Brick and mortar retail shops are closing at a fast rate. We’ve all seen the news of Macy’s, Kohl’s, and others shutting down store after store in an effort to become smaller, leaner, and increase profit shares. Unfortunately, these closing may be too little too late for giant retailers looking to redefine themselves in the 21st century. On a somewhat bright side, the fall of big business is a clear opportunity for small operations.
Ten years ago companies such as Netflix, Amazon, and others were still figuring out their niche in the transforming internet market. Now, both are leaders in their respective fields. While retailers look for new and innovative ways to market themselves to online customers, small businesses have the opportunity to navigate the terrain better and more effectively. Small businesses have always been able to pivot quicker than their larger rivals and are more open and flexible in regards to new ideas. If you are a small business, now is the time to innovate and test out new ideas as the market opens.
People still need to purchase items after all. Sure Amazon is growing and seemingly cornering the market in online sales, but they’re is still billions left on the table in potential customers (like myself) who are still considering different purchasing methods. Malls are currently in transition and may not be the purchasing hubs they once were, but if a small business can create a loyal customer base and sustain a close relationship with it as it grows, they may be at the forefront of the emerging online retail market.
Buying clothes is entering a new age and it is the small businesses that have the opportunity to redefine it. In the next few years one business will figure it out, and that company will make millions, possibly billions because of it.
Think Tank: How Small Businesses Can Grow Amid Collapse of Retail Giants