The past decade has seen the rise of retail giants like Amazon, Walmart, and Target. These one-stop shops provide anything a shopper could need, creating competition for local mom and pop shops across the country. But don’t be fooled. Local small businesses are making a comeback.
The term “local” has been on the rise. Locally-grown produce, locally-crafted products, locally-brewed craft beers. Buying from local vendors has created a platform for members of a community to support its economy and fellow community members.
A lot of success in this realm can be credited to advancements in technology. Small businesses can now reach potential customers through the same platforms as more widely-known corporations. Social media accounts and user-friendly website generators have given small businesses the means to be visible to consumers across the nation.
One group is leading this resurgence in the retail industry- the Millennials. According to a report by Ypulse, 50% of Millennials think it’s more important to buy products from a small business rather than a major retailer. 40% of Millennials will shop at local stores over big-box retailers, even if the prices are higher.
Small businesses and local shops provide a more unique shopping experience and more focused customer service, two factors that are very important to Millennials and shoppers in general. Local small businesses understand the local consumers. In turn, local consumers place greater trust in their local small businesses than larger corporations.
Noted market researcher Pam Danziger notes, “(This) emerging retailing trend will reshape the retail landscape in the future. Specifically, demographic shifts — with both aging baby boomers and young millennials looking for a more personal shopping experience, as well as heightened expectations from affluent consumers — will favor the special services and products that only local small businesses can provide.”
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