Many years ago, as a new assistant at Lord & Taylor, the buyer cautioned me to not get too attached to people or merchandise. His wisdom was not cold-hearted, but a cautionary tale to keep emotional attachments in check. I was there to deliver strong financial results and if something wasn’t selling, I shouldn’t harp on it, but mark it down and move on. And, as far as work relationships were concerned, I should be a good coworker but not get attached to colleagues.
As the new year is underway, there’s reason to be bullish (or, at least, not bearish) about what 2024 may have in store. Holiday retail sales increased 3.1% despite lingering inflation, thanks to robust job growth and strong wage gains, which came as a big relief for retailers. Price-conscious consumers are still spending, suggesting the economy is strong. “What we’re seeing this holiday season is very consistent with how we’re thinking about the economy, which is that it...
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The Atlantic shares how Chinese factories have found a new way around U.S. retailers and into our homes: Chinese apps. SHEIN and other Chinese apps are bypassing Amazon to be a new leader in Chinese goods. In addition to Amazon, Target, Walmart, and indie shops now have a new group of digital competitors embedded in customers’ pockets.
Except from The Atlantic article:
MATERIAL WORLD
IS THIS HOW AMAZON ENDS?
An open embrace of cheap foreign products has helped ...
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It’s a 40th anniversary for the company founded by Colin Riggs (left) and Ned Voelker’s parents, Abigail and Ed Voelker. Over the last four decades, the entire family has created a curated collection of handmade tableware and giftware for the nation’s independent store retailers.
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Congratulations on a milestone 40th year in business. Are you surprised Abigails has endured? Ned Voelker: We are surprised. It’s a tribute to Ed and Abbie ...
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TikTok and Amazon are battling in the retail space. TikTok wants to be a retailer, and Amazon wants to be more of an influencer platform. These two share the same goal: get users to share a product link, recommend the product, and get a cut of the sale, shares The Wall St. Journal.
This article and these companies speak to the power of affiliate marketing. One of Amazon’s long-standing secret growth weapons has been affiliate commissions, and influencers are a well-known ...
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Babcock Gifts celebrates its 50th birthday in 2024. The bridal registry and gift shop opened in 1972 as a partnership that included interior design. In 1974, with the exit of one partner, the store focused on antiques, gifts, and bridal registry. Over the next 42 years, there would be growth into two stores before downsizing to one. In 2016, ownership changed and the store moved one block down, where it continues to be a destination for bridal registry and gift-giving. With the constant doom and...
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What universal standards can teach us about simplicity regarding e-commerce platforms.
September 25, 2023
When Apple launched its new iPhones this month, one of its most noteworthy updates was replacing its Lightning charging cable with a USB-C. This was not a voluntary move or extension of Steve Jobs’s love of simplicity. Apple changed it because the European Union required them to, according to Ben Cohen in The Wall St. Journal. Now, just about every mobile phone in the world (forget just little ol’ Europe) will have one charging solution (USB-C).
We're happy to share that we've reached a new milestone: more than 1,300 indie retailers use our Online Store. As a reference, in 2015 just 100 stores used the platform.
Thank you to all our retailers and brand partners for making this growth and success possible.
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“We don’t make movies to make money, we make money to make more movies.”
~ Walt Disney
I read this quote in ‘Show Your Work’ and wondered how it applied to our mission here at Shop Local. I asked my team and they submitted their interpretations. One colleague even used an AI tool.
Team Submissions:
“We don't make Shop Local to make money, we make money to sustain Indie Stores.”
~ Jim
"We didn't make this software just to ...
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I chuckled when I was asked to author this column, as I have been known to have the last word from time to time. As I prepare to leave the industry that has given me so much (I eagerly accepted the opportunity to work in the gift and home area in 1986), I can vividly recall the excitement I felt when I first entered the creative space that we get to live and work in every day. I have been exposed to scores of creative people; I met and worked with artists and buyers who were inspired and ...
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EMON MAASHO, CEO AND PRESIDENT OF ORREFORS, NORTH AMERICA, is representative of the exciting trajectory in this 125-year operation. The über-exec joined the New Wave Group in 2013, a time when Orrefors and Kosta Boda (OKB) were underperforming assets in the portfolio. "Our crystal brands are national treasures and a part of Swedish history," Maasho affirms. And he wanted a front row seat in their revitalization. Maasho was placed in charge of the new hotel and restaurant division ...
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What Threads can teach us about leveraging our existing network when launching a new service.
July 22, 2023
Threads, a new Twitter-like service from Meta, the owner of Instagram, launched this month and almost immediately attracted 40m active daily users. The service’s growth has since stalled and now has just over 10m daily users, but that is still commendable. The Wall Street Journal shared that this impressive launch was largely possible because Meta used its built-in network of one billion Instagram users. This user base helped it overcome the “cold start” problem of acquiring ...
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How a company's sales and growth can be affected by the message it conveys to customers.
July 18, 2023
Allbirds stock is down 95% since its November 2021 initial public offering. People may say the company launched the wrong products (did you buy one of their puffer jackets?) or tried to grow too quickly. I believe there is a larger reason: you can’t scale a company by leading with an environmental message—which is Allbirds’s pitch. Consumers rank saving the planet as one of their least pressing concerns when making a purchase. The leading factors consumers look for when ...
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How we can acquire new prospects by leveraging our existing network of customers.
June 2, 2023
In Andrew Chen’s book The Cold Start Problem, he breaks the network effect into three parts: engagement, acquisition, and economize. At Shop Local, we rely on the network effect and its three parts. I feel that we’re succeeding in terms of engagement but need improvement in acquisition.
Engagement
We use the 64,000 products in our Syncing service to engage 1,200 our retail clients. We email them new intros, price updates, archived items for these synced products. Once they ...
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Owning a business is no small feat, but in recent years, women have taken on starting their own businesses, leaving the nine-to-five to become entrepreneurs. In 2022, they were more likely to start a business than men. Last year, women-owned businesses had higher earnings growth (27% increase) than male-owned firms (22%). Still, male-owned businesses received $93,000 in funding, while women-owned businesses received $56,000. There are nearly 13 million women-owned businesses in the U.S., and the...
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What Crocs can teach us about gaining new customers and keeping them happy.
May 15, 2023
About 15 years ago, I bought a pair of Crocs sandals in Myrtle Beach, SC. Not only were they hot pink, but the insole was traffic cone orange. My buddies hated them, but oddly others loved them. The sandals were affordable (maybe $20), comfortable, and a conversation starter.
According to last week’s The New York Times' profile on Crocs, I’m one of tens of millions of happy Crocs owners. This happiness is profitable:
Do you have a good friend at work? These days, fewer people do. According to the New York Times, 40 years ago, 50% of us had a close friend at work; that number has dropped to less than 20%. Work has become a more transactional place. We go to the office to be efficient, not to form bonds. We may have plenty of productive conversations, but we also have fewer meaningful relationships. That’s not a good thing because work friends play a big part in our happiness.
I was happy see that our friend Adam Sigel will be leading JK Adams. Please checkout the news below.
DORSET, Vt. —JK Adams has appointed Adam Sigel CEO.
Sigel, a seasoned sales executive and a consumer goods expert, succeeds Daniel Isaac, who has moved on to another role in Vermont, the company said.
Sigel most recently served as vice president of the Savannah Bee Company, a Georgia-based gourmet foods and gift company, and also served on the executive team at Mariposa, where he ...
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How integrating a messaging service into our e-commerce platform can help us acquire new customers.
January 31, 2023
It takes a lot of people to build a bridge, but just two to tango. This applies to the analog world as well as the digital one. In the digital space, I'm using tango to refer to messaging between two people. I believe messaging is a service we can add to our offering to diversify how our company Shop Local grows.
Different Networks Require a Different Number of Users in a Group
Andrew Chen in The Cold Start Problem states that a key difference among network models is the required minimum ...
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