Ever since Netflix came on the scene, Blockbuster has been struggling. Now, they’re closing all their brick-and-mortar stores. But they’re not going out of business. Instead, their going to a streaming-only model.
That’s all well and good. It worked for Netflix. But I can’t help but wonder if it might be too late for Blockbuster.
Remember Borders Books and Music? They discovered e-books just a little bit too late. By that time, the game was over. Amazon had cornered the market and Barnes & Noble was just getting into it. Now, it’s Amazon.com, Barnes & Noble, and a few smaller players. In the streaming video niche, you have Netflix, Amazon, and Hulu leading the fray. Is there room for Blockbuster?
Only time will tell, but here’s the takeaway if you run a brick-and-mortar store of any kind.
If there is a digital product that equates to the inventory you carry in your store, then you should seriously think about an online version of your product delivery service. Naturally, items like clothing and food are safe. But people will still buy clothes online and have them sent to their homes. So that’s something for you fashion retailers to think about. Food, well, there are some foods that will always be bought in the real world.
The world is changing, and the way we market our products is changing too. If you’re not changing with it, then your business could be dying.