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!
Follow the Best Innovation Group on Twitter: @bigfintech
Follow John on Twitter @jbfintech
Follow Glen on Twitter @154advisors
John Janclaes speaks with Hala Moddelmog, President and CEO of the Metro Atlanta Chamber of Commerce...
Glen connects with leaders driving three of the most intriguing new banking models.
Glen speaks with Azlo Founder and CEO Cameron Peake about trends in its small business customer base...
Many people believe the future of banking will be designed to help the underbanked keep more of thei...
Glen and Finovate’s David Penn discuss the uncomfortable issue of minority representation in fintec...
In part 2 of the BIGCast’s Money 20/20 coverage Glen interviews Startup Pitch winner Steady, talks ...