I chaired a meeting of bankers last night, and we talked a lot about data and data leverage. One thing that bubbled up to the service over and over again was the threat of GAFA – Google, Apple, Facebook and Amazon (building upon last week's blog about same).
This also was raised at the conference I spoke at recently in Canada, with the speaker highlighting that Amazon are experts in tracking your preferences and leveraging your propensity to purchase. As he said: “I daren’t open emails from Amazon anymore as every time I do it costs me $20”, basically because he always buys something when he looks.
That’s the secret sauce of Amazon’s success.
The same is true of the others.