Is a 'boutique boom' coming to retail?

What’s a “boutique boom?” Fashion brands are hoping that the decline of the department store will lead to an increase in indie shops. We’ll take a closer look at how brands are prepping for this retail shift. We’ll also dig into why more small businesses are rushing to offer 401(k) retirement plans to employees.

Later this week, we’ll catch up with two friends and stay-at-home moms who decided to turn their passion for shoes and wine into a unique retail concept.

But first, listen to how this shadowy scam is bilking small business owners out of hundreds of thousands of dollars.

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Why SMBs are rushing to add 401(k) retirement plans

Retirement plans like 401(k)s used to be a selling point for big companies, where smaller ones were unable to compete. But nearly six million employees at small businesses have gained access to 401(k) plans since 2019 due to federal regulations reducing the financial barrier to entry for business owners. Now, to stay competitive and attract top talent, small businesses are offering 401(k) benefits to prospective employees. It’s huge for those who prefer to work for a small company but feel they are missing out on the security of a company-matched retirement plan.

Why this matters: Small businesses have long held many advantages for their employees over larger ones, but retirement security wasn’t one of them until recently. Here’s hoping the trend increases the talent pool in the small business sector. (Entrepreneur)

Will the fall of department stores lead to a “boutique boom?”

Wholesaling and department stores may be challenging sales channels for fashion brands, but there’s an opportunity in specialty retail. According to retail software platform Quilt, spending at small businesses was up 5% YOY during the past holiday season, and average spending per customer was up by the same amount. With big department stores and wholesale retailers rethinking their business, specialty retail offers brands a more intimate, less difficult entry into retail doors. Fashion boutique revenue in particular has increased 8% over the last five years.

Why this matters: If you’re a smaller brand, the time might be right to enter an indie boutique as big department stores and wholesalers are restructuring. (Glossy)

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Is AI a friend or foe of small businesses? Tips to make it work

Brian Aagaard, founder of Cooperhawk Business Brokerage, seeks to address the gap that small businesses face between AI integration and AI optimization. Aagaard offers these tips to fine-tune your AI integration strategy: Understand what AI is good at/for, then focus your energy on leveraging these strengths; use AI to optimize your team’s performance instead of cutting members or downgrading their duties; don’t use AI in an area where a human employee is critical.  

“Small businesses have the advantage of being flexible, agile, and adaptable, pivoting quickly when opportunities arise or initiatives prove to be unfruitful. Investing in a technology like AI, which requires a good deal of time, attention, and organizational input, can lock a business into a course that limits its flexibility." – Brian Aagaard

Why this matters: It’s hard to execute on blanket statements like “AI can help any business.” To make AI work for you, learn its strengths and decide where it can improve, not replicate or replace, your team’s performance. (RT Insights)

The 5 best SMS tools for small businesses

SMS marketing can yield higher ROI for a small business, but which of the many platforms on offer do you pick? America’s Small Business Network vetted five of the most affordable SMS tools for small businesses based on their standard features, integration capabilities, scalability, support and analytics. The verdict? CompleteSMS, SimpleTexting, Podium, Textedly and EZ Texting rate highest.

Why this matters: SMS tools can optimize your marketing efforts, but like most business platforms, it requires careful consideration and testing to find the one that’s right for your business. (ASBN)

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The SKUpe is curated and written by Marcy Medina and edited by Bianca Prieto.