Amazon, an online retail giant that was formed in 1994, once started as an online bookstore and eventually grew into DVDs, CDs, video streaming, MP3 downloads and more. As time developed, more and more categories of products were provided under Amazon’s massive catalogue.
It’s no surprise that small retailers, gift shops, and small businesses fear such a massive online retailer. Why would a gift shop want to compete against a company that has such a massive audience and catalogue?
Thankfully, you can indeed compete against Amazon and dominate your market without the fear of losing out against those large retail giants. Don’t let another company’s growth and size deter you from pushing your business even further.
Realize There Will Always Be a Bigger Fish
Unless you have plans of being the number one gift shop in the world, don’t be surprised when there’s a larger fish in the sea of business. Often times, a business owner holds himself back from capitalizing on an opportunity for growth just because they fear they won’t be able to compete.
The first step is to realize that just because there is a bigger fish, a bigger company, or bigger competition, it doesn’t automatically mean your business will fail. Commit to the growth of your business and you will be able to claim success in your own corner of the market.
If You Can’t Beat ‘Em, Join ‘Em
Large companies have the advantage of being able to affect the markets in very unique ways. An easy way to keep up with the trends is to study and mimic the habits and practices of larger companies like Amazon. For example, Amazon often provides free shipping on many of its products and to its Amazon Prime members.
As a small gift shop or retail business, you could begin to offer free shipping on select dollar amounts. Many potential customers are already acclimated to the “free shipping” shopping style. Why not cater to that mentality and secure a few more customers? Gift shop business loans can help you to offset the costs while you establish new customers.
Large companies tend to offer loyalty and incentive programs to their customers. Virtually every modern retailer has a loyalty program that provides some type of benefit to their customers. Keep up with the trends and develop a loyalty program for your customers. Give them a reason to visit your shop more often. You could use discounts, free gifts, free shipping, newsletters with upcoming deals, and more.
Become a Specialist in Your Local Area
Customers like to know that they’re getting a reliable product. With a large company like Amazon, they can’t always know. It can be a gamble whether or not they will get their item in once piece or that it will look like the image online.
As a local store, your gift shop instantly becomes a hero to those who like to make sure the products they buy are of premium quality. By becoming a specialist in your local area for what you sell, you will develop a relationship of trust with your customers.
Let Gift Shop Business Loans Help You Expand
Gift shop business loans can help businesses of all sizes expand into a new industry or market or take on a new opportunity. Companies like Amazon have immense reserves of funding to propel them towards the next big idea. Why should a small company be left out in the cold? With Smart Business Funding, we provide you the gift shop business loans you need to tackle any challenge or capitalize on any opportunity of growth.
Give us a call to get started today. Don’t let Amazon or any of the other “big fish” keep you from being successful and making a profit with your gift shop.