We chat with Ingrid Milman Cordy about business growth and decline in 2020 and Walmart’s new partnership. 

Our Economy

• The way our economy is set up, big businesses are bound to thrive, even during economic disruption like COVID-19.
• Small businesses seemed to be the ones to cope best with the disruption, but the distinction of “essential businesses” shifted from small business to big business.
• Businesses like Amazon and Shopify doing well also signifies that the small and medium businesses that sell through them are doing well. The difference between growth and decline in small businesses in 2020 comes directly from being in the right or wrong industries given the current circumstances.

Branding and Positioning in a Changed Market

• Small businesses that have seen growth this year should be focusing on retention.
• Businesses that saw the most decline were retail in fashion and apparel - but they could bounce back given they rethink their branding and positioning in the current market.
• COVID-19 didn’t kill these brands, they just sped up their already growing decline.
• The best branding comes from getting consumers to be emotionally attached to a brand, not just buying a commodity.
• Marketing plays a much bigger role in our community - in connection. 
   

Walmart and Shopify

• Big businesses should have a system to help small or local businesses.
• Walmart is teaming with Shopify and integrating small businesses into their model. They are realizing they cannot continue doing everything themselves and monopolizing markets.

Links

• Ingrid Milman Cordy’s last appearance on Future Commerce, Episode 158: “Our Base Sense of Self is Heightened Right Now”
• Jeremy Cai from Italic on Future Commerce, Episode 170: “The Plan Was Always to Go Back to Membership”
• Walmart x Shopify Press Release: “Walmart Expands Its eCommerce Marketplace to More Small Businesses”

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