I usually just post the color and scent trends, but it occurred to me that business trends are just as important. While not all of these may be the direction you want to take, some can certainly be applied on a small scale.This info was taken from Entrepreneur's Blog. To read the full article, click here.
What were the hot trends under discussion [at the Retail Big Show]? Here's a look at six important themes experts said to keep an eye on for 2011:
1. Global retailing. For big retail growth, look abroad to capture your share of the $6.1 trillion in growth forecast over the next five years.
2. Going green. Nearly half the retail workshops at the Big Show on Sunday dealt with how to be a more environmentally friendly retailer.
3. Going mobile. Will your store have a mobile-friendly Web site, or create an app? Are you findable on localizing social media such as Foursquare? Several sessions discussed how to capture the mobile opportunity.
4. Local relevance. If you're not expanding worldwide, you'd better be tightly focused on meeting the specific needs of customers in your local market. It's the edge independents can use against larger chains.
5. Social networking. Though many in the over-40 set don't even know what social networking is yet, its impact on retailing will be profound next year and beyond, the Deloitte report forecast.
6. Shrinking assortments. In the past, many large retailers have bragged about the number of items they carried, but in this age of frugality, big assortments have become a liability, Deloitte reports.
How to apply these to your small bath or candle business:
1. If you are online, consider accepting orders from those outside your own country. If not on the Internet, consider taking your shop online.
2. Consider what you can do to impact the environment less, from going paperless to recycling shipping materials to selecting ingredients that support sustainability.
3. Many of you are already local, selling at farmer's markets, craft shows, and local boutiques. Continue developing your local edge.
4. Consider having your online store adapted for use with mobile devices. While mobile apps may not aid in your small business, as you grow, consider a mobile app.
5. Social networking is a definite trend. Consider having your business on Facebook, Twitter, etc. No need to go overboard. Doing just one of these is usually enough.
6. Consider keeping your product assortments down. I have to say, before this article came out, I was already planning on shrinking my assortment. Instead of offering multiple sizes of each product, I am only offering one size. I also plan to cut my base of scents down significantly and only offer limited editions seasonally for a bit of variety.
The Bonnie Bath Co.
Natural, handmade bath and body
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