3 Ways Some of 2020’s Top 100 Retailers Got There

The National Retail Federation maintains a list of the 100 fastest-growing retailers in the US.

Some of the mainstays have fallen off because of coronavirus’ disruption to the market.

But plenty have still done quite well.

Speaking of which, what have they done to stay hot in a never-before-seen market?

Take a look at what some of the leaders have done, according to the NRF:

1. Overinvestment in Ecommerce and Omnichannel Retail Sales

Yes. Not just focusing on ecommerce. But sinking in even too much capital.

Indeed, the list of the top 100 has many of the most heavily focused ecommerce retailers, including Wayfair, Build.com, Boxed.com, Amazon, Rakuten, and others.

Who knows how long it will be before consumers feel comfortable shopping in-store on a mass scale again?

Rumors say the US will have a coronavirus vaccine early next year. But it will still take time for the market to realize the outside world is safe once again.

So, how can you commit more intensely to building out your ecommerce sales?

2. One Gutsy Retailer Completely Shuns Ecommerce

While ecommerce makes sense for almost all retailers, it doesn’t necessarily make sense for everyone.

Take for example Primark, who ranks #10 on the NRF’s Hot 100. Not only do they not want anything to do with selling online, but they also sell in what’s easily the hardest-hit retail market: clothing.

A discount European retailer, they employ a strategy of slow-but-steady store openings and always-rock-bottom pricing.

Though primarily an apparel retailer, they also offer health and beauty products, housewares, and candy at everyday low prices.

And despite all its caution and struggles with coronavirus, Primark still maintains its ranking of #10 on the NRF’s Hot 100.

3. Learning How to Ship Efficiently

Wayfair, Boxed.com, and Build.com rank #2, #3, and #6 respectively.

Shipping large, bulky items usually makes it difficult for a retailer to be profitable because of the associated costs.

And yet, these retailers have found a way to excel. Wayfair sells furniture and other home-based goods.

Boxed.com sells grocery and health products in bulk quantities. And Build.com offers home improvement products, as its name suggests.

So somehow, these retailers have managed to create profitability where others haven’t.

How can you challenge the status quo and do the same?

Competing in retail in America is brutal. And hopefully these examples have given you some inspiration.