Frank Kochenash, President of Marketplace Services in the USA, at Wunderman Thompson Commerce spoke to Victoria Fritz at the BBC, about Amazon’s Q2, 2021 results and what’s next for the eCommerce giant.
Watch the interview via https://bbc.in/3j5Mjhw
Amazon’s Q2 earnings results was one of its most anticipated yet. With Prime Day, Jeff Bezos’ space flight, a multi-million pound deal with MGM, a potential cryptocurrency payment service and the return of consumer confidence in the high-street, investors will have been chomping at the bit. And for the retail marketplace that seemingly knows no bounds, its results did not fail to disappoint; with 14% of all online global spend passing through Amazon, it continues to hold the fort through its horizontal expansions, lucrative acquisitions and allyship with small businesses.
The challenge for the second half of the year will be sustaining growth and maintaining sales as physical shopping returns and Covid-19 restrictions ease – although it’s worth remembering that over one third (36%) of global consumers are still fearful of shopping in store. Amazon also has some work to do to ease concerns around its sustainable and ethical work practices – while its services continue to set the benchmark, over half of global consumers say that Amazon should pay more tax. In the UK alone, near seven in 10 (69%) consumers support the idea of Amazon paying more tax.
Nonetheless, with more and more consumers comfortable with shopping online, and a potential second Prime day in October, Amazon will undoubtedly be a major player in retail in the second half of 2021. And while it’s hard to predict Amazon’s every next move, you can be sure they’re ten paces ahead of the rest of the chasing pack.