WSJ: Next Up for Amazon, Checking Accounts
https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200
This article discusses Amazon's desire to partner with Chase on offering an Amazon-branded checking account. This idea is not new (Sears with Dean Witter), but Amazon has the ability to use this in ways Sears could not dream of. We are in the age of the customer. As marketers we need to know anything and everything about our customer, and we need to be able to communicate with them on an individualized basis. Amazon has the CRM technology to support endless customer attributes and customer journeys. Amazon owns more customer purchase data than any other company. They control over 65% of all e-commerce searches. Even further enhancing Amazon's customer data is Amazon Prime. Amazon Prime membership reduce the ability for consumers to browse anonymously.
With the move into checking, Amazon would be able to own the complete shopper profile. They would no longer have to purchase third-party customer data. They could like consumer's non-Amazon purchase data with Amazon purchase data to have a wholistic purchase history. From this, they could more accurately market to customers across a greater array of categories.
What's even more interesting for Amazon is how they could use this complete customer data to define new lines of business. They have dabbled in food delivery and kit services, but this could identify other latent markets. They could also build new lines of business at unmatched scales. They have discussed healthcare. What other categories could they disrupt?
https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200
This article discusses Amazon's desire to partner with Chase on offering an Amazon-branded checking account. This idea is not new (Sears with Dean Witter), but Amazon has the ability to use this in ways Sears could not dream of. We are in the age of the customer. As marketers we need to know anything and everything about our customer, and we need to be able to communicate with them on an individualized basis. Amazon has the CRM technology to support endless customer attributes and customer journeys. Amazon owns more customer purchase data than any other company. They control over 65% of all e-commerce searches. Even further enhancing Amazon's customer data is Amazon Prime. Amazon Prime membership reduce the ability for consumers to browse anonymously.
With the move into checking, Amazon would be able to own the complete shopper profile. They would no longer have to purchase third-party customer data. They could like consumer's non-Amazon purchase data with Amazon purchase data to have a wholistic purchase history. From this, they could more accurately market to customers across a greater array of categories.
What's even more interesting for Amazon is how they could use this complete customer data to define new lines of business. They have dabbled in food delivery and kit services, but this could identify other latent markets. They could also build new lines of business at unmatched scales. They have discussed healthcare. What other categories could they disrupt?
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