3 Things SMBs Can Do to Win in The New Age of Retail

Retail is changing. We see the headlines play out every day, whether they’re about the “retail apocalypse” or Amazon’s latest venture. While the headlines are focused on larger, traditional companies in commerce, there is a world of small businesses that are finding success and have an opportunity to thrive in the next generation of commerce. Hubba recently released a research white paper: The Curated Future — Why less selection, not more, will be the defining retail trend of 2018, that explores the role of small businesses as markets become increasingly crowded with thousands of new products being introduced every day, and buyers and consumers alike face a paradox of choice.

As an independent retailer, nobody knows your customer better than you. Here are three things that you can do to cement your role as a shopping destination and keep those customers coming back.

1. Curation

As a small business owner, your success is centered around knowing your customers well and anticipating their wants. In the new world of retail, this knowledge is increasingly important, as customer demands for unique products and access to interesting trends continue to change. Beyond stocking your shelves, the best retailers will curate their product selection to align with their customers’ lifestyle and values or around a specific niche. April Kensington, owner of Be Pure Beauty, is a great example: April focuses on the ‘clean beauty journey’ and carefully researches and selects products that are all natural and align with her customers’ desire for a lifestyle of health and wellness. Research shows that 38% of US consumers are highly influenced by recommendations from a friend or family members — by thoughtfully curating the right products, April has established herself as a trusted expert who influences purchase decisions and encourages repeat customers.

2. Find New Monetization Opportunities

The growing trend of curating a varied assortment for one specific type of customer opens opportunities for service-led businesses like yoga studios and restaurants, for example, to further grow their businesses by selling products to an already captive audience. This speaks to trust being the new currency of commerce. Heidi Kleiber, had a successful lifestyle blog Flawless Chaos, but needed more return on her investment and efforts. Heidi recognized the opportunity to monetize her passion by becoming a wholesale buyer. With tools like Hubba — an online, B2B platform — she was able to source the right vendors and begin selling products directly to her readers that were both relevant and aligned with the lifestyle content she usually blogged about.

3. Embrace Technology

Technology can be daunting, but it can also help to make better business decisions, faster. When looking for new products, 75% of the methods buyers use involve no digital technology whatsoever. Nancy Brown used to travel across the country to local food markets and trade shows to find the right artisanal food products for her e-commerce site, Foodlyn. Other companies, like Erika Kerekes’ Not Ketchup, utilized technology to gain capital for her relaunch through crowdfunding site PieShell and catapulted her condiment company’s rebrand while using Hubba to engage a community of foodies to help her along the way.

We’re really excited about the new age of retail, and how small and medium businesses are going to be able to grow and prosper while looking after their customers. To read more on The Curated Future — Why less selection, not more, will be the defining retail trend in 2018, check out our white paper.

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