Retail has had a bad year when it comes to failing retailers, and, as a result, it’s no surprise that many people in the industry think that retail is dying. This couldn’t be further from the truth. According to Zach, studies show that retail sales are up, largely due to a shifting market. Consumers have become accustomed to knowing exactly what they need and getting it almost immediately. This is driving expectation and businesses succeeding in this market are making it easier for consumers to achieve this desire.
There are several key innovations that have made this shift possible. Manufacturing advancements have made it possible for businesses to start small; e-commerce and logistics innovation now provides the ability to deliver products in days or even hours; retailers now serve specific audiences, which is seeing arise in the demand for niche consumer facing brands. Because of these innovations, small businesses are becoming the new normal.
These small businesses can grow into very successful brands, but their capacity to grow is limited to their available cash. Brands should work and grow slowly to create a strong base for themselves. How do you do well as a brand? Every retailer, big and small, should to focus on the long term. Obsess over what you do, your consumers, your product, quality – and build for the long term.
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