In our recent white paper, “Time is the New Loyalty Currency”, we identified three ways brands can value customers’ time by providing:
- Time Savings
- A Frictionless Experience
Having recently been in Seattle I had the occasion to visit the first Amazon Go store to check out the Amazon Go experience myself. As you might expect, Amazon Go scores a hat trick on these three time-related value drivers.
For the uninitiated, Amazon Go is an 1,800 square foot convenience store located in downtown Seattle. The company has announced additional stores set to open in Chicago and San Francisco and, we would expect, many other locations after that.
The Amazon Go experience flips the model that the longer you hold your customer on the retail floor the more value you create in terms of sales. The problem is that that value was always skewed for the benefit of the merchant, not the customer.
Amazon Go requires downloading a special app, registering with your Amazon credentials and choosing a form of tender. Once that’s done you enter the store through a subway-like turnstile, scanning a 2-D barcode from the app. As you shop the store, you simply take the items you want and then walk out. You’re automatically charged based on proprietary technology that uses cameras and image sensors that presumably track you in the store and what you lift from the shelves.
Not surprisingly, the Amazon Go experience is based on impeccable store merchandising standards, with nothing to slow you down as you shop and Go on your way. And in the name of speed, the first notification you get upon leaving the store is the duration of your visit, not how much money you spent or even what you purchased. Clear evidence that Time is indeed the new loyalty currency.
What else would you expect from a company where the VP of External Payments coined the phrase “check-in is the new check out”?
As outlined in our 2017 Consumer Loyalty Research Study, Amazon is again pushing the boundaries of Loyalty 3.0 as they continue to re-emphasize the value of being a customer-centric leader, and are ever-committed to an increasingly better CX. As Amazon continues to strive to meet the ever higher bar of consumer expectations, it’s imperative that you and your brand do the same.
Time matters, now more than ever.
To learn more about time, why it's fast becoming the most critical loyalty driver, and why brands like Walmart, Amazon, and Delta are investing in it, check out our new white paper.