Jeweller - September 2020

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Together We’re in this together. Worth and Douglas are here to help, providing the quality, speed, and service you’ve come to expect from us for over 60 years. Your account manager will be reaching out to discuss ways we can support you during these unusual times. WORTH & DOUGLAS LTD (03) 9338 0091 / 1800 006 388 sales@worthdouglas.com.au worthdouglas.com
BEST OF BUSINESS Retail Feature How to survive the “Battle of the bots” Online mega-retailers have integrated technology that attacks and blocks competitors. Every independent retailer should understand these tactics and how they affect the bottom line, says CHRIS PETERSEN. It’s hard to escape the news about digital transformation and how it impacts on traditional retail. In the US, there are daily reports of store closures and half-empty shopping malls grasping for tenants. Amazon remains the undisputed market leader among e-commerce retailers hellbent on using price to seize market share from traditional retailers. However, what is less apparent to consumers are the technologies that online retailers like Amazon employ that make it nearly impossible for other retailers to complete. The emergence of artificial intelligence (AI) technologies has turned what was once a battle of price into a ‘battle of the bots’, and small retailers are trying to compete in this technology war with the digital equivalent of a pocketknife. All of this begs the question, “Is Amazon invincible?” Greater than the sum Amazon is an incredible innovator. The shopping giant has the best e-commerce platform the world has ever seen and it has built this by focusing on infrastructure and the long-term. This culture of innovation is increasing revenue at such a pace that the company is now in $2 trillion-dollar territory and has been referred to as “the world’s most valuable brand”. What is it that gives Amazon such an incredible advantage? Amazon’s whole is greater than the sum of its parts. Consumers know the brand for its values of convenience, same-day or overnight delivery through Amazon Prime, and gold-standard service – but they don’t see what’s going on behind the scenes. Amazon’s individual components are well-known and widely discussed, particularly the use of robotics in the company’s distribution centres. As a result, these components can be replicated by competitors. But copying Amazon’s entire ecosystem, including all physical and digital strategies, is a task so large that that it creates a huge barrier of entry for retailers Amazon’s mastery of the complex, behindthe-scenes technologies that power modern e-commerce is vitally important to its success without Amazon’s spending power and logistical depth. Below are some examples that collectively represent formidable barriers for traditional retailers, especially those with a bricks-and-mortar heritage. Bringing in the bots As the name implies, ‘bots’ involves the use of technology to perform automated functions at incredible speed and accuracy. This is robotics, but it’s not always physical or mechanical. A web-crawler is a type of bot that scans the prices of individual items online. Web-crawlers can process thousands of SKUs to help a retailer like Amazon ensure its pricing remains best-in-show. Online pricing is extremely competitive and the difference of 50 cents over a million units can make or break profitability. According to an article in Fortune titled, “How Bots Are Fighting E-Commerce Wars,” Walmart was using bots to check Amazon prices several million times a day until Amazon found a way to block the <strong>September</strong> <strong>2020</strong> | 47
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Jeweller - September 2020

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