3 (More) Ways to Thrive in Retail in 2019 and Beyond

So many retailers are panicking and running terrified, thinking Amazon’s going to control the whole retail world – and that nothing can be done about it.

Truth be told, Amazon owns somewhere around 50% of all ecommerce, but only 5% of all retail sales.

That last number could double to around 10% in the next couple years. But, that still leaves at least 90% of all retail sales for everyone else.

So, where are the gaps? What revenue streams can you access?

Here’s some more ideas:

1. Let Customers Customize Every Detail of Their Products

Here, we’re not talking about letting them slap their initials on the side of a purse. We mean customers would love to be able to build their own purse, watch, or sunglasses.

You can do this online. But what would be cooler than doing that in person at the store?

Dresden is a good example. Shoppers can customize the color of their glasses frames, their size, and the lenses.

How would you feel if you could walk out with exactly the product you wanted, rather than one thousands of other people own too?

2. Brick and Mortar Stores Will Continue to Flourish Because…

Yep. That’s right. They will continue to flourish. Despite all the negative news you hear about various department stores closing their doors, there was a net increase of 4,000 more brick-and-mortars opened in 2017.

Technology actually fuels this. Why?

Mobile apps and cloud-based software make it easier than ever to own and operate a store. Social media, when used well, drives your advertising costs through the floor.

Software and hardware has become cheaper than ever before.

Technology is not destroying retail (on the whole). Rather, it’s changing it for the better.

3. In-Home Services Will Boom in Popularity

It’s pretty obvious consumers are trending toward staying home as much as they can. This has become especially true when they have to buy boring must-have commodity goods.

In response, smart grocers are ramping up their home-delivery services. Companies like Enjoy hand-deliver and set up electronics for consumers. IKEA now owns TaskRabbit, which will enable them to install furniture in consumer’s homes.

Amazon and Best Buy send salespeople into people’s homes to recommend electronics and installations.

Opportunity’s Abundant…You Just Have to Know Where to Look

So yes. Retail’s alive and rocking. You just have to know where the opportunity lies and have a strategic plan that’s ready to adapt to changing market conditions.

Easier said than done. But more than worth the struggle!