Today you are in for a great discussion! Irina Rosca is here as guest host and she is back to interview an old friend, Graham from BorderBuddy! Graham and Irina chat about what’s happening to the retail industry, some interesting trends they are noticing and how Amazon is altering supply chain.
One of the trends that Graham watches closely is bankruptcies like Forever 21, Doomsayers are saying that a combination of Amazon and a change in consumer habits means retailers are at high risk of closing down. Graham takes a look at bankruptcies to see how they are affecting the supply chain industry, it is hard for service providers to take a hit like that so we all have a responsibility to each other to do what we can to stay competitive. We’re living in a busy world, where time is of the essence, so if your product is not sold online, bye bye. Retailers are still catching up, which is difficult when Amazon owns every part of the supply chain process and offers same day delivery.
But Graham isn’t so pessimistic. Although retailers are closing down, consumers are still buying. Sales aren’t changing, they are simply moving – people are buying products somewhere else. Retail is not for the faint of heart. Graham’s advice to retailers is to keep control of manufacturing and marketing. Start with your customer and work your way backwards, and make sure you control as much of your product as possible. At the end of the day, there are tons of people who benefit from store closures, and you could be one of them.
In this episode we discuss:
- [0.56] What’s happening to retail
- [3.02] Trends in the market
- [10.14] How to compete with Amazon
- [25.59] Why consumer habits are changing
- [34.14] Advice to retailers
Resources and links mentioned: