Jim Tompkins, CEO and President of Tompkins International, discusses the Amazon Effect in a new video that demonstrates how the online retailer is changing the face of global business.
“Regardless of the products you sell or your industry focus, Amazon is your biggest competitor,” Tompkins says. “I have done extensive research into the Amazon Effect and have learned that the better you understand this huge and mysterious phenomenon, the better positioned your supply chains will be for future success.”
Between now and holiday season of 2013, both in-store and online companies have major decisions to make that will result in either success or bankruptcy. This is further heightened by the revelation that Amazon plans to open its first brick-and-mortar store soon.
“Amazon has invented – and is continuously refining – new ways to connect customers with solutions,” Tompkins adds. “As Amazon applies innovation to a physical store by adding the full customer experience, it will enhance their already strong pricing, convenience and selection. Businesses across all industries need to be prepared now to respond.”
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