Top 5 Ways Local Businesses Can Survive Ongoing Disruption

Local businesses are facing increasing pressure as larger Silicon Valley giants interrupt their businesses. In the past, one needed to walk...

Local businesses are facing increasing pressure as larger Silicon Valley giants interrupt their businesses. In the past, one needed to walk to a nearby furniture store to buy furniture. Today, with Amazon and Wayfair, it is possible to buy the furniture and have it delivered to your home within a day. The same is true with devices and books. This disruption has happened in the services industry as well. Today, companies like TaskRabbit and Angie’s List have disrupted the industry. In this article, we will look at some of the best ways in which local companies can survive the ongoing cannibalization by large Silicon Valley giants.

Top Five Ways Local Businesses Can Survive Ongoing Disruption

1. Leverage Social Media

Social media is one of the best methods in which local companies can achieve significant growth. This is because most Americans are currently using social media to get in touch with their friends. The most popular social media platforms are the likes of Facebook, Twitter, Instagram, and Pinterest. Our research shows that many local companies that have leveraged the power of social media are thriving.

2. Improve Quality of Service

Local companies need to learn from Best Buy, the biggest supplier of technology devices. The company’s business model would have been the easiest to disrupt by Amazon and eBay. This is because many people are using the internet to buy these devices. The reality is that Best Buy is thriving because the company changed how it does business. It has made its stores better and useful. For example, the company offers a lot of service to buyers. Therefore, you should give customers the need to visit your stores.

3. Don’t Shun Giants. Use Them

Many local businesses are thriving by leveraging the scale of large companies like Amazon and eBay. They are doing this by posting their products on the company’s website. By doing this, these companies are able to achieve global and national recognition. For example, anyone can sell on Amazon. Therefore, a local craft maker who lists their products in Amazon is able to reach local, regional, national, and international users. Of course, the disadvantage is that you will need to pay some commission to the company.

4. Have a Well-Optimized Website

Using Amazon is a great thing for all local businesses. This should be complemented by a personal company website. As per experts; many local companies thrive by having a good website that is optimized for the search. The benefit of having a website is that you will not be charged transactional costs and commission. It will also help you create and improve your company’s brand. Fortunately, designing such a website is not a very difficult thing. Your web developer can use platforms like Shopify and Wix to have their websites ready. Some of the things you should do are:

• Improve the ranking of your store
• Partner with influencers
• Make the website easier to navigate
• Publish regular useful content

5. Pricing Advantage

Part of the reason why many people shop on Amazon and eBay is that they can find a better deal there. This is more so now that services like Prime make shipping a bit easier and cheaper. Therefore, you should ensure that you have priced your products and services well. This will enable you to compete efficiently with giant corporations like Walmart and Amazon.