Retail Store Owners: 3 Recommendations on How to Prosper in the Digital Marketplace

With Amazon and the rise of online shopping, retail stores are quickly going out of business. As a Northwestern student studying communication studies and Integrated Marketing Communications, I have found two articles that provides tips on how to prevent retail stores from going out of business.

In the first article “Retail Trends Taking Shape in 2018,” TomMcGee, a writer for Forbes, discusses the changes in retail stores are taking to market themselves and stay in business. He believes “that 2018 is coinciding with what feels like an entire new era of retail and retail real estate, though brick-and-mortar remains a proven formula.” One of the changes McGee mentions is that retail stores are now expanding beyond just traditional shopping; they’re incorporating entertainment and other activities to attract both shoppers and non-shoppers. He also focuses on technology and its impact on the retail world. By 2020, he believes that approximately 45% of retailers will incorporate artificial intelligence into their store to enhance the customer shopping experience.

Source: medium.com

The second article is “Top 14 Retail Trends of 2018 ThatWill Redefine the Industry” written by Michael K. Spencer for Medium. This article, as the title suggests, shares current trends in the retail industry. Spencer and McGee share similar thoughts on the usage of new technology and creating more than just a shopping experience in stores. Spencer goes more in-depth into the different technology functions, such as mobile payments, QR codes, and retail robots, that will ultimately help improve and create a memorable in-store customer service experience.

Based on these two articles and my experience as a Northwestern student and avid shopper, I have developed 3 action items you should consider when revamping your retail store.

Incorporate new technology
Brands are incorporating more advanced technology and should continue to do so to enhance customer service and satisfaction and gain their attention in our digital society. 

Think entertainment
Physical stores need to be more than just a place to buy to prevent closing. They should offer other sources of entertainment to keep customers in-stores.

Stay up-to-date
Brands need to stay up-to-date with the latest trends and technology to update their stores as needed and not lag behind everyone else.

Retail stores must remember the three tips above to gain customers and prevent closure.

Grace Hong is an undergraduate student at Northwestern University majoring in communication studies, minoring in Chinese, and pursing the Integrated Marketing Communications certificate. You can get in touch with Grace via LinkedIn or Twitter.

Aspiring Entrepreneurs: Have a Big Idea? 3 Ways to Turn Your Insights into Innovation

Everyone wants to be an entrepreneur nowadays. Many hope. Most try. But few succeed.
So what is it about those that succeed? What is the magic recipe that transforms
a desire into reality? Any budding entrepreneur should have the drive, hunger
and determination to achieve her dreams. It is imperative she has the consciousness
to execute on her observations, but what does it take to do so?

As an undergraduate student in the Integrated Marketing Communications program
at Northwestern University, I have done my fair share of reflecting of what disrupting an industry means and what it takes to transform an idea into a business. I found two articles on the power of innovation and finding novelty in the mundane for business opportunities.

In a recent Wall Street Journal article titled, Welcome to the New Convenience Store,
writer Jane Black highlights the latest business model to be disrupted: the convenience
store. In today’s age, customers are becoming more conscious of their experience at
stop-n-shop stores, such as convenience stores. Convenience and rapidity no longer suffice,
Black writes. Convenience stores AND grocery stores that want to stay relevant and
innovative must ensure the customer experience is nothing but the best.

And as more and more people increase their frequency to grocery stores, the
store experience becomes an even more significant part of the snack/grocery
run customer journey. There are a few markets like Chicago and Denver that are
being disrupted by a small, chic and trendy convenience stores like Foxtrot and Green Zebra
that are disrupting the classic 7-eleven down the street. The founders behind both
of these stores saw in this industry mediocrity, and after this observation,
they executed on their visions.

(Image credit: Aaron Burden, Unsplash)

Similarly, in
How to Build a Culture of Innovation and Turn Every Employee into an Innovation Powerhouse
by Micah Solomon for Forbes, Solomon argues that in order to seek out
opportunities and be inspired driving innovation is needed. He offers some advice
for business executives that focus on encouraging innovation and creativity for employees,
but the advice he gives is also relevant for entrepreneurs. In addition to encouraging creative
flexibility, an embracing of fear and an attitude to dissatisfaction, Solomon makes an
overall argument that people should tap into their observations to create their own reality.
This is exactly what aspiring entrepreneurs need to do.

Below I have outlined three key things those who aspire to one day create a business need
to do in order to ensure (potential) success.

Be curious: Intellectual curiosity will allow you to find opportunities in places you
did never thought to look.

Think different: Think of how can you differentiate your idea, product or
service from the standard?

Be shameless: Failure often leads to innovation so allow failure to be present in
your life in order to also welcome unforeseen insights.

As you prepare to one day disrupt an industry, think about how these
three action items can accelerate the process and get you to execute on your idea.

Ana Cordera is a journalism, sociology and IMC undergraduate student at Northwestern University. She will be graduating in June 2018. She has been actively involved in Form & Function, Northwestern's student-run marketing agency, holding several leadership positions within the group. Connect with her on LinkedIn to discuss branding, entrepreneurship, media, music or your take on the best chocolate brands out there. 

Photographers: 3 Action Items to Build a Successful Business

In this day and age anyone can grab a point and shoot camera and title themselves a professional photographer. Making it vital to establish a strong entrepreneurial foundation in order to stay competitive in this saturated market. Creative inspiration can only drive your business so far, making it increasingly important to invest in successful business tactics. 

As a professional sports photographer and undergraduate student at Northwestern University, I found two articles to help you propel your own photography business.

There are many unforeseen challenges when it comes to owning your own photography business. Zach Prez from photographyspark.com talks about building a backbone when creating your own brand. Creating the backbone of your brand requires setting goals, making a business plan, building a portfolio and engaging with your clientele base. As Prez says, “…there are several important factors to consider before starting a photography business. Addressing these topics early on will set you on a path to success.”

The second article Life Through a Lens, David Locke gives us 5 tips on building a successful photography company. His article discusses how taking photos is only a small portion of a professional photographer’s business. There are many things that need to be considered in order for your company to thrive. In this fiercely competitive market he came up with a list of 5 tips to help your business rise to the top.  

Based on the ideas in these articles and my experience as a professional photographer, here are three action items you should consider when building your own photography business.

1.        Be BOLD – Don’t be afraid of difficult situations, confront them head-on and make bold decisions.

2.        Be COMPETITIVE – Strive to be the best and make your presence known.

3.        Stay INSPIRED – Don’t let anything get in the way of your creativity and passion.

These three simple action items will give your company a great competitive advantage over other brands and help you capture the long-term loyalty of your clientele.

Caylor Arnold is currently an undergraduate at Northwestern University and accomplished professional sports photographer. She currently works with USA Today Sports Images covering major events around the Chicagoland area. Check out more of her work at www.caylorarnold.com or follow her on Instagram @caylorarnoldphoto.