The past decade has brought about a number of new challenges for independent retailers. To survive and thrive in today’s fiercely competitive market, sellers of all kinds need to change how they think. This infographic from Storetraffic looks at some of the challenges of being an independent retailer in 2019 and offers a handy survival guide for this new age of retail. Visit www.storetraffic.com for more information.
What Are the Difficulties Independent Retailers Face in 2019?
In addition to the traditional challenges of maintaining consistent overheads like staffing and rent, small retailers face a number of extra complexities. The biggest threat may be the growth of online shopping, which means that today’s shoppers enjoy more choice than ever before. This is also linked to evolving consumer behavior which is changing the business entirely. What’s more, indie retailers also face rising competition from department stores and chain brands.
How Can Independent Retailers Succeed in 2019?
It’s not all negative, however. Joint research from American Express and retail experts GlobalData projects that independent retailers will increase in number by 0.3 percent between 2017 and 2023. It’s evident that with some strategic thinking, success is very possible for smaller retailers.
In order to stay relevant in the fast-changing world of retail, the success of small business’ hinges on their ability to stay up-to-date with emerging trends as well as keeping abreast of emerging research on new customer habits and behaviors.
What’s more, you should be able to identify what sets your business apart so you can stand out from the competition. As the business guru Seth Godin says, “The key to success is to find a way to stand out — to be the purple cow in a field full of monochrome Holsteins.”