Hi all, apologies for the short hiatus but we’ve been incredibly busy over the last five weeks. We are lucky enough to be part of the Telefonica/O2 Wayra academy. In short it’s an environment that is summed by their motto & now ours which is “The rules are not yet written”. I took a little liberty with it and amended it for this blog post. The Wayra accelerators are located across 12 countries and they choose the best of young tech start ups and provide them with world class facilities, support and people. It’s from this environment that we are about to take the step into the big bad real world and look to establish and grow our new exciting business. So that’s my excuse for the lack of posts.
Any how on to this month’s post. It concerns a report released to day by ING Bank. You can have a read of the details here
In short it predicts that there will be little or no independent fashion retailers by the year 2025. The reason they give is the rise of fast fashion and the dominance of the larger players across an increasingly globalised market.
We’re not actually Contrarians here at Stylefinch, although it may appear that way sometimes, it’s just that we fear being drawn into self fulfilling prophesies. If we are to accept that independent retail is doomed then perhaps all independents should just close up shop now? Clearly that would be nonsense. Retail is about change. The one constant, as it goes, is change. Nowhere is this more appreciated than in the retail environment. As a retailer you change product, merchandising, pricing, seasonality etc etc. That’s what the business is all about. Ever since the first department stores popped up over a 100 years ago people have been writing off independent retail. But it’s still here. It’s not the same but it’s still here. I don’t know what your area is like but in my home town the local butcher has made a remarkable comeback over the last 5 years. The two busiest food stores in the heart of the town are fruit and veg retailers. People are flocking to them because they trust them.
Trust them! This is an area where the independent can win. It doesn’t matter if it’s the local butcher or the local boutique the chances are the smaller retailer is closer to the customer. The big guys have all the stats and data but the independent’s get to meet the personalities. So if we all agree that the future is not yet written what can we do to write it. And write it in such a way that benefits the independent retailer and by extension the high street, towns, cities and society generally.
We can play the fast fashion and larger retailers at their own game. Use the tools at your disposal. eCommerce is not just a web site if it’s a web site at all. eCommerce opens up the opportunity to interact with your customer 24/7. Get active on Facebook, Twitter, Pinterest for example. It’s not rocket science, it’s not as time consuming as you think and in fact it can become enjoyable. Honestly. Best of all it’s free. The added value is over a very short period you too can get data and insights that could prove invaluable over time.
Don’t think of eCommerce and brick and mortar as either or. Retail is changing but it’s still retail. The fundamentals have not changed. It’s still about connecting with the customer, service, value (not just price), the experience etc. The list of fundamentals are the same whether you’re on or offline. The main thing is to be consistent.
In short the larger players do not have a monopoly on innovation and in fact their size can often be a negative. An independent can make 100’s of decisions a day without the need to go up some management chain. The retail space is becoming one of the most innovative. According to President Obama it’s second only to space travel, only joking. But seriously the new wave of innovative solutions coming down the line are not just aimed at the big guys, they are increasingly aimed at the independent retail sector.
The future is not yet written and even if the big guys think it is just think how much fun we can have mixing it up a little.
Here’s to an exceedingly busy run in to Christmas.