4 Surprising facts about retail’s new entrepreneurs

SAM BERNDT | October 18, 2018

article image
You likely know that retail is evolving. Retailers are increasingly engaging in new forms of customer engagement, new store concepts and bold new forms of virtual and augmented shopping. What you may not know, however, is that this new class of retail entrepreneurs looks and thinks a little differently from those before them. Using new data from the National Retail Federation’s 2018 Small Business Owner’s Survey, here are four ways new retail business owners differ from their more established peers: Online engagement is the primary focus. As recently reported by The New York Times, retailers that succeed are more likely to embrace online and enhanced customer experiences. Data shows that 54 percent of all retail small business owners are either exclusively online or have an online presence. When looking just at new business owners, that percentage climbs to 63 percent.

Spotlight

PALO IT

PALO IT is an international innovation consultancy specialised in Human-Centered Design, Agile Software Development and in the Transformation of forward-thinking companies.Our approach takes the best of Design Thinking, Agile and DevOps to help our clients disrupt their industry, reduce their time-to-market and successfully run their digital transformation. Collaboration, creativity and entrepreneurship – these are at the heart of everything we do.

OTHER ARTICLES

How is coronavirus impacting the retail industry?

Article | March 19, 2020

Primark is one of the latest retailers to announce the temporary closure of some of its stores, in a bid to help stop the spread of coronavirus. It has closed outlets in Italy, France, Spain, and Austria (where 30% of its revenue is generated), while its UK and Northern Ireland stores at the time of publication at least remain (perhaps controversially) open. Primark is certainly not the only one to take this kind of action. Global retailers including Glossier, Nike, Urban Outfitters, and Patagonia have all indefinitely shut their stores, purely to help prevent further outbreak. In the majority of cases, employees are being paid for lost shifts. At the same time, retailers have also updated working policies to help ease the strain on staff. Starbucks, for example, has announced that it is implementing ‘catastrophe pay’ to US employees, meaning that it will now pay staff for up to 14 days if they have been diagnosed or in close contact with someone who has coronavirus.

Read More

How AI is changing the face of modern web design for retailers

Article | April 15, 2020

Consumers take just 50 milliseconds to decide whether your website is worth staying on. It's therefore important for websites to be of high-quality in order to make sales. For online retailers, items need to be presented in an enticing way that convinces customers to buy. Web design plays an important role in this. While a website needs to appeal aesthetically, it also needs to provide a simple user experience from landing on the page through to purchase.

Read More

How to Boost Donations Through Online Point-of-Sale Fundraising

Article | February 17, 2020

According to data firm Statista’s most recent e-commerce outlook, Americans will spend over $1,500 online each over the next 12 months. Moreover, that number is expected to surge even higher as Americans opt to do their holiday shopping online rather than wind their way through those infamous, in-store holiday crowds. If your nonprofit is able to turn that online shopping activity into a fundraising stream, there’s massive potential to boost donations. And the good news is that it’s not incredibly difficult to get started. Below, we’ll walk through how you can get your organization set up to accept these donations during your community’s online point-of-sale moments. First, however, we’ll explore the overall value of point-of-sale fundraising and why you need to consider it as a viable strategy for your nonprofit.

Read More

Retail supply chains will be held liable for price gouging

Article | March 22, 2020

Texas Attorney General Ken Paxton today issued a stern warning to retail suppliers, including those who supply grocery stores and pharmacies, that state law strictly prohibits price gouging in the wake of a declared disaster. Price gouging laws apply to any person or entity selling necessities at an exorbitant or excessive price after a disaster has been declared by the Governor or President. This prohibition includes those who supply retailers. Under the Texas Deceptive Trade Practices Act, any price-gougers may be required to reimburse consumers and may be held liable for civil penalties of up to $10,000 per violation with an additional penalty of up to $250,000 if the affected consumers are elderly.

Read More

Spotlight

PALO IT

PALO IT is an international innovation consultancy specialised in Human-Centered Design, Agile Software Development and in the Transformation of forward-thinking companies.Our approach takes the best of Design Thinking, Agile and DevOps to help our clients disrupt their industry, reduce their time-to-market and successfully run their digital transformation. Collaboration, creativity and entrepreneurship – these are at the heart of everything we do.

Events