On a trip to the Los Angeles in the U.S, I couldn’t stop noticing the amounts of stores that had the signs of closed. I must admit it, that some areas of Long Beach seem sad without any people during holiday’s time.
And some questions started to come up to my mind, is this just a local phenomenon or is it also trending in the whole U.S. or even worldwide. As mentioned by Michael Fertik on How to avoid being a victim to the Retail Apocalypse, market forces are putting into risk the disappearance of many retail stores, and they have to be aware of the consumer behavior and brand reputation.
The fact is that people are stopping to buy in stores because it is easier to get whatever you want with just a credit card and a couple clicks without leaving your couch. Amazon is controlling 40% of the online business in the U.S, and it will probably will keep dominating worldwide. For sure, it will keep aiming to make the costumer journey as easy as possible.
Focusing on digital entrepreneurship business models
Digital entrepreneurship has become the main business structure idea that will be sustainable for the future years. There are several types of startups that have different missions and objectives, but holding a digitalized structure of doing business will be a key factor to grow in the next years.
A digital business will have as an end the automation of processes. Creating an environment that improves the customer experience at the moment they are requiring a product or service is already an important factor. And is it here where business should keep in mind that the consumer behavior is not the same as years ago.
Spending time on a mall was more about having a moment of hanging out with the family while visiting several stores. But digital businesses have grabbed the buying experience, and offer a better solution for the consumers.
New entrepreneurs and current business owner must have in mind and push their ideas to be fully digital. Those business ideas that are based on old practices might not survive in the future, therefore it is necessary to keep up with the market expectations and their experiences.
If you are currently on an entrepreneurial process at the moment and you are start doubting what to do next, don’t hesitate to contact me so we can discuss freely what have been your challenges and what tips I can give you as an external perspective.
Carlos Barraza holds 2 master degrees in International Business and in Family Business. He currently works as Digital Communications and Content Specialist at Bechtle AG in Germany. As well as remote business developer of Family Businesses in Mexico. He likes to discuss about Digital Marketing, Entrepreneurship, Digital Nomads and more.
