The New Rules of Retail For Now

Going through the news and online updates in California, New York and some states who just opened up retail business Phase 2 e.g. Curbside Pick-up and delivery, it’s kinda interesting to note what goes on.

In smaller cities like Martinez, Ca in the old Pre-Covid days their small shops are in a street strip of cafes, boutiques, gift shops, and the like are circled around having the community walking around stopping from one store to the other while car traffic runs back and forth. Most shops who open their doors had tables in front ready to accept orders or have people pick up their orders. The small business owners who are pillars and heroes trying to start of the economy in spite of the odds knowing they won’t even sell enough to pay for the overhead cost of the day. Worst case scenario some stores had no orders, traffic or visitors at all.

What this shows is that consumers are somehow spiritually divided. As a community, everyone wants to support their local city shops, wants them to stay in the business yet on the other side, people are afraid to really be outside that long thinking of this contagious disease called, Corona virus doesn’t have a vaccine yet. This is the mere reality except it’s been observed that some states or cities that did not really have a high incidence rate of infection in the past 2 months who may even be already on Phase 3 opening might have a different scenario.

It is fact then and now that even though a lot of these small business shops have some form of online presence or website which somehow helped bridge their existence the past 2 months, these small businesses insist it’s still not as profitable if their brick and mortar storefront were open as in the old days. As a old time bookseller, a lot of  booksellers have the sense of community having the physical store and the more these are the hardliners of the importance of having a physical store.

Twelve years ago while really selling the idea of getting our websites up instead of just being on third party book-selling sites while having our store, my own staff had resistance.  I cherish their reasons, acknowledge the fact but I sort of still started in my own ways. It took all these years far more expensive, more blood torn sweats and headaches and losses until we sort of at least established a branding presence.

Today there’s a new retail concept coming up by way of having all the procrastinators on online selling to accept online businesses is the new future of small business retail. I have to say those just starting now are very, very lucky as they do not need the 12 years of trial and error.  Just today, Facebook announced a new online platform created specific to this need for small businesses called Facebook shops. So what’s next is the question to the new norm of retail until we get the full confidence back.

There will be a lot of discussions, we can start of reading

The New Rules of Retail: Competing in the World’s Toughest Marketplace

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In The New Rules of Retail , industry gurus Robin Lewis and Michael Dart explained how unprecedented consumer power, enabled by technology and globalization, is revolutionizing retail. They warned that survival in these dynamic times called for a business model based on three distinct competencies: preemptive, perpetual distribution; a neurological customer connection; and total control of the value chain. In the years since that book published, many of their predictions have come true. Now, they revisit timeless case studies like Ralph Lauren and Sears, as well as new additions like Trader Joe’s, Lululemon, and Warby Parker, to assess how retailers must continue to evolve in the era of e-commerce, data mining, and tiered distribution. They also identify the five current trends that are currently driving consumer demand, including technology integration and channel consolidation, as exemplified by Jeff Bezos at Amazon. This is a fully revised and updated guide from two proven retail prognosticators.

So what’s your thoughts on this new norm?

 

Saving on the Rainy Pandemic Days Ahead

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From books publishers, “I want to reassure you that spending your hard earned money isn’t a wrong activity, however, there is something that should be taken more seriously than spending and that is saving for your future.

As you spend, you’ve also got to realize that you need to save for a rainy day. If all your material possessions were to be taken away from you, would you still be alright?

If you have been spending a lot and not saving, it may take a while for you to make the necessary adjustments with your finances, but if you are resilient and proactive, the steps you will find in this book will be of great help”.

We focus on spending in lieu of present financial hardships and pandemic predicaments due to COVID-19, The Cornovirus. With the hope of the expected legislative actions being awaited on Paid Sick leave and unemployment insurance for the workforce, as well as other financial reliefs for those living on paycheck to paycheck.  The bottom line is that if one is an hourly employee with no work, no PTO, even laid off’s, no emergency cash it will be a challenge ahead. Not to mentioned for the thousands of people  work on gigs and events which cannot even access any of these paid sick or vacation time now totally disenfranchise without work.

These are the times either if we have $5,000 to $5.00 on hand, we have to live by our means and the only way is to tip every cent and penny until we get back to normal and working again.

This book Table of Contents:

Introduction

Chapter One: The concept of saving and spending

Chapter Two: The importance of saving

Chapter Three: Top 50 tips on how to save money

Chapter Four: Sustaining the culture of saving

Conclusion:

If you have been spending a lot and not saving, it may take a while for you to make the necessary adjustments with your finances, but if you are resilient and proactive, the steps you will find in this book will be of great help.

If you don’t have a comfortable emergency fund, now could be a great time to start building yours up. You don’t need tens of thousands of dollars — but some cushion is certainly better than none. If you’re among the fortunate people whose income and work schedule haven’t been disrupted yet, consider saving more aggressively in your emergency account. And if you haven’t yet received or allocated your tax refund, bulking up your emergency fund could be an excellent way to use it.

If you don’t have an emergency fund, or are simply worried about your general level of cash flow during the outbreak, it’s smart to look for ways to cut expenses. Some of the usual suspects might not be practical — for example, I can’t in good conscience suggest that you get rid of your Netflix subscription when you might be stuck at home indefinitely.

A final thought: The most important thing to do now is take a deep breath and resist the urge to panic. Panic leads to irrational thinking, which leads to poor financial decisions. This will pass, let’s keep our hopes and continue to gather information.