the portion going to Amazon grows to 74%.
The e-tailer holds particular sway with Prime members, who engage with Amazon far more often than nonmembers.A staggering 88% of Prime members said that they make a purchase on Amazon once a month or more often. This is in contrast with non-Prime members, only 56% of whom said they buy products online from any e-tailer with that regularity.
This is excellent news for Amazon, especially given that the vast majority of Prime members anticipate maintaining their memberships: Over three-quarters (76%) say they're very likely to remain members, and another 19% say they're somewhat likely to do so.
Amazons position in e-commerce is extremely strong, but there are some ways competitors may be able to get some counterplay:
- Emphasize pricing and shipping benefits.These factors are highly important to shoppers. More than four-fifths (82%) of respondents said that price is a very important factor when selecting a product, and the same percentage of Prime members said the same. This suggests that if competitors can find a way to outprice the e-commerce giant which could be easier now that Amazon has ended a restrictive pricing requirement for sellers they could steal attention from consumers for themselves. Additionally, a resounding 83% of Prime members said that free two-day shipping was their favorite Prime benefit, so if other retailers can come up with a similar offering, they're likely to diminish the gravity of Prime to a degree.
- Develop strong search engine optimization (SEO) capabilities.The second most popular resource consumers use in their product search process is a search engine such as Google: 20% start searches for new products with search engines, 36% use them to check prices, and 32% use them to check reviews. Therefore, if Amazons competitors can work to get their products to appear higher in search engine results than Amazons, they may stand a better chance of growing their exposure and making sales to shoppers who aren't immediately using Amazon for their product research.
However, they will have to first understand how Amazon SEO work so that they can learn how to rank their products as well.
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SEE ALSO: The three types of Amazon buyers and how other e-tailers can lure them away