January 30, 2020 - Pawn Resources
By large businesses it might be easier to notice how innovation leads to millions in savings, investment and growth. Beyond that, when you innovate you can create new markets.
Think of Netflix, how it changed the way we consume television. Think of Apple, how it changed the way we listen to music. Or how about what Amazon did for shopping, and more recently, what Uber did for the car ride services.
All Pawnbrokers will agree that pawn shops are a people’s business and the skills needed are often handed down along with traditions and values that are unique to a shop. Understandably, as long as you have knowledge in a variety of products, good salesmanship, and an understanding of the customer’s needs you can do a decent job. But can can technology play a role in bringing about innovation to pawn shop owners?
Communication for pawnbrokers plays a big role when making deals. Innovation for our industry would best serve to enhance our ability to communicate with the consumer. Today, communication is instant and travels through everyone’s smart thingamabob faster than light. So, how can the two facts sync together and form a healthy synergy for the industry?
In Fortune’s December print, they made mention of Garmin’s ability to innovate, and therefore stay alive. Garmin, a company that makes car navigation equipment, recreated itself as a seller of smart gear. Its stock rose more than 30% in it’s last quarter and half of Garmin’s revenues came from sales of nonautomotive products last year.
The platform which PawnGuru brings to pawnbrokers is a stage to attract new customers, faster and easier. The service optimizes pawn shops for local discovery. It is more cost-effect for the consumers as well, and this provides a win-win. Indeed, this service would enhance the communication element discussed earlier. The time to innovate is now.
The 2015 CES show in Las Vegas demonstrated how technology participates in our everyday lives. A traditional small business like a pawn shop does not have to be left out. Like individuals who need a pawn a loan for quick cash, it is about realizing what you can do with the moment you have now. The moment is here, and we invite all pawn shops to join. Henry Ford once said, “Coming together is a beginning; keeping together is progress; working together is success.” Let’s innovate together and ride into the sunset!
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Jordan Birnholtz is the cofounder of PawnGuru. An alumnus of the University of Michigan, Jordan started PawnGuru in 2015 with Jon Polter, David Stiebel, and Jessica Zahnd. When he's not working at PawnGuru, Jordan volunteers his time to support undergraduates in building socially-responsible businesses and organizations through Optimize, a program at the University of Michigan.More Articles