7 Ways to Survive and Thrive in the Age of Amazon
Though retail chains were the primary casualty of the spectacular rise of Amazon during the pandemic, some independents also suffered due to their lack of digital presence. Chain stores decided many years ago to compete on price, which made them especially vulnerable to online competition (this is a simple definition of the “Amazon Effect”). Independent retailers faired more favorably because of their unique offerings, adaptability, and excellent customer service. Thankfully, the paint category is one of the few left relatively untouched by Amazon…at least, for now.
Here are 7 ways you can continue to survive and thrive alongside the digital giants (and anyone else, for that matter!).
Stay Customer-Centric. This is where independents can win every time: Expertise, personalized customer service, and positive experience. No amount of advertising dollars can replace stellar service and a memorable experience.
Diversify Your Inventory. TotalRetail cites that 11% of small business owners are making inventory diversification a key goal as another way to combat the Amazon effect.
Embrace Change. One of the main advantages of being a small business is that you are agile and ready to make quick decisions to react to a quick-changing retail landscape. It’s essential to consider new vendors, expand your customer base, and train (and retrain) staff.
Aim for Exclusivity. Attract new customers by carrying unique products. To do this, consider adding new lines that your competitors don’t carry – it’s a great way to stand out!
The Amazon Effect is defined as the disruption of brick and mortar stores in the retail market, caused by a dramatic increase in online sales.
Advertise Locally. It’s paramount that you have a digital footprint. At the very least, get your Google My Business and some local SEO in place. Then start on making your website another “storefront,” giving you a 360-degree marketing footprint. Make sure “buy local” is part of your messaging.
Find Your Niche. It’s been said that “the middle is murder” which is why many of the chains have disappeared. If your brand is all things to all people, it will be meaningful to no one. One sure way to differentiate is to uncover niche opportunities within your own segment. A specialty product like C2 Guard can help build a loyal following and expand new markets.
Join Forces. Brands, like people, are known by the company they keep. Partnering with like-minded brands can be a winning strategy. Consider forming alliances with interior designers, builders, or real estate agents. How can you help them in their business? Aligning with others will help everyone increase exposure and expand their client lists.
Implementing these “secrets to success” will help you enjoy the path of freedom and relish in the success of your independence:
What does being independent mean to you? We’ll tackle that question in our next blog! We’d love to hear your thoughts!