In the past few years retailers have been facing serious difficulties including struggling physical store fronts, massive debt, and inefficient operations, among other issues. If the big retailers can’t make it, how are the smaller ones supposed to survive the online surge?
These two infographics below show (over the past two years) when well known US brands filed for bankruptcy, giving you a bit of an idea of the seriousness of the situation.
CBInsights who created the graphics also provide a comprehensive look at 68 recent bankruptcies in the US from 2015, and the reasons behind them here.
Some of these brands include very well known names like clothing brand Diesel, Payless Shoes, Nine West, and Sears among others. But this shouldn’t just spell doom and gloom, if you are well prepared and keeping up with the change in technologies you can be taking advantage of the change in the retail landscape.
This is where we can’t put enough emphasis on the importance of building strong online relationships with customers and where Inbound marketing really comes into play. We think Inbound marketing is where it’s at for building online relationships, and that it is an essential tool that can drastically change these types of outcomes for businesses today. As you are bring the right audience in to you instead of pushing material outwards onto people who aren’t necessarily interested in your products.
Read more about Inbound marketing here: https://4dp.com.au/inbound-marketing/
Online retailers also need to review and analyse their online shops performance, the user experience they are providing, their social media channels, pricing and lead nurturing set up, plus upselling and cross-selling. As these elements all contribute to your brands success, or failure.
4DP are certified HubSpot Inbound marketing experts, if you would like to find out how Inbound Marketing could work for your retail business schedule a call with our CMO today.
And get your hands on our free Inbound Marketing toolkit here, which will enable you to get your first Inbound Campaign off the ground: