Today’s technology has changed the shopping experience. While many of us still enjoy trying on clothes at our favorite department store, we also relish the ability to buy specific and unique items through an e-commerce app, or research product details via our smartphone.
The changing nature of retail has opened tremendous opportunities for small businesses in the past decade. According to new research, “Charting the Growth Journey: From Product to Profitable Business” from GS1 US, a not-for-profit product identification and standards organization, the most successful small businesses are those that develop diverse strategies for growth. Specifically, small brands that demonstrate a solid understanding of retailer requirements and seek the expert advice and services of external partners are better equipped to take advantage of today’s “always open” shopping environment.
There are three ways small brands are finding growth opportunities in today’s rapidly-evolving retail landscape: They focus on their product, build a complete channel strategy, and partner with professionals to accelerate success.
Focusing on the product
Small business owners are often driven by a passion for bringing their unique product to market. According to the study, 61 percent of respondents cite customer demand for personalized services and products as a top trend. Almost as many (58 percent) anticipate that changing customer habits - such as where they make purchases (online or in-store) - will impact their brand’s growth.
“Building the story, the brand, and trust, is critical. Otherwise, it’s a race to the bottom on cost,“ says Steve Lange, co-founder “Building the story, the brand, and trust, is critical. Otherwise, it’s a race to the bottom on cost,“ says Steve Lange, co-founder “Building the story, the brand, and trust, is critical. Otherwise, it’s a race to the bottom on cost,“ says Steve Lange, co-founder “Building the story, the brand, and trust, is critical.
