Back in our good books
Whether it’s because physical books have become a thing of beauty in their own right or simply because you can’t fold down the corner in your E-reader, after years of decline, it seems the humble book is making a resurgence. Given that we now live in a world of smartphones and tablets, this emerging trend seems a little backwards. Yet for businesses, the return of such products presents a huge opportunity to profit. The question is: how should businesses react to the comeback of these former heroes?
Back in our good books: the return of the fallen heroes
Books are not the only products where consumers have snuffed modern digital versions in favour of their seemingly old-fashioned physical counterparts. Take for instance the music industry: there is a good reason why Tesco now stock vinyl records! Personally, I wonder how long it will be until video tapes make a triumphant return.
The return of such products presents businesses with a challenge, however: given that demand for both vinyl records and books had fallen steadily over a number of years, many businesses will have removed such items from their assortment completely. As demand for such products returns, decisions must be made as to whether such items should be reintroduced. As with any new product introduction, businesses must have in place a structured process to ensure a smooth return to the assortment.
What steps does your business have in place to make sure new (or old) products are successfully introduced to your assortment?