THE JOURNEY YO REMARKABLE RETAIL

Steve helps organizations understand and respond to retail disruption by creating customer-centric, memorable and profitable growth strategies.

Your Mediocrity Is My Opportunity

One of Amazon founder Jeff Bezos’ oft-repeated quotations is “your margin is my opportunity.”

While its origins are a bit sketchy, the aphorism has generally been taken to mean that Amazon’s success relies on its attacking retail sectors where profit margins are excessive, largely owing to their high-cost operating models.

As Amazon’s original first party retail model has grown to include Amazon Web Services, Fulfilled by Amazon and a host of other entertainment services, it’s pretty hard to believe Bezos’ statement is at the center of the company’s current strategy. As Amazon turns its sights to building out physical stores in the notoriously low margin grocery business, one might be tempted to call bullshit. And as we recently learned how huge (and presumably profitable) its Advertising business is, maybe the Jeffster should update it to be “your order is my opportunity to sell ads.”

Regardless, you’re not Amazon, and your ability to apply what works for them to your business is almost certainly of limited utility.

Our vulnerability lies in our mediocrity. And our opportunity lies in the mediocrity of those with whom we seek to compete.

Those retailers that essentially watched the last 20 years happen to them, were not legislated out of existence. Neither Amazon, nor Covid are responsible for their demise or their need to close hundreds of stores.

They were left vulnerable by continuing to swim in a sea of sameness. Their idea of transformation was really just a slightly better version of mediocre.

In a world of abundant choice, information, access, convenience and more, even very good is no longer good enough.

In a world of abundance, consumers no longer have to settle for anything less than remarkable. And not only don’t they, they’re not.

In a world of abundance, it’s harder and harder to become the signal amid all the noise.

In a world of abundance, anything less than remarkable is often ignored.

Your mediocrity is every competitor’s opportunity.

There is a pretty good chance you are going to have to transform your business far more profoundly than you think. The world doesn’t need a faster horse.

There is a pretty good chance you are going to have to transform your business much more quickly than you think. And the problem is you think you have time.

Eschew mediocrity.

Choose remarkable.

And then go, go, go!

For more, check out my book Remarkable Retail: How to Win & Keep Customers in the Age of Disruption available in hardcover, e-book and on Audible.

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"The Store Operations Council enjoyed every minute of Steve Dennis's presentation on retail's future. He always keeps it real and speaks the language of retail experts."

Cathy Hotka

Principal

Cathy Hotka & Associates

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"The Store Operations Council enjoyed every minute of Steve Dennis's presentation on retail's future. He always keeps it real and speaks the language of retail experts."

Cathy Hotka

Principal

Cathy Hotka & Associates

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