I was reading through the latest Amazon Annual Report and found some pretty interesting facts. The letter is worth reading if you are involved in eCommerce.
In the letter, Jeff Bezos points out…
“Customers complete 28% of purchases on Amazon in three minutes or less, and half of all purchases are finished in less than 15 minutes. Compare that to the typical shopping trip to a physical store – driving,
parking, searching store aisles, waiting in the checkout line, finding your car, and driving home. Research suggests the typical physical store trip takes about an hour. If you assume that a typical Amazon purchase
takes 15 minutes and that it saves you a couple of trips to a physical store a week, that’s more than 75 hours a year saved. That’s important. We’re all busy in the early 21st century.
So that we can get a dollar figure, let’s value the time savings at $10 per hour, which is conservative. Seventy five hours multiplied by $10 an hour and subtracting the cost of Prime gives you value creation for each Prime member of about $630. We have 200 million Prime members, for a total in 2020 of $126 billion of value creation.”
If you’re struggling to find time for things, start looking at where you can get time back. After reading this, a clear is example is becoming more efficient with your shopping.
Everything is available at our fingertips, whether it be through Amazon or other local retailers. Are you utilising it to your advantage?