This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/07/22/how-new-technologies-enabled-these-young-entrepreneurs-to-threaten-the-traditional-retail-landscape/
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The pace of change in consumer behaviour has never been higher than in the last couple of years. While large corporations are struggling with the digital transformation, small agile firms emerge every day and challenge traditional retailers.
Although Amazon is certainly the most dominant player within this field, there are smaller firms which can offer attractive services to consumers and push traditional and slow adjusting retailers out of the market.
Why are there so many digital commerce companies which can challenge large traditional retailers and even force them into bankruptcy?
The founders of Benkheim&Co, an online brand which seeks to change the traditional luxury watch concept, explains how motivated entrepreneurs benefit from globalisation, efficient fulfilment services and new technologies.
One of the cofounders explains how he witnessed first-hand while working at a bank that a lot of traditional retailers were in trouble as internet retailers ate away their margins. They had difficulties paying back their loans and even when they wanted to close their stores, they could not get out of their real estate lease agreements which they signed for multiple years. Banks were already taking a close look at rising internet retailers and saw them as a promising new potential client group. When his boss asked him to map and monitor all fast-growing E-Commerce companies in the Netherlands, he saw how fast these companies were growing, with some of them quadrupling their revenues year after year.
After his time at the bank he used his experience to start his own brand. What helped him was his passion for the product and an excellent business partner. The first question that arouse was how they were going to start with only very limited funds. One concept… Read More
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