It is not news that we are living through challenging times that do not come with a “how-to” book. Independent retailers in particular are struggling more than ever, wondering what each day will bring. While many conversations range from panic to mild acceptance, closing and reopening only to close again and doing everything possible to service their clients, retailers are showing their resilience. If history has taught us anything, it is that Albert Einstein was right when he said, “In the middle of difficulty lies opportunity.”
How powerful are small retailers anyway? More than you could imagine. According to SMB Retailer, the average monthly revenue of a small business retailer is $22,340, and in 2018, these small stores generated over $800 billion in revenue. They are small and mighty, though awfully fragmented, and therefore ripe for innovation.
The global pandemic has increased adoption of new technologies across the board. From Zoom calls to virtual roundtables, technology and its benefits are a welcome gift.
The crisis has also brought out our human side. We saw a clear dedication from consumers opting to support their local, independent store for their shopping needs with social media posts and influencers urging the support of small businesses. When shopping local, you’re not only supporting the owner, their family and employees, but you’re also supporting the community. According to Independent Retailer Month, local shops return about 47% of all revenue back to their local economy. As businesses begin to gradually reopen, customers are eager to get back to brick-and-mortar shopping while abiding by local laws and practicing safety. Independent retailers have the opportunity to step up here, as they can provide crowd control, proper disinfecting stations, a true shopping experience and products that are specifically curated for the community.
Over the last few years, business was good for many, and the traditional — if somewhat archaic — ways of conducting wholesale were the norm. People don’t love change, and that’s understandable, but this year, everything changed for everyone. With trade shows canceled and traditional methods of wholesale challenged, online connections were suddenly of paramount importance. The few digital wholesale options available were either stale and blank, very expensive or completely cluttered with thousands of products, creating more work and choice fatigue for buyers. There was no middle ground for the everyday retailers who were seeking to elevate their assortment and provide high-quality, coveted products to their customer.
Retailers quickly pivoted, creating their own direct-to-consumer (DTC) websites, going above and beyond to serve their clientele. They wondered how they would find new brands and products to bring into their store and delight their customer. This is where technology is needed today. Gone are the days of antiquated buying processes like order forms, unsolicited calls and missed emails. Now, boutiques are empowered to make decisions quickly, learn about a brand in seconds, connect and place orders.
One of the technologies recently adopted by some small retailers is The Main Tab. The company’s mission is to support small retailers by allowing boutiques and brands to connect and conduct wholesale on one main tab. The company focuses on prestigious lifestyle brands and categories including home décor, fragrances, cosmetics, skin care, beauty and gifts.
The Main Tab model is commission-based and only profits when the brands make a sale. The online community is also exclusive; every brand must have a story, passion and proven market success. The intention of the platform is to support independent stores since they may not be getting the ad buys or margins that a larger store may get. Brands also benefit from a value-based commission structure, so the more they sell via the platform, the lower their commission fee. Due to COVID-19, the company is offering even greater discounts.
The benefits of the platform are numerous, but the most important of all is supporting the discovery and buying process for store owners and buyers.
Customer behaviors are changing, and once you try the easier, safer and more convenient way, it’s hard to go back to what you were doing before. Now you can find your favorite brands, discover new ones, connect with them, place your orders and take back your time.
Liseda Shelegu is the founder of The Main Tab, an online platform that creates a business-to-consumer experience and offers a curated assortment of brands for wholesale. Shelegu has over a decade of experience in luxury lifestyle wholesale and created The Main Tab to support “Main Street retailers.” The company focuses on prestigious lifestyle brands and categories including home décor, fragrances, cosmetics, skin care, beauty and gifts.
