David Ball speaks with the NRF about the success of 10 brands founded 10 years ago.
Tin and aluminum are traditional gifts for couples celebrating their 10th wedding anniversary. While perhaps not as glamourous as crystal (reserved for 15 years) or bronze (eight years), these materials embody pliability and strength.
Retailers who make it to their 10 -year anniversary also have had to draw on these qualities. Many of the brands that launched in 2011 and continue to thrive reinvented prevailing business models. Most embraced the growing range of commerce: ecommerce, mobile commerce, re-commerce and social commerce, often along with bricks-and-mortar stores. While their products and customer bases differ, a few themes are common.
They’re digital and direct-to-consumer
By going directly to consumers, these brands can bypass many middlemen, says David Ball, president of consulting firm The Grayson Company.
As digitally native vertical brands, the companies typically address at least one of several problems: enhancing how customers access the brand, improving the product through innovation, offering better prices, etc.
They’re also in bricks-and-mortar
For many retailers, a mix of online and retail stores offers synergies in customer acquisition and retention. The result? Growth paths that are steeper than many single-channel businesses can attain, Ball says.
Read the full article by clicking on this link to the National Retail Federation (NRF) website: Ten brands founded 10 years ago and how they’ve succeeded