International Finance
Featured Technology

‘Buy with Prime’: Amazon’s latest weapon to dominate US e-commerce sector

IFM_Buy with Prime
Launched in 2022, ‘Buy with Prime’ has been available to certain merchants that have been using ‘Fulfillment by Amazon’

Amid the ongoing global economic slowdown and the trend of customers making fewer online purchases to save cash, Amazon’s ‘Buy with Prime’ will expand to US-based e-commerce platforms by 31st January 2023. This will result in the retail giant gaining a stake in more of the online shopping markets beyond its own platform.

Launched in 2022, ‘Buy with Prime’ has been available to certain merchants that have been using ‘Fulfillment by Amazon’ (FBA), and a select handful via an invite-only scheme. From February 2023, more online stores will be able to benefit from Amazon Prime.

US-based vendors will be able to pull reviews that customers have submitted to the Amazon platform straight onto their site, thus allowing these businesses to tap into a huge potential for more reviews. The third-party vendor customers can expect free, fast delivery from Prime.

“We’ve been working closely with merchants since the launch of Buy with Prime and have been thrilled to hear the results it’s helped drive for them so far,” noted Peter Larsen, VP for Buy with Prime, while interacting with Techradar.com.

There is an average increased shopper conversion rate of 25%, which Amazon bases on shops that does/does not have ‘Buy with Prime’ set up, measured during the same time period to avoid misconstrued figures as a result of seasonality and external factors.

Smart home tech company Wyze has reportedly seen a 25% boost in shopper conversions, leading it to offer ‘Buy with Prime’ on its entire catalogue of products. The setup offers the company’s own online cart experience, or the Prime offering which requires customers to log in with their Amazon account. Electrolyte drink mix brand Hydralyte experienced a similarly healthy boost of 14%, while skincare brand Trophy Skin saw an improvement of over 30%.

“We launched Buy with Prime as an invite-only offering and are excited to soon make it widely available to merchants of all sizes based in the U.S. We’re eager to gather feedback from merchants to help us build and improve this offering over time,” told an Amazon official to Techradar on the development.

Photo Credit: Amazon

What's New

M-Money: The payment gateway for financial inclusion

WebAdmin

The ‘Tijara’ route of empowering Bahraini SMEs

WebAdmin

Business Leader of the Week: Meet Jim Ratcliffe, British billionaire & part-owner of Manchester United

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.