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07/26/2017
 
Posted By: Amanda Teixeira

Question: What do these once popular retailers have in common?

Sears and Kmart
J.C. Penny
Macy's

Have you figured it out yet? Maybe a couple more will help...

Bebe Stores Inc.
Crocs
The Limited
Wet Seal
American Apparel
Payless Shoesource
GameStop

Give up? Here is the severity of it. These are just a few of the chains that are shutting stores nationally and worldwide, with some closing upwards of 100 stores in 2017 alone. At this time last year, store closings where about half of what they are today. Given these numbers, it's safe to say that this sector is imploding at the rate of 100% year after year. Over 3000 stores closings have been announced this year, ranging from department stores to specialty stores and everything in between.

Question 2: Why is this happening?

Simple. The Amazon Effect. No one estimated Amazon to become the monster that it has become today. When launched in 1997, Amazon's shares were priced at $18. Today, they are ranging from $930 to $940 a pop, and climbing. Thanks to Amazon, there has been a light shed on the effortlessness of online shopping. Retailers are struggling to keep up with the rising costs of overhead and labor and the decrease in store traffic. Amazon is a force to be reckoned with and the retail industry is scrambling to survive their impact.

Question 3: How can I keep this from happening to my enterprise?

To move forward in business, you need to take a leap that will impact it significantly. Amazon provides relevant search results, seamless online experiences, 24-hour shopping potential, and speedy processing. A business must be equally as compelling as the e-tail giant to be able to compete with it and a store alone cannot achieve that. B2B eCommerce is where the industry is going, and to keep your business from becoming just another name in the list of failing stores, adopting the process through your own site is the only feasible option.
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