Part of being in an innovator is being good at networking. Within my specific industry I have researched the National Retail Federation as a good source of information regarding building my business.
The National Retail Federation contains over 1.6 Million US retail establishments with more than 24 million employees and 4.4 Trillion dollars in sales globally. The NRF has a broad reach and covers so many channels it provides some great insight into the retail industry and its wide scope.
The NRF also has a pretty comprehensive blog that tackles a variety of subjects pertaining to the retail industry. For example the post from today was centered around patents and obstacles associated with obtaining them. The post also warns of "patent trolls;" people who's sole goal is to find and patent obscure items related with products and then sue the manufacturer. Definitely an interesting read.
Another reason I chose to look at the NRF is because of their substantial research base that they provide for free on their website.
This research breaks down consumer trends for the past few years and really shed some awesome light on what motivates people to buy. I've been using my time on the website to see when and where people are buying backpacks and back to school supplies. The website's content helps me see what makes a successful product fly off the shelves, timing and placement.
The NRF's research is what really sets it apart from other like-minded websites. Their free research helps small and large businesses alike look at their industry and grow their business accordingly.
I would absolutely suggest fellow entrepreneurs who are trying to break into a retail based business to follow NRF and stay on top of what they have to say.
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