{PODCAST] 5 Lessons You Can Learn From the Failure of Big Box Retailers

podcast Dec 31, 2018

Have you noticed all the Big Box Retailers going out of the business in the past 5 years? Shopping is making a huge shift and we all need to keep up with the latest information in order to stay in business. Today we want to discuss what we can learn from the stores that have gone out of business so that we can make sure to safeguard our own income and stay relevant in today's ever changing marketplace.

We can learn a lot from the failures of big box retailers like Toys ‘R’ Us. They demonstrate just how easy it is to run into trouble or go out of business. Over the last seven years, there has been a trend of big box retailers going out of business. It is undeniable that shopping is making a shift - and falling behind the current trends could lead to disaster.

If you are not an expert of the product lines or categories that you sell in your Amazon business, then it is easier than ever to follow the path of retailers that have fallen along the wayside.

So today we take a look at the big box retailers that have failed and the lessons every Amazon business owner can learn from their mistakes. We highlight why and how you can keep up with the consumer shopping changes and how your Amazon business can stay relevant. We share our thoughts on staying competitive, moving with the times, knowing your numbers, taking small steps, and the importance of having a niche as well as how becoming complacent in your business can set you on the downward spiral leading to failure.

“It’s not just looking at the here and now. It’s looking at what the potential is for the future.” - Amy Feierman

This week on the Amazon Files: 

  • The importance of staying competitive, relevant, and adapting to change.
  • The failures of Toys R Us.
  • Why you shouldn’t get stuck in your ways, become complacent or refuse to adopt technological changes.
  • The mistakes made by Blockbusters and Kodak.
  • Why you need to know your numbers, expand slowly, and avoid poor inventory management.
  • Identifying when to take a step back.
  • Why you should analyze your numbers and take baby steps so that you can grow the right way.
  • Mistakes made by Pets.com.
  • The importance of understanding that growing your Amazon business is not a race.
  • Why it’s advantageous to understand that the riches are in the niches.
  • How to find and become an expert in your niche products or categories.
  • How to apply regular learning skills and research to your business. 

5 Lessons You Can Learn From the Failure of Big Box Retailers:

  1. Stay competitive.
  2. Don’t get stuck in your ways.
  3. Know your numbers.
  4. Smaller is better at first.
  5. The riches are in the niches.

Resources:

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