Small and mid-size businesses saw record-breaking sales during Amazon’s Prime Day in 2020, with an increase of nearly 60% year-over-year. But with so much of the retail space currently in transition and an early Prime Day on the horizon, SMBs are scrambling to ensure they can take advantage of the corporate holiday this year.
“Look at Amazon versus Walmart,” says GGV Capital’s Hans Tung.. “Amazon innovated much faster than Walmart. The way they approach things to make things happen fast, iterate, make changes, do a quick test, change again, test again, change again – that kind of speed is what we look for.”
Yes, Amazon is a giant. But as long as you continue to innovate and keep your hand on the pulse of independent business needs, it’s not going to kill your business. Here’s why.