31 May The Future of Ecommerce
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Today there is massive opportunity for small retailers, even brick and mortar stores, to grow tremendously. Most multimillion dollar companies can be presumptuous when thinking that their biggest competition is the other huge retailer who is spending the same amount as them in advertising. However, these companies do not realize that in most cases the real competition is the start-up million dollar company or brand that is created in a basement and grown on social media platforms in just 12 months. This is huge right now and big retailers usually don’t pay attention to them at all but this is where online marketing is shifting.
Going off of this, those who haven’t even started their business yet have an even bigger opportunity. Anyone can start a business if they’re hungry enough for it. There are so many online tools that can help someone who is willing to put in the time and effort to kick their plan into action. The opportunity for young people to get ahead in business is huge and it’s only getting better.
Start Up Companies vs. Huge Retailers
So what does the power of basement entrepreneurs mean for bigger retailers? Brad gives us some answers. Even though entrepreneurs and small start ups are everywhere right now these larger retailers aren’t going anywhere, these companies still have their cut. However, the upper end retailer marketers that think they’re “too big to fail” are going to get bit in the butt by this movement from people, usually millennials, are hungrier and more willing to personally source their products faster.
THE TAKE AWAY: Fear the basement entrepreneur
What About Brick and Mortar?
As the world moves towards ecommerce, the future for brick and mortar stores may seem intimidating — for those unwilling to adapt.
Possibilities emerge for retailers to set up their physical retail stores to serve as showrooms for buyers interested in getting their hands on a product that they might be viewing online. Companies like Salesfloor allow customers the ability to “shop online with their local store and associate” as boasted by the company’s homepage. The ability for a store to host a potential customer, without having to worry about inventory costs or bulk orders that never leave the shelf, allow the physical store to focus more on the customer and their buying decisions as opposed to logistics or stock.
Brick and mortar doesn’t have to die, they just have to give the customer a better reason to drive, park, and walk in when they can order the same exact product online.