By Trevor Daughney
The mattress industry has a secret they aren’t hiding under the bed.
Manufacturers like Sealy, Serta and others provide retail chains with unique product lines. As a result, retailers like Sleep Train, Mattress Discounters, Mancini’s Sleepworld, and department stores can sidestep low price seeking consumers who want to compare prices for a specific model across sellers. This is standard practice in the mattress world. What is surprising to me is how uncommon this practice is in other segments of retail. That may be about to change.
Mobile phone apps like Amazon’s Price Check and eBay’s RedLaser applications now allow consumers to easily scan a barcode while shopping and compare prices with online vendors. The popularity of these apps – over 16 million people have downloaded RedLaser – and the resultant increase in pricing transparency may finally cause other segments of retail to start selling more exclusive products … and stop hiding under the covers.
There is a broader lesson here too. Big and small business owners alike can learn a lot from looking beyond their immediate competitors, and even their industry. Here are a few more examples.

For cart-based restaurants, no congestion ahead
I was eating my shrimp dumplings the other day and got to wondering why dim sum is the only cuisine where wait staff use carts to bring most of the food to your table. There are a few exceptions. Meat is brought to tables on skewers at Brazilian churrascarias, and restaurants occasionally have a special dish they make in front of their customers, like Caesar salads, crepes Suzette and bananas flambé. However, there is clearly room for further innovation. Converting a buffet to a cart-based dinner strikes me as particularly low hanging fruit.
Rug stores, on the other hand, are always having “going out of business” sales that last for years, and maybe indefinitely? Surely other segments of retail would benefit from instilling a sense of urgency in their customers.
To experience a successful example of innovation as a result of looking across main street jump on Twitter and find your nearest food truck. The business model of the lowly taco truck has inspired a rapidly growing industry. Food trucks now proffer all of the world’s cuisines, and many of them have gone up market engendering a much broader customer base.
Imitation is said to be the highest form of flattery, but it may also be lucrative.
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