Harnessing the power of start-up entrepreneurs is already a strategic financial maneuver of venture capitalists. Everyday, investors provide early-stage seed money to emerging companies in exchange for equity. That early stake in the incubator company will pay off in huge returns if/when the product or service skyrockets. In the news recently, Target Corporation shared how it has set apart one of its San Francisco stores to act as an “Open House” concept store to tap into the emerging smart products that are developed in the surrounding Silicon Valley technological think tank.
Worldwide and in the United States, e-commerce has outpaced brick-and-mortar shopping, and this trend will likely continue. Retailers who expect to survive will be those who actively grow their online customer base. Today’s consumers are tech-savvy, both bargain and quality shoppers in equal measure, and expect a great shopping experience whether browsing in a store or online. If you don’t have an online / mobile presence yet, you need to get there. If you’re a retailer with a brand new or established online presence, one of the important ways you can effectively compete is to make sure your e-commerce packaging sends a consistent brand message.
Here are five ways retailers can effectively focus on quality packaging for e-commerce shoppers: Continue reading
The largest giants of the internet age – Apple, Facebook, Amazon, and Google – have grown at a rate the world has not seen before. Considering these companies are so huge, you may not realize that they once started small and had many failures in the beginning. Here are some lessons small to medium-sized businesses can learn from the giants.
1) Embrace Failure
Eventually, every business is going to fail at something. If it doesn’t, it usually means the business isn’t taking risks. Focus on what your business has done the best at. When something fails, ask your team: 1) what worked effectively?; 2) what have we learned?; and 3) what can we change? Google has a huge graveyard of product failures, such as Google Notebook, Google Wave, and Jaiku. And they turned these failures in
to lessons – and used it to get to where they are now.
2) Employee Satisfaction
When it comes to where your business focus should be, you should always begin with your employees. Not the customer, you ask? Yes, of course also the customer – but the customer is happy if their interaction with your employees is a happy one – so start with your employees. Look at companies like Google, who have entire campuses built to ensure their employees are happy and thriving. This creates positive interactions with customers and endless innovation and creativity.
Most businesses operate under the belief that in order to corner the market and attract a loyal customer base, a website and social media accounts are pretty much mandatory. However, many retailers are now finding that this is simply not enough anymore.
What do we know?
Online business is booming! Business Insider reports “This holiday season indicated that there’s never been a better time to be a consumer. The rise of online and mobile shopping has given consumers more choice, flexibility, and often better service, and retailers are shifting their strategies to keep up.”
As more and more consumers are taking to their smartphones and tablets to shop, small retailers find themselves once again heeding the ever-changing call to keep up with their habits.
How does it affect me?
As customers visit your website on their mobile devices, challenges could arise involving the clarity and functionality of your site, even if it is responsive, making the shopping experience frustrating for the consumer. To alleviate these problems, the demand heightens for a more mobile friendly shopping experience.
Valentine’s Day isn’t just the time of year for flower shops or candy stores to cash in. Small retail shops can get hit by Cupid’s arrow this year too with these ideas to entice their customers. Let’s get right to it:
- Deck your store with hearts galore: Though the idea might seem silly, decorate your store with paper hearts, white lace, heart-toting teddy bears, flowers and anything else your creative mind comes up with. If you are in the spirit, it will persuade customers to get in the holiday spirit and, even if they don’t have a certain special someone to buy for, the might be incline to purchase something for a friend, child, or family member.
- Celebrate the whole month with coupon specials: Who says Valentine’s Day can only be celebrated on February 14th? Spread the love for the entire month of February by sending out coupons to your customers, one for each day/week of the month and each offering something special, such as BOGO or two for $20 deals. You can email them to your customers, go old-fashioned with snail mail, and/or have inserts at the cash register, giving them to customers personally as they leave your store. Each day in February can be a great day for your customers to shop at your store.