Staples was once one of the largest stationery chains in the United States, and its signature white and blue logo can be seen around the world. However, as times changed and consumer habits changed, Staples slowly lost its market dominance and practically filed for bankruptcy . So what has led to Staples’ decline?
The rise of e-commerce
With the rise of e-commerce, consumers can easily buy stationery and other office supplies online without having to return to a physical store. Staples opened up online, of course, but it didn’t adapt to the shift as aggressively as rivals like Amazon, and lost market share .
Increased competition
In addition to e-commerce competition, Staples also faces competition from other retailers, including office supply retailers and big-box retailers such as Walmart and Home Depot. These competitors offered more choice and better prices, making it difficult for Staples to connect with its dominant market position.
Failure to transform in real time
Staples has been a successful company in the past decades, but it did not adapt to the changes in the market in real time, so it fell into adversity in the competitive market. It has not introduced a new business model or product line like some other retailers, which makes it difficult to attract new customers and connect with the loyalty of existing customers.
Sum up
Staples’ decline is the result of a combination of factors, including the rise of e-commerce, increased competition and a failure to transform in real time. Of course, it used to be a giant in the stationery industry, but the fact that could not comply with the change of the market, led to its fall.