John and Glen celebrate Amazon Prime Day by comparing notes on this marketing phenomenon, discussing the collateral damage to brick and mortar retailers, and consider how banks and credit unions can combat the time-tested model of competitors pursuing adjacent markets. Plus a “Stranger Things” spoiler.
Links related to this episode:
CNN’s brief recap of Prime Day volumes (spoiler: it did well), which also lifted competitors’ sales: https://www.cnn.com/2019/07/17/business/amazon-prime-day-sales/index.html
A rather comprehensive (and depressing) list of retail store closures among recognized mall mainstays: https://www.ibtimes.com/store-closings-2019-full-list-retailers-closing-year-2790627
CNN also wrote about the environmental cost of next-day shipping: https://www.cnn.com/2019/07/15/business/fast-shipping-environmental-impact/index.html Perhaps they hit a nerve, because this “they’re trying” story followed the very next day: https://www.cnn.com/2019/07/16/business/amazon-cardboard-box-prime-day/index.html
The story on Wendy’s and next-day payroll: https://money.cnn.com/2018/03/09/pf/jobs/instant-financial-daily-paycheck/index.html The leader in this space is Instant Financial https://www.instant.co/ but Glen also mentions a younger Canadian competitor, Payfare https://www.payfare.com/
More on BIG’s Conversational Banking Platform FIVE: https://www.big-fintech.com/Media/BIG-News/ArticleID/421/Five-for-FIVE
The Voice of Banking Summit in NYC October 29, where John will be a keynote speaker: https://www.voiceof.money/ Use code BIG2019 to save 20% on your registration!
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Best Innovation Group
John Best is recognized as a thought leader and visionary of technology advancements and financial application development within the credit union industry.
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