Tag: amazon go

How To Start Amazon FBA Business in 2023? | Fulfilment By Amazon
With a market cap of over $1 trillion, Amazon ranks first among the leading large-cap e-commerce companies worldwide. It has over 2.45 billion monthly visits to its app and website combined. It dominates the US e-commerce, i.e. 49.1% of the market. In the US, customers buy roughly 7,400 products per minute from Amazon sellers. It is the largest e-commerce company in India as well, which is one of the world’s fastest-growing economies with over 1.4 billion people. Data shows over 620 million of them use the internet, and 74% of those users shop online. India has a $70 billion market segment, and Amazon is playing a big part in it.

Between 2020 and 2022, the fulfilled-by-Amazon (FBA) model caught on, with 68% of merchants relying on Amazon’s logistics to fulfil their orders. Amazon has over 200 million paid Prime members globally and hundreds of millions worldwide active customer accounts. You can scale up your business globally on this platform. This is the best platform for customer acquisition. With FBA (Fulfillment by Amazon), sellers send their products to Amazon’s fulfilment centres, and Amazon picks, packs, ships, and provides customer service for those products.

In other words, you must provide your products and Amazon does the heavy lifting for you against some fees. (know that Amazon FBA is not a free service, you have to pay for it. So it is safe to say that a little investment will be required on your part). There are many ways through which you can provide your products to Amazon:
1. Private label
2. Retail arbitrage
3. Wholesale FBA
We will talk about them later in this article!

Select The Product To Sell
Source The Product From Manufacturer
Finalize The Product via Alternatives
Send The Product To Amazon
Provide Better Service Than The Competitors
Break-down of Procedures – A Beginner’s Guide
Is Amazon FBA profitable in 2023?

How To Start Amazon FBA Business

Over the years, Amazon FBA has attracted many people to its model. This way the competitors kept pouring in and competition kept levelling up each day. So it is the right time to ask questions like how to start an Amazon FBA business in 2023 to stay there for longer and to be able to call it a consistent source of income. The following is the know-how of this very question:

Select The Product To Sell

It is the most important step. You should pay due care in choosing the product that is going to give you returns. It is quite obvious that if there are too many people selling the same product, the profit share of each individual becomes negligible. So you need to select the product which has a decent demand and less supply.

Websites like JungleScout help you know which product can give you maximum returns. It gives you an idea (an estimate) about the current product status in terms of demand, supply, and competition based on prior data. If you don’t want to spend your money then you can use Amazon’s Best Seller rankings (BSR) tab but you have to do your bit to make the calculated guess when you’re selecting the product.
- Know your niche: Before selecting a product you should have an idea in which niche you want your product to fall so that it covers long-term gains and not only short-term profits.
- Selecting correct BSR: After selecting your niche, you should select a particular BSR range according to the product selected. Please note the product doesn’t necessarily have to be from the top 3 of BSR. It just has to be sellable which means a product with comparatively less competition and high demand.
Finding BSR Rank for a Product on Amazon
- Narrowing down the product: You can then narrow it down from a list of products to the product that meets the basic criteria.
Source The Product From Manufacturer

After deciding what your product will be, you need to source the product from the manufacturer. This is not an easy process because you have to make sure the product you’re sourcing is of decent quality and reasonable price to match your cost estimates. Consider yourself a customer here and then start negotiating the price with the supplier if you do not feel that the supplier’s quoted price suits you.

Things to note:
- You should ask for sample products first to keep from losses.
- Try to take everything on paper so that you have an edge if you feel the supplier has compromised with the product (in case you are sourcing the product from different countries or from a place where you cannot be physically present).
Finalize The Product via Alternatives

Do you remember I talked about providing the final product to amazon via three alternatives? We will now see what those alternatives mean:

The private label: It is somewhat like collaboration. You are sourcing products from a particular brand and adding your label to it (on its packaging/product itself). And then you’re selling it under your brand. It requires your investment and is comparatively a sustainable source of business. You essentially create your listing on Amazon including pictures of the product, the title of the product etc.

Retail arbitrage: It is buying stuff at cheaper rates from thrift stores or retail stores and then comparing the cost and profit margin of the product via amazon itself. For the same, you have to provide amazon specified barcodes on the product before sending it to Amazon. However, it is not a sustainable business model as there is no guarantee that you will find the products regularly to make the sale on Amazon.

Dropshipping: It is a business model for people who do not have a product or money with themselves. All you do is act as a mediator between supplier and buyer by listing the supplier’s product on your account. After receiving the order (from the customer) at your listed price, you place the order with the actual supplier and ship it directly to the customer. This way dropshipping help you save yourself with a decent profit margin.

Wholesale FBA: It is primarily sourcing the product from a wholesaler, listing it on amazon and selling it. Wholesale FBA is like day-to-day retail shops that we come across in our cities, the point of distinction is here we are doing it online.

Send The Product To Amazon

After deciding your way of sourcing the product and doing the needful you are now ready to send it to the Amazon warehouse and get on with the sales part. You can choose any mode of transportation according to your feasibility and time preferences.

Provide Better Service Than The Competitors

The real competition: In a sentence, this is the point of competition. Many sellers are selling the same product as you. What you do to stand out of the crowd so your traffic turns into sales is the most crucial part of this entire process. The question of starting Amazon FBA today arises from the many sellers that are now there on this platform. You have to know this is not a get-rich-quick recipe. It is just another business model. The only difference is Amazon is doing the heavy lifting for you. So you need to truly start by taking this as a business entity. You have to do all the work that a businessperson is supposed to do, including branding, advertising and marketing.

Ads can do their bit but to be the best in your niche you have to provide the best service possible by including things like
- Actively solving customer’s grievances
- Reading consumers’ reviews to get their experiences with the product
- Always aiming for improving the services
- Asking for genuine customer reviews
- Going for influencer marketing to attract traffic
- Initially providing good discount offers
Of course, after a point of time, Amazon will promote your products on your behalf but for that, you have to be able to come into the eyes of amazon. After all, it is a search engine doing things with algorithms!

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Break-down of Procedures – A Beginner’s Guide

Sell worldwide with Amazon

Step 1. Visit Amazon’s official website
Step2. Click on Sell
Step3. Create an account
Step4. List your product
Step5. Ship your product to Amazon
Step6. Grow your business

❖ Create an amazon seller’s account: To sell on amazon, go to the seller on the Amazon section and create your seller central account. Link your Bank Account and provide your identity, business/company details, and other information.

Amazon Seller Account | Sign in

❖ List your products: There are two ways through which you can list your products on Amazon which depend on the product you’re selling.
- Selling the already available product on Amazon: In this case, you need not list your product as such. All you need to do is select and list the product along with the number of units you want to sell.
- Selling under your brand: When you want to be a unique seller on Amazon with your brand you will be required to list your product which mainly includes the title of the product, size of the product, its images, description of the product etc.
❖ Selecting the way of fulfilment: Here you have an option as to how you want to deliver the order. You have three options: FBA, Easy ship, and self-ship. Here we will see FBA. In this case, Amazon will take your products and store them. After receiving the order it will pack and deliver it to your customers.

Some important things to note:
- Pay due care when you pack your products, you don’t want to mess up when labelling the product with barcodes.
- Paste the barcodes with sticking sheets instead of using cello tapes. If lost, they will be treated as unfulfilled orders in Amazon’s fulfilment centres (FC) under which you will be at a loss.
- Carefully schedule the pick up for shipping the products to FC. Pay good care while filling in the product’s details including the number of units and its dimensions.
You can also use the option of easy shipping. The only difference is here you have to store the products and Amazon will deliver the products to the customers.

Amazon Fulfilment Centre

❖ Shipping the order to AFC: Now you’re ready to ship your products to AFC. You can use Amazon transportation service (ATS), third-party service, or courier service, or you can go yourself (in case your products are small and do not require a transportation service).
- If ATS is available in your area, you can go for this. For this, you can simply schedule the time in your seller’s account.
- Amazon also provides third-party services which you can avail of from your account to send your products.
- If you find your courier service better, you can go for this option too.
Please note that if you’re using any service except ATS you will be required to make a carrier appointment request via the carrier appointment request portal.

❖ Expand your reach/Wait for sales: After sending your inventory to FC, your big task is done. Now you have to wait for customers to place orders. During this time, you can focus on marketing your product off-amazon. You can expand your reach by telling the uniqueness of your product through influencer marketing, Youtube marketing, digital marketing etc.

Is Amazon FBA profitable in 2023?

Benefits of Amazon FBA

In 2022, three-quarters of sellers are in profit. The competition is indeed really high and it is increasing every day. But we have to consider the fact that FBA is a business model. And every business takes a certain period to be termed as ‘stable’. So the risk factor lives irrespective of FBA. FBA is comparatively easier as you can choose from many business models within FBA and with less investment.

For FBA sellers, amazon provides a prime badge which is an assurance of fast delivery, and good customer experience. This option is only for FBA sellers which again gives your product a better chance to get a buy box.

Of course, there will be times when amazon will frustrate you with its algorithms even when you have done all the bits-and-bats of gaining the buy box from buyers. Nonetheless, there is no denying that FBA has changed the game for many when people have been consistent in their work. And it can do the same for you too!

FAQs

What is Fulfillment by Amazon (FBA)?

Fulfilment by Amazon, (FBA) is a service offered by Amazon. Through FBA you store your products in Amazon’s warehouse, and Amazon packs and delivers the orders to customers.

Is Amazon FBA available in India?

Yes. Amazon has more than 60 fulfilment centres in 15 states.

Is Amazon FBA profitable in 2023?

Amazon’s FBA business is quite profitable if done with consistent efforts.

How much does FBA cost?

The FBA cost depends upon the below factors:
- Category of the product
- Product Price
- Size and weight of the order
December 13, 2022

Watasale Kochi Startup- India’s First Cashier-free Grocery Store

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Watasale.

Imagine a store where you can just enter, get your groceries and other items, pack your stuff and walk out of the store without having to wait in a queue for payment. India’s first cashier-less store- Watasale was started up by a Kochi-based startup Nayasale Retail Pvt Ltd in Kochi, Kerala in 2018. Watasale helps you do just that. You can buy any stuff in 3 simple steps: Download Watasale app, open it and scan the unique QR code while entering the store. That’s it. You can now pick the items you need, and you can pay for it via different online payment options so you don’t need to wait in a long queue for billing.

Startup Name	Watasale
Headquarters	Kochi, Kerala
Parent Company	Nayasale Retail Pvt. Ltd.
Founders	Richu Jose, Rajesh Malamal, Subash S., Dileep Jacob and Vinci Matthews
Industry	Autonomous Retail
Founded	2018
Website	www.watasale.com
No. Of Employees	12

Watasale- Launch
Watasale and Amazon Go
Watasale- App
Watasale- Team StartUp
FAQs

Watasale- Launch

Watasale is operating in Kochi, Kerala. The retail store is the first of its kind by Nayasale Retail Pvt. Ltd., a pet project of five friends Richu Jose, Rajesh Malamal, Subash S., Dileep Jacob and Vinci Matthews. They struggled with managing finances as the project is bootstrapped. This has been after years of deliberate planning and trial runs in a garage that they finally succeeded in launching the store.

Watasale Kochi Store- shopping

Watasale and Amazon Go

Subhash S, CEO & CTO, Watasale, revealed that they were inspired to attempt this because of the media attention received by Amazon Go. Subhash stated,
“We started working on the technology in the start of 2015. It was after the announcement by Amazon that they were going to bring Amazon Go similar to our technology, we were reinstated about our correct direction.”

“We use a combination of touch sensors, AI and computer vision—pretty much the same technology as in a self-driven car,” explains Richu Jose, COO of Watasale. The payment for the items purchased will be automatically debited from their Watasale prepaid wallet or card. No cashiers, no queues, no checkouts, no scanning. “After finishing shopping customer can just walk out of the gate,” says Rajesh Malamal, chief marketing officer of Nayasale.

Watasale- App

The store attempts to offer the customers with a checkout-free experience. Customers at Watasale need to download the Watasale app and scan the QR Code generated to enter the store. They have to keep adding items into a bag and exit when they are done.

Right now, the items aren’t reflected immediately on the app and the bill is generated a few minutes after you walk out of the door, but we are working on smoothing it out,” says Rajesh Malamal.

Watasale- Team StartUp

It took the team of Watasale almost 3 years of exhaustive brainstorming and countless trial sessions. Then, they got their algorithms right after which they started focusing on building up physical infrastructure and skeletal framework of the retail store. Their biggest challenge was to form the core technical team and the right manpower who have expertise on advanced stages of artificial intelligence.

They follow a similar model to Jeff Bezos’s Amazon Go, cashier-free grocery store currently operating in the US. Amazon Go is already functioning in three locations in Seattle and is expected to head to NewYork soon. Even Jack Ma’s Alibaba has showcased the Tao Cafe concept in China to be on par with Amazon.

Rajesh Malamal emphasized that while the concept is similar; Watasale uses its own technology and has created it with their proprietary software, and believe that their systems are more economical and scalable as compared to Amazon Go. Rajesh Malamal claims that they have received positive feedback from the customers which has elated the interests of investors both national and international venture capitalists.

FAQs

What is Watasale?

Watasale is India’s first cashier-less store.

Who are the founders of Watasale?

Five friends – Richu Jose, Rajesh Malamal, Subash S., Dileep Jacob and Vinci Matthews are the Watasale founders.

When was Watasale founded?

Watasale was founded in 2018.

Where is Watasale available?

Watasale is available in Kerala at the moment but they hope to expand soon.

June 7, 2021

Top 5 Autonomous Stores offering Seamless shopping Experience

Imagine it is your groceries day out. You pick up your long list of things and head out for the store. After shopping for all your things which by the way is already exhausting, you happen to find a queue longer than the wall of China waiting at the reception counter. I just quoted a typical shopping experience of any other shopper who’s happier to find an empty cash counter than the 50% sale.

Retailing has come a long way from just trading things in a barter system or for money to “having a shopping experience”. We now have acres of land converted into malls and stores which offer you that experience.

You have food courts, playing arenas for kids, baby crashes all under one roof so that you make the most of your shopping spree. But the one thing every shopper dreads is the never-ending queue on the cash register. That is why retail stores, over the decades have launched self-checkout systems to save you the hassle of waiting for your turn to pay.

We will be exploring the pros and cons of autonomous stores and how will it transform the retail business in this article. Read on to find out more.

What are Autonomous stores
How Aifi has Transformed Retail experience
Top 5 Autonomous stores in the world
FAQ

What are Autonomous stores

Autonomous stores are cashier-less stores where there is no human presence required for checking you out of the store. These stores have self-checkout options where you pick up the stuff you require, bill them yourself, pay, and leave. That means no long queues or wastage of time.

All the items that you have picked are added to your cart, just as in case of an online order, and you have to pay through store crafted app and set out. The items that are added by mistake can be sorted out too without making you pay for it.

Retail stores use high-resolution cameras, sensors, Artificial intelligence to incorporate these cashier-free experiences in their stores.

How Aifi has Transformed Retail experience

Aifi is a company that provides software to retailers to open cashier-free stores, where the purchases are tracked by artificial intelligence technology. Aifi sells software to third parties for a seamless shopping experience.

The company uses a series of cameras to track the movement made by the customer such as lifting or putting down a product on the store shelf and automatically updates the virtual basket of the customer. Aifi sends a digital receipt once the customer leaves the store.

In case the customer prefers using the cashier-less system, the user has to simply scan the credit card or their Aifi app on their way out. It provides other payment solutions such as kiosks set up in nearby stores.

Aifi just launched the largest autonomous retail store in Shanghai, China. Unlike other autonomous stores, the 40000 square foot store uses only a camera series and refrains from using weight sensor shelves which has resulted in slaying their investments by 60%.

Aifi can be installed into new and existing retail stores. Aifi CEO Steve GU believes that Aifi can revolutionize the retail autonomous sector. “People can literally just walk into a shop, grab stuff, and then leave,” he added. Adding Aifi to retail stores can result in needing few staff people or engaging the same staff in other value-added services.

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Top 5 Autonomous stores in the world

Amazon Go

Amazon has launched its first offline store called Amazon Go and Amazon Fresh which lets you pick up items and leave without queuing or checking out. The payment is later made through the Amazon Go app.

Amazon Go App

So far, it has opened twenty-six Amazon Go stores and is well intended to open thousands more worldwide.

Nike’s Speed Shop

Nike opened a flagship store in 2018 calling it the “House of Nike Innovation 000”. As the name suggests, it isn’t your regular retail store. The ‘Speed Shop’ is a six floor customization studio with instant check-out points.

This allows customers to book shoes-trial online to try on in the store. Customers arrive through a dedicated entrance to find a locker with their name on it, which can be unlocked through their smartphones.

The shoes in question can be bought without even talking to anyone through mobile checkouts. No queues, no waiting. The ultimate shopping experience.

Burberry’s Social Retail store

Burberry opened its first social retail store in July 2020 in China’s tech hub Shenzhen. Powered by Tencent technology, it hopes to redefine the expectations of luxury retail. It provides personalized experience through a dedicated WeChat app and can share them with their communities.

WeChat App

The mini program on the WeChat app lets customers book appointments, learn more about certain products, and their UGC (user-generated content) accumulate a social virtual currency. This virtual currency converts into a gamified experience as shoppers continue their shopping throughout the store.

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Hema’s QR codes

The Chinese e-commerce giant opened its first Hema’s store in 2016. The store aims at combining elements of online and offline shopping to create the ultimate shopping experience. Alibaba has opened over 35 new retail stores with an aim to combine offline and online retailing.

Hema QR Codes

Customers use the Hema’s app to scan barcodes throughout the store to find product information and recipe ideas. The stores also provide deliveries of online orders. They have employees roaming around the stores filling in contents of online orders. Customers pay through their accounts on Taobao or Alipay. At select Hema stores, customers can make payments at kiosks using facial recognition.

Kroger’s digital Price tags

Kroger’s is rolling out new technologies to improve the buying experience. The technology helps customers by communicating with their smartphones. It uses emoji as they walk up and down the shopping aisles giving them clear choices in a pool of identical products.

Crafted along with Microsoft in 2019, this technology displays nutritional information, pricing, video ads and coupons. Customers scan their items using their smartphones and these items get added in the cart.

Besides hassle free shopping, Kroger’s and Microsoft aims at making this a sustainable option too. The technology runs on renewable energy and helps Kroger’s cut down over head lighting and therefore reduce energy costs.

FAQ

How does Amazon go store work?

Amazon go store uses a combination of ceiling-mounted cameras and shelf-weight sensors to automatically track customers and items as they move around a store.

How do you pay at Amazon Go store?

Amazon Go store accepts all types of credit and debit cards.

Where is Amazon Go available?

There are currently 26 Amazon Go stores located in four cities — New York, San Francisco, Chicago and Seattle.

Conclusion

2020 has accelerated the contactless shopping trend and rightfully so. Retailers continue to explore more of these innovative shopping ideas to bring back the offline footprint. Most of the traditional brick-and-mortar stores are redefining their shopping arenas to provide the ultimate shopping experience.

While autonomous stores are trending since decades, there are still a few things that they haven’t gotten right. They are prone to thefts and require manual overrides. Furthermore, many surveys have found that customers defraud the systems by under scanning or item swapping.

Some retail stores have gone back to traditional checkouts since the customers started leaving loaded carts in the store, frustrated at the self-checkout machines.

The technology may completely replace human intervention in the up coming high tech retail stores. But with parallel challenges, this would be lest recommended. Instead companies could deploy their staff more flexibly and use them for other value added services.

March 18, 2021
Inside The Virtual Reality Market (Education Sector)
In a world where change is constant education sector has remained stagnant for a number of years. However, the pandemic lock down has modded the basic outlook of a traditional classroom into real-time online sessions. This is a new way of education where schools and colleges are operating from home. As amazing as this may seem, it’s not the end of taking it to the next level. Virtual reality has already stepped into the education sector as is believed to flourish in a span of several years.

Virtual reality apps for education are enabling students to connect and learn with their classmates without being isolated from the original world. Along with this as students are already well versed with virtual reality PlayStation, major companies are emerging with the plans to rapidly develop more virtual spaces.‌‌

Microsoft’s AltspaceVR is one such example in the education sector as it permits students to be in an interactive session with their batch mates that too in quirky avatars. Not only this, but students are also allowed to participate in events and activities.‌‌This trend will surely have a positive impact on student lives thud increasing the virtual reality market in the education sector.Students have been dealing with the conventional classrooms with a lack of engagement. With the boost in virtual reality in education, daily learners will be exposed to a much advanced three-dimensional virtual learning environment. ‌‌

Virtual Reality Market in the Education Sector

The education market is forecast to grow from $ 9.3 billion to $ 19.6 billion in the span of 5 years. i e 2018-2023 with CAGR of 16.2 % as the Compound annual growth rate during the forecast period. The market for Augmented reality(AR) and Virtual Reality (V R) is driven by many factors like corporate training, education, simulation, etc. the overwhelming participation and engagement in augmented and virtual reality has sparked innovation and interest globally and it is deemed to establish an exclusive market worldwide.‌‌

Considering the education sector for Virtual reality, it has the full fulcrum potential to grow by $ 6.34 billion thus accelerating the market’s growth thrust in the education sector in the forecast period of 2020-2024.

Uses of Virtual Reality in various sectors

Virtual Reality Market Vendors in Education Sector

While being at a steady pace, markets do hold their positions in the slow-growing segments in the V R industry however vendors should pay heed to the fast-growing segments to make the most of the situation. Barring the growth opportunities, Virtual reality will surely challenge the immense growth of every market participant. HTC Corp., Lenovo Group Ltd., Microsoft Corp., Sony Corp., and Virtalis Holdings Ltd are some of the participants/ vendors in this concentrated market.

Even though the COVID-19 lock down continues to drastically affect the status quo of multiple industries, the instant impact of the pandemic is considered to vary. A few organizations are yet to register a drop in the shares while a few companies will remain unhindered and will show groundbreaking growth opportunities.

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The global virtual reality in the educational market had a fair estimate of 939.51 million in 2019 and is expected to reach 23492.31 million at a CAGR of 43% over the forecast duration. The top market vendors are making sure that the leading edge of virtual reality is coming closer to the students and learners, globally. The leading companies in the V R educational sector market helping to embed learning resource are:
- Google LLC
- Microsoft
- Facebook Inc.
- PTC
- Wikitude GmbH
- Magic Leap Inc.
- DAQRI
- Blippar Ltd
- Upskill
- Continental AG
- Visteon Corporation.
- EON Reality.
- Apple Inc
- Intel Corporation
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Virtual Reality in education sectors (key markets)

The largest virtual reality market was held by North America in the education sector in 2019 and the region offered a massive growth value to the vendors during the forecast period. The emergence of considerably low cost and affordable V R gear and the escalated emphasis of Virtual reality’s applicability in the V R market observed significant growth, especially by North America. Even though 34% of the market growth originated from North America, the US is quite evaluative of the slow market growth in various other regions.

North America is anticipated to have a pleasantly addressable market value of $258.6 billion for AR and V R during 2019-2026. Being the largest market for Augmented reality and virtual reality North America will represent a remarkable CAGR of 32.3% in 2019-2026.

Growth of Virtual Reality market in North America

Virtual reality affordability

The exponential growth in virtual reality devices usage is credited to the technical advancements of several major businesses. Even though the adoption of V R devices was rendered tough due to their expensive setups, the growing affordability of applications and setups is bringing Virtual reality closer to the educational sector.

V R Cardboard by Google or Gear V R by Samsung has helped considerably to reduce the prices. Along with this H.T.C, Sony, and Mega companies like Oculus have minimized the price ranges of their V R devices thus accelerating the emergence of Virtual reality in the educational sector

Insights on Virtual Reality Leading Companies

Google Cardboard

Google developed a virtual reality platform called ‘Google Cardboard’. The platform is proved to be quite cost-effective as it simply includes inserting one’s smartphone inside a cardboard viewer. Making it extremely accessible for students worldwide and to increase interest in V R among the new generation. In January 2016, Google announced that it had shipped over a thousand compatible apps, over 5 million cardboard viewers in just the first 19 months.

Google claimed, 350,000 hours of watch time of YouTube videos in V R, and over 5 Lakh students indulged themselves in V R field drops through the expedition program.it hit the 15 million viewer units mark worldwide by November 2019.

Microsoft HoloLens

Bill Gate’s ‘Microsoft HoloLens‘ is a pair of mixed reality smart glasses who’s initial prototype name was ‘Project Baraboo’. Being the first head-mounted mixed reality platform, it gained quite the popularity and PR

Many considered Microsoft’s Holo Lens limitations to be a consumer product. Its $3500 pricing and designing features are believed to be bent towards simulation, engineering, training, etc, and also considered companies to invest millions of dollars to justify Hololens’s pricing when compared with the $400 Oculus Quest headset.
October 9, 2020
The Latest Development About Business Model Of Amazon Prime That You Have To Know

Amazon is the world’s leading e commerce business with an annual turnover of over $100 billion and its growth is still exponential. At the same time, Amazon is one of the world’s leading membership businesses with Amazon Prime. The service is believed to have more than 80 million members worldwide.

Amazon Prime is considered an important part of Amazon’s great success. Amazon Prime members pay an annual amount of $99 or a monthly amount of $10.99 and receive free two-day delivery on over 15 million different items. In addition, Amazon provides various content including data storage, movies and music to its core members.

Amazon Prime Logo

Amazon Prime Objective

The primary objective of Amazon Prime is to create loyalty between Amazon and its customers. When the customer has paid $99 or $10.99 for free delivery, he will wish to get the most from the already paid membership fee. In other words, Prime Members get what we call ‘Golden Handcuffs’ within the subscription industry; Benefits for customers. As a result, Prime Members spend three times as much money as non-members on Amazon.com in addition to the membership fee.

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Prime is not only critical of Amazon’s current business, with one-third of Amazon’s business derived from Prime membership. Prime is also an important part of Amazon’s strategy for the future that revolves around the complete disintegration of the interaction between e-commerce and retail and the dominance of the same-day distribution market.Amazon has entered the market for groceries in the US, winning a position as a same-day delivery dominator in the market. Amazon Fresh delivers groceries and other goods directly to the customer’s doorstep, the day the goods are ordered. Prime also plays an important role here.

A Prime Fresh subscription at an annual amount of $299 gives customers free delivery of groceries as they often like Other retail and grocery businesses have much to learn from the success of Amazon’s membership. Businesses have the opportunity to tie customers closer to the business through a membership that builds loyalty and makes the customer spend more on your business and less with competitors. It is very likely that we will see substantial use of the membership model within both the retail market and the grocery market – as we have seen it in other industries over the years

Other Prime Service

Amazon Prime Service

Amazon Prime Music

Prime Music is Amazon’s music streaming service. Here users get access to over one million songs, which can be freely downloaded in the “Prime-Library”. Prime users have the opportunity to purchase CDs at a lower price than usual, even though these purchases are rare at these times. Compared to Spotify and other music services, Prime Music’s selection is not volatile, as contestants have more than 20 million songs available, but simply that the selection doesn’t exist is incredibly important and gives loyal customers their money. Gives good value.

Amazon Mom

Prime has further membership. As a Prime Subscriber, it is possible to subscribe as a parent or a family member and thus save 15-20 percent on diapers and similar products. However, the name has been in the news a bit and has since been changed to the more appropriate “Amazon Family”

Amazon Cloud Drive

Amazon cloud drive is Amazon’s “cloud storage”; Amazon’s response to Dropbox. Here, users can store files from their computer, so that it is backed up and so that computer memory is not filled.

Amazon Studio

Amazon Studio is an additional step in Amazon’s long-term plan to reach as many users as possible. Amazon Studios Amazon has its own film production service and intends to produce both TV series and films.

Amazon Prime Instant Video

The video service competes with some relatively big players, including Netflix, Hulu and HBO. However, there are many indications that Prime Instant Video is a major success, especially in terms of getting users to subscribe to Prime or getting users to keep up with Prime

Amazon Prime Two Day Delivery

It was from here that it started. For six years, Prime was only a two-day delivery service and was a real success for subscribers. It was possible to get free delivery with your purchase if you ordered more than $25 and were not a Prime Customer – but as a Prime Customer you could order anything without paying for transportation. Of course, you have indirectly paid for the load – as an annual payment – but in the end most customers have made the most of the savings on free transport or paid in the subscription amount.

Amazon Prime Kindle Service

39 percent of Amazon consumers in the US reportedly own a Kindle reader. Kindle users, who are not necessarily prime subscribers, are often referred to as good subscribers as prime subscribers, as they make more purchases than the “standard” customer. Kindle is the name of Amazon’s e-book reader, which gives users the possibility to buy, download and read e-books anytime on their tablet. Kindle also works with Prime Library, which gives Prime customers the possibility to borrow e-books for free from a website or app

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Learning From Amazon Prime

In 26 years, Amazon has managed to grow to be the world’s most successful e commerce company with an annual turnover of over $130 billion and a market value of around $470 billion. Nevertheless, the company still finds itself in the “Day One” in the development of e-commerce, as the vast majority of business between companies and individuals is still physical and psychologically driven by customers into a store or supermarket . This is what Amazon wants to change.

According to Jeff Bezos and Amazon this change will only happen if e-commerce is cheaper, faster and easier for the customer in the future, as the customer has to go to the local store or supermarket. Therefore, the customer, when he is shopping online, must have access to the best and largest selection of items. More importantly, the goods have to be delivered quickly and most often on the same day.

One of the most surprising levers in the making of this change is Amazon turning its customers into customers. The membership model is otherwise not an everyday look in the retail or grocery industry. In fact, it is virtually non-existent, but Amazon has reinforced and revolutionized the concept of membership, and created a very strong formula for customer loyalty with Amazon Prime. In fact, to the extent that it is believed that Amazon has more than 60 million customers worldwide – and is still growing

July 8, 2020