Change is mandatory, but is there a way for businesses to remain grounded instead of always chasing the next big thing? Rob Fishman, author of Retail Success in an Online World: How to Compete and Win in the Amazon Era, says brick-and-mortar retailers can still thrive in this environment if they are willing to innovate. “Online shopping is convenient, but there are a lot of ways retailers can succeed if they find that niche and find the right audience,” he says to Bold TV.
Fishman wrote his book after his experience of being in the retail world, owning a jewelry store. He has personally seen business owners lose business to e-commerce simply because they have a brick-and-mortar approach to business. They could not compete with tech giants that are taking hold of the industry. Fishman says that retailers need to embrace the change of technology while maintaining the best principle from the world of retail: the personal connection to an expert. According to Fishman, “straddling both spheres is the way to lead to more success.”
While online shopping has popular perks such as cheaper prices and convenience, Fishman says there are traditional buyers who want face-to-face interaction with a sales representative. He gives the example that if someone wants to buy a watch, they may want to try it on to make sure it’s the right fit for them; in this case, a brick-and-mortar fine jewelry store would be the right choice for this customer. People buy from people they like. People buy from people who are like them. What makes great salespeople is their ability to understand the way a person communicates.
To learn more about Fishman’s rules for retail success, visit www.legend.sandler.com to download a chapter of his book.