In June, brands raised their prices on 2,410 products, producing an average price increase of 12%. If a retailer didn’t make these changes, these price increases would cost their store 12%.
Thankfully, indie stores using Shop Local have the updated price for these 2,410 products. They don’t lose 12%. The stores receive the updated prices instantly via our Brand Syncing service.
Shop Local analyzed the websites for the top-40 selling brands in the tabletop and giftware industry. We assessed what promotions and discounts, such free shipping, brands offer. Shop Local did this because a product's price, which is impacted by discounts, is often the leading factor when shopping online. 70% of the brands surveyed by Shop Local offer free shipping.
Bridge analyzed the websites for the top-40 selling brands in the tabletop and giftware industry. We assessed what promotions and discounts, such free shipping, brands offer. Bridge did this because a product's price, which is impacted by discounts, is often the leading factor when shopping online. More than 67% of the brands surveyed by Bridge offer free shipping.
How having the right defaults makes decisions easier for clients and helps them be more successful.
January 27, 2023
When you look at your driver’s license, it lists if you’re an organ donor. Twenty years ago, only 20% of people were donors, but today 80% are—thereby saving millions of lives. Did people become more kind? No, the question on the application was changed from opt-in to opt-out. People signing up for or renewing a license are now by default enlisted in organ donation. Lesson: the right default answer in medical care can save millions of lives. Similarly, the right defaults ...
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I discovered a page on Amazon’s site proclaiming that Amazon supports small businesses. That is news to me and many small businesses which have been attacked by Amazon, its deep pockets, and its army of millions of delivery people and thousands of warehouses. Amazon’s page says it helps small businesses, which it defines as having under 100 employees and less than $49 million in sales. (It says it uses Gartner’s definition.)
In the book The Cold Start Problem, Andrew Chen says that the 'network effect’ is really three effects:
The acquisition effect
The engagement effect
The monetization effect
In the beginning, a business seeking to build a network has to concentrate on acquiring users, even if they are non-paying. Companies often give away the service, especially software companies, and we can see that with Facebook, Slack, TikTok, and many others. Bridge didn’t do ...
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More than 65% of brands surveyed by Bridge offer free shipping, while just 14% of indie stores do. Brands often charge just $118 to quality for free shipping, while stores charge $190 (a $72 difference). Where would you shop?
Bridge analyzed the websites for the top-40 selling brands in the tabletop and giftware industry. We assessed what promotions and discounts, such free shipping, brands offer. Bridge did this because a product's price, which is impacted by discounts, is often the leading ...
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When we talk about prices, there are two prices that are important:
The price that we charge clients.
The price our clients charge their customers.
We normally talk about the former, aka how our prices compare with other competitors, like Shopify or wholesale services like Faire.
Of increasing importance to us is what our retailers charge their customers. Walmart recently announced that it was taking brands to account and pressuring them to keep ...
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Last week, Amazon bought iRobot, the company that makes Roomba, the robot vacuum cleaner, for $1.7b. Why? Yes, their 'Rosie from the Jetsons' has AI and is in your home (which is where Amazon wants to be), but the reason Amazon wants it is because customers want it. Which leads us to ask: Why do customers want Roomba? Because it does something that humans find annoying and hate doing: cleaning. Roomba has spotted the value that robots bring to the world and it's not simply being ...
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When I flew home yesterday from Charleston, while most people were seeking relief from their sunburns and reminiscing about their vacations, I was delving into The Wall St. Journal’s profile on Tracy Britt Cool, an ex- Berkshire Hathaway star. Mrs. Cool’s new company Kanbrick invests in businesses with $10m - $50m in revenue. What does Mrs. Cool look for when investing in a company? People and moats.
At Bridge, we’re reading Jim Collins’ Beyond ...
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In a recent NY Times article about working out, the author Christie Aschwanden gives readers tips on how to make working out more enjoyable. (Read the article: https://www.nytimes.com/2022/01/19/well/move/habits-motivation-exercise.html). In reading this, I saw many parallels between working out and helping our stores get their websites ‘in shape.’ The author encourages readers to not think of working out as exercise and instead think of it as "hanging out with friends...
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I think that Zola, an online provider of gift registries, may be harming local stores. Zola allows brides to pick things from any site, such as an indie store’s gift registry. Zola may then encourage the registrant to bypass that local store and use those gift funds with Zola. This is an issue because Zola has handled more than 650,000 registries, and its revenue is estimated to be $130m. Millions of dollars may have been diverted away from indie, brick-and-mortar stores to Zola&rsquo...
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Last February e-commerce company Shopify Inc. replaced the “Ottawa, Canada” dateline that began its press releases and earnings reports with a strange new one: “Internet, Everywhere.” The geographical shift came at the insistence of Shopify’s founder and chief executive officer, Tobi Lütke, who tends to view such matters through the prism of cold, hard logic. In May 2020, only a few months into the pandemic, he’d made the early, seemingly rash decision to...
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In the book Great by Choice, Jim Collins posits that processes are key to an organization's success. As an example, he cites John Wooden, the NCAA championship-winning UCLA basketball coach, who trained athletes on processes that included everything from shooting to tying one’s shoelaces. In practicing, a player may perfect their shoelace tying and do thousands of repetitive free-throw shots. When we watch a game from the nosebleed seats like me (...what can I say, I’m ...
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Relying on file-sharing services like Dropbox to sell products often costs stores an extra $750 per brand and hurts sales
I work with 900 retailers who tell me they are drowning in a sea of Dropbox folders containing Excel files and product images. What can we do about this? First, let’s review what’s happening: When a brand wants to share products with a store, it emails the store a link from Dropbox or a similar file-sharing service. A store may receive five to ten Dropbox links...
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In the news each day, there are reports of price increases (inflation) that average 4%. When a product's price increases 4% or 45%, this often hurts a retailer. Reason: the retailer may not know about this price change till after it has sold the item. Therefore, the retailer sold the item at 45% less than what it should have. If the item is a special order and the retailer does not have it in stock, it may barley make a profit on the order.
Bridge's product sharing service helps ...
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Each month, on average 99.3% of retailers retain their Bridge Store service. A high retention rate shows that retailers are happy with Bridge’s software and customer service. This high customer loyalty says that Bridge is providing great value for members.
A monthly retention rate of 99.3% equates to approximately an annual retention rate of 92%.
This WSJ Shopify review compares some of the fees charged by Amazon and Shopify. It takes the author half the article before he starts sharing fee structures. (I’d have liked to see more statistics about fees charged and even a chart.)
Excerpts:
Shopify, founded in 2007 and now publicly traded, has 1.7 million sellers (note: that’s a brick-and-mortar store or a person in their basement; Shopify doesn’t differentiate).
What if there was a way to cut your labor costs and boost your sales? There is. Your employees work the cash register, stock shelves, clean, and provide customer service. They also: update your website. As you know, these days customers expect a website to offer tens of thousands of products. Amazon has hundreds of millions of products. You have to add products to your site to survive.
You need someone to add products to your website, then update those products. On ...
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