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Thanks to Amazon’s latest shareholder letter, we know its formidable Prime subscription service now has 100 million members who order more than 5 billion products a year.
Competing retailers have rolled out comparable two-day (and faster) delivery options, but Prime sets a high bar with streaming movies, TV and music, as well as access to books and shopping deals. Amazon is also a daunting adversary when it comes to price and convenience.
But retailers have an opportunity to distinguish themselves by providing personalized services with early and/or exclusive access to products, which has become a more important part of their loyalty programs as consumer interest wanes in transactional value.
In fact, Marissa Tarleton, CMO of savings site RetailMeNot, said loyalty is no longer a single program, but rather a product, marketing and business strategy that builds products and experiences to make customers repeat visitors.