Will Denver Shoppers Choose Local Over Amazon?
A recent survey found 70 percent of consumers said they would be more likely to shop with a small retailer if it appeared on Amazon Marketplace.
Amazon has plenty of reason to choose Denver as HQ2 – affordability, proximity to universities and a highly educated workforce.
Vantiv, now Worldpay, recently conducted research that uncovered an interesting new trend: Shoppers have indicated that they are very interested in shopping at local, small businesses – but there’s a catch.
The survey found 70 percent of consumers said they would be more likely to shop with a small retailer if it appeared on Amazon Marketplace. Notably, more than one-third of millennials prefer to purchase online from smaller, independent retailers. Those who indicated this preference said they do so because they are interested in supporting the community, or because their family owns a small business.
Consumers also hold certain expectations of their shopping experiences, including:
- FAIR PRICES
58 percent of consumers would buy from a small business online if the price is within 5 percent of what they believe other retailers might charge.
- UNIQUE PRODUCTS
- FREE OR REDUCED SHIPPING
What does this mean for Amazon and for Denver’s small businesses?
While shoppers – especially millennials, who are becoming an increasingly critical demographic as their disposable income increases with age – clearly want to support local businesses, they still want the convenience and accessibility that comes with the Amazon name and model. When hunting for that new kayak or those new yoga pants, an easy experience is key.
If Amazon does choose Denver, the retail giant and local businesses alike stand to gain significantly if they take on a symbiotic relationship to meet these customer demands. Businesses with a dedicated, local following and unique products will bring new business onto the Marketplace, while the fast and easy-to-use experience synonymous with Amazon will ensure that those businesses have a turnkey platform their customers are comfortable and happy with.
Small businesses can leverage a number of e-commerce platforms and shopping cart providers, which do a great job offering connectivity into marketplaces like Amazon’s and beyond. Such a partnership would allow flexibility in how and where goods are sold, meaning customers can continue to feel good buying from local small businesses without sacrificing ease and accessibility.
Ahead of Small Business Week, April 29 – May 5, let’s celebrate the resurging interest in shopping small and local; but remember that Amazon has set the new standard for shopping, coupling convenience and accessibility to deliver an easy experience for each user. It’s impossible to deny the impact Amazon has on retail in all corners of the country, and with good reason. Its presence in the market ensures that consumers get the best of all worlds.
For even more insights, download the PDF summary of this study. Worldpay also works to continually conduct new research and understand what’s most important to consumers. Visit our statistics page to get the latest insights.