When I buy Black it's gon' be direct or whatever Kendrick said
On RetailWhileBlack, I often hear the critics say they would prefer to buy Black direct. To which I say, okay. But you can do both. The girls go into grocery stores and run errands to their big three every day. You've seen the memes. But are you shopping Black while you're there? Here's why you should be and the best way to support: ​
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*Terms often used in retail: Black-Owned- 51% or more Black Ownership, Black-Founded- Brands that have sold but may still maintain original CEO, Black-Led- Leadership at that company is Black, Founders- Anyone who has started a company.
Buying Power
Fact: According to Forbes by 2024 Black Spending power is projected to be $1.8 Trillion Dollars. But we are also frequent buyers of non-Black beauty brands. $54 million out of $63 million
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Food for Thought: Black brands should be in all spaces and we should be creating a demand. Retailers are distributors. We should be using our money to force distribution of Black brands.
Growth
By the time a brand is on shelf, they should already be successful direct to customer. Moving to shelf is a calculated risk. It can be a big reward or it could close the brand forever. However, if done well the brand can scale and grow their business across the US. This leads to more capital, jobs in the Black community and opportunities to innovate.
Convenience Matters
Fact: Black Shoppers are 25% more likely to switch brands than non-Black consumers.
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Food for Thought: Think about a time when you ran out of something you needed and it could only be ordered. Now imagine if you could get it at the store. Toothpaste, lotion, toilet paper--they come in Black and are in-store!
How to *BEST* Support in Retail
Brands in retail are not rich. They are small brands bootstrapping & hoping for the chance to build something big. To support remember these 5 things:
1. Retailers buy brands as if everything will sell perfectly. If it doesn't (breaks, goes to clearance) they ask for refunds called chargebacks.
2. Try not to return items. When you return items brands get chargebacks.
3. Be a repurchaser. Do not buy once to say you supported. Find brands you love and go in.
4. Leave reviews. Brands with the most reviews show up first.
5. Clearance is bad. (There are exceptions. For example, a skincare brand may expire and therefore clearance items to restock)
Black Ecosystem
Fact: Funding is on a sharp decline for Black businesses. According to a report by McKinsey and Co. Black business need two types of capital: innovation capital and working capital.
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Food for thought: By spending the money within the Black community, regardless of the location of the brand (in-store or online), we can use our spending power to influence change. Additionally, I believe Black-founded brands* have an obligation to sell with purpose. And that purpose should be to make sure they are funding Black-Owned* businesses with the sell in some way.
Sources
I have two degrees. I don't say a thing without pulling sources but maybe I should also finish my PhD.
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https://www.theguardian.com/business/2022/nov/29/american-retailers-pledge-buying-black
Welcome! I'm Marissa.
Meet Marissa Kearney, a dynamic force in the world of entrepreneurship, authorship, digital creation and proud CEO of "RetailWhileBlack". With a relentless passion for innovation and a keen eye for opportunity, Marissa has cemented her reputation as a trailblazer and visionary in the business landscape. She has not only built a thriving business but also sparked a movement, advocating for diversity, inclusion, and empowerment within the retail sector. --Connect Network TV, The CW​​
