Out of the hundreds of thousands of new businesses that are started a year, only 10% of them succeed. In the retail industry, only 47% of stores stay open after 4 years. That means less than 1 out of 2 stores are closed after just 4 years. Social media is constantly bombarding us with the narrative that if we just put the effort in we can achieve anything we want, in life and in business. Platforms like Shopify make the possibility of success feel even closer, and that’s why they found so much success during the pandemic. If you have a perspective, ambition, and a Shopify store you can make all your business dreams come true. But when over 1 million other people have the same idea, it becomes a lot more difficult to stand out. That’s where we want to make a difference.
There are currently over 1 million users on Shopify in the United States alone. There are another half a million Shopify stores from the rest of the world, and there are millions using platforms other than Shopify. At the same time, the majority are focused on the same categories such as fashion, accessories and home goods. The online retail industry is clearly over saturated, and that’s before you factor in competition from big box retailers.
Amazon, WalMart, and other big box stores have retail in a chokehold. They’re strangling the life out of hundreds of thousands of independent retailers by offering the largest variety of products for the least amount of money, quality be damned. However, we’re beginning to see a new emphasis on sustainable, local and value-driven retail. Consumers are living in a more authentic way, and they want to see their values reflected authentically by the retailers they support. It’s the perfect time for the David’s of independent retail to take on the Goliath’s of big box retail. To do so, independent retailers have to stand out not just from big box stores but also from the many other independent retailers in their space in a sustainable and profitable way. This comes down to how well a store can capture the consumer’s attention.
Come together to stand out. The statement might seem contradictory, but it’s based on the core belief that we are stronger together. Instead of pure individual enterprise, there is strength in coming together in collaboration to bring your retail business to a wider and more captive audience. When your business is up against hundreds of thousands of other retailers it’s the little things that make the biggest difference. If your store can maintain a fresh and evolving product assortment you can keep customers coming back, and if you can do that as quickly and easily as possible you’re at an advantage. However, you need more than logistical speed to really set your store apart.
With Matagora an independent retail store gains access to a variety of brands whose products are curated to fit them. Not only can you select products that will sell, but you can also curate products that speak to your store identity and your values. Products are not only added and synced with the click of a button to make your day-to-day easier, and you’re also given the tools to build real relationships with your partners. When you work with real humans and learn their brand story, you’re better able to communicate it to your customers. Sales comes down to emotion. When your store is capable of presenting the mission and story of your partner’s products, you can create an emotional reaction in the customer. Whether it’s based on shared values, experiences, or desires, personal connection is the key to standing out from the competition.
Brands are also at a unique advantage when it comes to collaborative commerce. Independent brands are seeing significant success in collaborative marketplaces because of the way collaboration expands a brand’s audience and network. Independent brands are able to grow their reach through their store partner’s audience, and have their brand story communicated in a genuine way. Genuine collaboration between brands and stores creates the perfect conditions for success. When you care not only about your growth, but also your partner’s, you can surpass expectations.
Technical tools are only part of the equation for successful retail. It’s important to have the best and fastest onboarding and product syncing system to maintain control over your business, but it’s working together that makes you stand out. Matagora is here to support all aspects of your retail growth. Our mission is your success, so let’s come together to stand out.
