When Amazon sold its first book, Borders (remember them?) was generating about $1.6 billion a year in sales. (Photo: Shutterstock)
I have a love/hate relationship with Amazon. It's hard to argue with unprecedented convenience, low prices and two-day shipping. Who doesn't need that jumbo pack of Q-tips and a doggie thundershirt ASAP?
On the other hand, there are horror stories about their warehouse working conditions (See Jessica Bruder's “Nomadland.” On Amazon for only $11.56!), and the creepiness of in-home robots listening to your every word while squadrons of package-delivering drones descends upon your doorstep.
Do I still shop there despite my misgivings? Constantly.
BenefitsPRO editor-in-chief Paul Wilson muses on the benefits industry in an Amazon world.
Related: To compete with Amazon, CVS dips a toe into the online retail business
Amazon, JP Morgan and Berkshire Hathaway recently turned an eye toward health care, and big things are starting to happen. Our cover story (page 12) features Mick Rodgers, a benefits advisor serving as a consultant to the joint venture. He offers an insider's perspective on what to expect, where advisors will, and some great advice on how to get ahead of the curve.
There's still plenty of room in Amazon's world. Evidence comes from an unlikely source: bookstores. When Amazon sold its first book, Borders (remember them?) was generating about $1.6 billion a year in sales. And while Barnes & Noble is still around, the writing's on the wall. Yes, Amazon wreaked havoc on booksellers.
Flip through the digital edition of our March issue now.
At first, independent bookstores looked like the next victims. The number of indies fell 43 percent in five years after Amazon entered the scene—and that was before Kindle. But a funny thing happened on the way to the morgue. From 2009 until the present, indies have seen a nearly 40 percent increase, with more popping up every day. Why? In a Quartz article, Harvard Business School professor Ryan Raffaelli attributed it to:
- Convening: Independent booksellers promoted stores as intellectual centers for convening customers with like-minded interests.
- Community: They championed localism, winning customers back by stressing community values.
- Curation: They focused on curating inventory that allowed them to provide a more personal and specialized customer experience. They developed personal relationships with customers, helping them discover up-and-coming authors and unexpected titles.
It's not about scale; it's about knowledge, trust and a personal touch. Sound familiar?
Oh, and for the record, “Nomadland” is also available at your local independent bookseller. Sure, it'll cost a few bucks more, but if you ask me, it's worth it. And while you're there, ask for a few recommendations. You won't regret it.
Not books, but here are some other good reads:
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Paul Wilson
Paul Wilson is the editor-in-chief of BenefitsPRO Magazine and BenefitsPRO.com. He has covered the insurance industry for more than a decade, including stints at Retirement Advisor Magazine and ProducersWeb.
