The Future of Retail

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I think we can all agree that retail, as we know it, has changed for the foreseeable future. We’ve all seen the trends. Retail (especially at temporary venues) has been trending generally downward for the past few years, while e-commerce (online sales) have been increasing year after year.

But now, with the COVID-19 crisis bringing our sales to a screeching halt, it’s like the whole “trend” thing got super-charged. Even when the “stay home” movement finally ends, I doubt that we’ll see crowds of shoppers like we’ve seen in the past. At least, not for a long time.

Add to that the likelihood that disposable income will be greatly diminished among the general public, and the near future of our business model (i.e. the “Gig Economy”) looks pretty bleak.

So what’s next?

Personally, we (my wife and I) are trying to transition from the downward trending strategy to the upward trending internet economy. We’re working on ways to sell products online using existing methods like eBay, Amazon, Wayfair, etc., as well as trying to develop our own website(s) to become successful and residual income streams.

One thing we’ve discovered is that we should’ve started a LONG TIME AGO! The competition on the major retail sites is immense. It can make you feel like a minnow in the middle of an ocean (opposite of a big fish in a little pond). On the other hand, generating enough traffic on our own site is just as difficult. Even with my background in website development, including Search Engine Optimization (SEO), it still looks like a long term project to build enough traffic to make any meaningful $$.

Big Fish / Little Fish

The best balance, in my opinion, is to be a good sized fish (not necessarily the biggest) in a decent sized lake. In other words, I want an audience large enough that there’s a potential to make some real money, but I don’t want to have so much competition that I’m insignificant. I think a group of like minded people (like vendors) can work together for the common good, creating an alliance that benefits each participant, individually as well as the group as a whole.

If you find this concept intriguing, I invite you to add your comments, join the site as an author, and reach out to me using the contact form on this site.

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