Hartman Simons Sees Smaller Retailers Gain Online Sophistication
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Outside of logistics, e-commerce has had a big effect on retailers in general. And not just the big boys like Walmart or Target.
Even mom-and-pops have finally begun to figure out how to compete. Hartman Simons' Jeremy Cohen explained a few trends during a recent breakfast function in Sandy Springs. Among the trends he highlighted:
- Smaller retailers are investing more money in an online presence to offer more BOPUS, an acronym that stands for "buy online, pick up at the store."
- Retailer square footage is shrinking, forcing stores to hone their target marketing and invest in website presence.
- Smaller chain retailers have focused on better distribution between stores. If an item isn't in one store, the retailer will ship it from another.
- Private-label brands are ruling the day, especially those designed in-house by a specialized team, such as Costco's Kirkland brand. "Brands created inside an organization allow the company to bring in fresh product more quickly to help serve fickle consumers," Jeremy says.