ToysRUs
A day or so prior to the Toys-R-Us bankruptcy filing, Michael Vodianoi, AdvancePro’s Director of Marketing and Communications, published a blog titled, "Toy's 'R' Us and Winning in E-Commerce."
The article addresses some of the mistakes that led to the retailer's marketshare loss and lag in the e-commerce space. It speaks of how its "lack of investment and sub-standard online experience" hurt its bottom line.
Just as important, Michael's covers important steps that inventory-centric businesses should take in terms of an e-commerce platform, integrated inventory software and real-time order tracking.
If your business hasn't got these things going already or you're not in the process of implementing them, you could find yourself down at the bankruptcy court soon.
The Toys-R-Us bankruptcy gives us pause to consider the potential plight of those retailers that don't adapt to the way Americans and much of the world is doing business today. It is a prime example of how even a long established big name retailer can go bankrupt if it doesn't change the way it has always done things in favor of the new way of doing business.
- Are you struggling with transitioning to, or managing your existing, e-commerce- based business, either with or without one or more brick-n-mortar locations?
- Perhaps you're trying to do business the "same old way" as merchants did when they had a five-and-dime store in a prairie town of the old west?
If you answered yes (or even maybe) to either or both of these questions, you should definitely read Michael's article. It's packed with ideas, helpful resources,and useful links to content beneficial to you business.
By the way, even though Michael works for an inventory software company, his content isn't sales-hype for AdvancePro's system. It's great content that can really give you some food-for-thought.