With the increase in competition from online retailers, brick and mortar establishments are learning to think outside the box in order to grab their customer’s attention. What is one form of brick and mortar that many argue will never go away? The food & beverage industry, of course!
Millennials, aptly named because the majority of this population reached adulthood around the year 2000, represent 25% of the American population and possess more than $200 billion in purchasing power annually. Retailers are looking for way to attract this demographic; a population that is more comfortable with rapid change and less concerned with the traditions of their parents.
Entrepreneur magazine has distilled the results of two research studies that indicate the shopping habits of millennials; from all indications, the traditional retail experience will need an overhaul to attract this consumer group. Overall, the results show that retailers need to do the following to keep up with Millennials’ shopping habits:
Success in e-commerce has come naturally to many small and large retailers. However, such success seems to be forever evading one of the top retailers in America, Wal-Mart. The store’s online retail sales growth has been dropping steadily since the beginning of 2014. In the first quarter of 2015, the retail titan saw a glimmer of hope with slight sales growth. This was short-lived. In the past year, their sales have only grown by 7 percent–and this in comparison to their previous year’s growth of 17 percent and an industry average of 15 percent.
So, why is Wal-Mart struggling? In 2015, they invested 2 billion dollars into e-commerce advancements. These advancements included everything from upgrading their e-commerce fulfillment centers to other innovations that made the website more user-friendly.
You may think that your small retailer has little in common with the Golden State Warriors. But let’s look closer at the lessons that can be gleaned from their corporate culture and their commitment to stay connected to fans via technology.
Recently the Golden State Warriors were in the news due to a merchant panel hosted by American Express, where small business owners and entrepreneurs spent time learning about how the team has successfully connected to its fans via technology. Forbes describes some of the practical take-aways from the event:
It seems these days there are sweet, little bakeries popping up on every corner across the country. They all offer something unique and delectable. But what happens when your ‘unique’ bakery loses its luster because there is suddenly an influx of them and customers are inundated with several options to choose from to satisfy their sweet tooth?
It is estimated that there are some 2,800 bakeries currently registered in the U.S., with this number growing significantly each year. Business owners have to work hard not just whipping up that delicious homemade frosting, but in keeping their product relevant. Within this niche, store owners are no longer able to just focus on their passion for baked goods, but now must also focus so much time and attention on marketing and brand recognition in an effort to maintain earnings revenue.
There are several ways boutique bakeries stand out from the pack. One successful way is by using packaging that is a cut above the rest. (Similar to judging a book by its cover which, face it, we all do.) Packaging in no way can determine the quality of what is inside, but it gives business owners a better shot at consumers trying them out the first time. Great packaging design will allow the bakery owner to give a proverbial cover page to their work. When we see things in attractive packaging it will naturally peak our interests more than something that appears generic or dull.
Let our team create a unique package for your sweet treats! With over 112 years of expertise, we have the service, product, and price your small business needs. Contact us at 888-429-5673 or firstname.lastname@example.org