Business
Borders: An Open and Shut Case
A certain generation remembers Borders as the worthy competitor of the massive bookseller Barnes and Noble. But while the latter has since developed into the monolithic purveyor of all things media, the former has been reduced to a relic of a bygone era.
The book-reading community isn’t what it used to be. And from what we can glean, things aren’t going back. The technological developments of the last century—and the resultant dwindling of our attention spans—have safely secured this truth.
Of course, reading hasn’t died out entirely—it’s simply, erm, changed area codes. Or whatever the f*ck. Today, the majority of people do their reading on digital devices. Phones, tablets, and laptops have become the dominant means of receiving information of any kind, making physical books a less desired commodity.
But there’s still a healthy chunk of people whose idea of a good time includes snuggling up with a good book. And niche markets can still yield great gains. Similar examples can be seen in the music community, where, after years of physical mediums dropping in popularity, artists have again found vinyl to be a viable option.
No one’s getting rich off these things, but there is a market. And if you’re (at least partially) doing it for the love of it, that’s usually enough.
Introduction
A certain generation remembers Borders as the worthy competitor of—and, at one time, a superior to— the massive bookseller Barnes and Noble. But while the latter has since developed into the monolithic purveyor of all things media,, the former has been reduced to a relic of a bygone era.
But let’s go back to the beginning when Borders was in its infancy, and dissect the fall of the once-great bookseller.
Great Expectations
Borders began as a family venture, founded in 1971. Brothers Tom and Louis Borders opened an 800-square-foot used bookstore called Borders Book Shop at 211 S. South State St. in Ann Arbor, Michigan.
Aided by Louis’s development of a software system that helped the store manage inventory and accurately project sales, Borders enjoyed a competitive advantage lasting two decades. The brothers, who graduated from the University of Michigan, used this inventory tracking system to their advantage, eventually licensing it for commercial use.
By 1975, the brothers added to their burgeoning brand when they bought out Wahr’s, an aging bookstore down the road from the Borders flagship store, and stocked it with rare books. Borders’ prominence began to build, but the company was still firmly rooted in Ann Arbor.
Arch of Triumph
Borders began to rise through the bookselling ranks in the late 80s. Much of the progress made during this period would be attributed to new recruit Robert DiRomualdo, who would go on to become chairman, president, and CEO of Borders Group, Inc. Under his leadership, the company expanded.
In 1991, Borders started integrating music and movies into some of its stores. Through this diversification, the company successfully widened its audience and bolstered its position as a top-level retailer. The following year, Borders was acquired by Kmart Corp, creating the Borders-Walden Group, which Kmart Corp bought in 1984.
At the time, Borders had 21 large stores. The New York Times reported that the company had valued itself at about $190 million. However, the marriage was short-lived, and in 1995, Borders split entirely from Kmart. That same year, Borders— now named Borders Group Inc. — went public.
At the time, Borders’ innovative inventory management system was considered “the envy of the industry,” as one publisher put it, and was a catalyst in the forthcoming boom in the company’s superstore footprint.
By the mid-90s, under the leadership of CEO Robert DiRomualdo, Borders had reached its peak of popularity and profitability. In 1997, its stock price hit an all-time high at $44.88. It was a period marked by prosperity in growth.
Borders expand its store footprint by 25.5 percent, adding 52 superstores. By January 1999, the company has 256 superstores averaging $256 in sales per square foot.
Death of a Salesman
Borders embraced the internet age in 1998, making its internet presence known with the launch of Borders.com. It would be the final glorious plateau of Borders’ existence.
Leadership would soon become muddied. In 1998, Philip Pfeffer replaced DiRomualdo— a decision that lasted less than a full year. In April of the following year, Pfeffer resigned and was replaced on a temporary basis by DiRomualdo. But by November 1999, the carousel would halt, and Greg Josefowicz would become Borders’ permanent CEO.
Borders contracted with Amazon to sell products online in 2001. During the early 2000s, Borders was still deploying a tactic of growth through acquisition, buying United Kingdom-based Paperchase Products Ltd.
In 2005, Borders posted $101 million. The following year would be it’s last to make a profit.
George Jones replaced Josefowicz in 2006 as CEO after 7 years of holding the office. Borders’ stock price hit a then-six-year-low $12.28 a share. The company would sell its U.K. and Ireland subsidiaries in the same year.
Parade’s End
In 2008, Borders put itself up for sale. The company accepted a $42.5 million loan from New York hedge fund Pershing Square Capital Management to boost its financial position. All the while, the Ann Arbor personnel shrunk down to 1,000 after 156 jobs were cut as part of a $120 million cost-cutting plan.
Around this time, Barnes and Noble—the major competitor of Borders— was actually considering acquiring the company. Barnes and Noble would eventually rule out this possibility.
The following year, in the midst of a global recession, Borders’ viability officially gets called into question. Investors would criticize the company’s sluggish approach to the emerging electronic books market.
On the last day of 2010, Borders’ stock plunges 22 percent to $0.90 a share. It would be a sign of the year ahead. Early 2011 was wracked with layoffs and financial reports indicating that bankruptcy may be on the horizon.
Things Fall Apart
Borders officially filed for bankruptcy in February of 2011. In an interview, Borders CEO Mike Edwards says the company could emerge from bankruptcy by September if it gets support from publishers. He also says the company has fewer than 400 workers left at its headquarters.
During the subsequent few months, a number of tentative bids were made by companies looking to acquire the hemorrhaging Borders brand. Unfortunately, all bids would fall through.
On July 17th, the deadline for bids passes without any new possible acquirers emerging. The following day, the company announced its plan to liquidate, laying off 10,700 people.
Its primary rivals, Barnes and Noble and Amazon, both succeeded in transitioning to the digital market and pivoting towards newer, more electronic forms of media.
McKinsey & Company reveals that 73 percent of bank transactions worldwide now take place online, such as in digital banks and payment systems. The increasing demand of customers for more flexible banking options is attributed to the rise in online banking channels. People prefer online banks because they offer simple tools and resources to manage their money. With this trend, online banking is here to stay.
Best Online Banks: A Quick Guide
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An online bank should cater to your financial needs like any traditional alternative. Here are a few factors to consider when choosing online banks:
Annual Percentage Yield (APY)
The annual average yield offered under each account will tell you how much interest your money will earn. When comparing online banks, consider one that offers competitive rates across all of its deposit accounts.
Products and Services
Some online banks offer a complete package of banking products, including checking, savings, certificates of deposit (CDs), and money market accounts. They also offer loans and credit cards. So, look at the products and services offered by online banks before making a decision. You may also combine the services of an online bank with a traditional brick-and-mortar bank.
Account Access
Typically, online banks offer 24/7 access to your account through their website or app. However, you should also consider how the bank handles deposits and withdrawals. It is crucial to know the restrictions, if any, on transfers, the limitations on withdrawals, and whether the bank accepts free cash deposits.
ATM Network
An ATM network is essential if you frequently withdraw or deposit cash. An extensive ATM network will help you avoid transaction fees. If the bank is not associated with a large ATM network, you should look for one that will reimburse out-of-network ATM fees.
Digital Tools
The best online banks offer innovative digital tools to help you accomplish financial goals. For example, Ally will help you organize your savings goals with savings buckets and analyze your spending habits to safely transfer available funds from your checking to your savings account.
Fees
You should avoid any bank, online or otherwise, that charges monthly fees or has extensive requirements to avoid them. Many online banks offer no-fee deposit accounts, require a low or $0 initial deposit to open the account, and don’t need a minimum balance to avoid maintenance fees. However, make sure you know whether the bank charges excessive withdrawal fees, paper statement fees, or fees for other services that you may want to use regularly.
Customer Service
Since you won’t have access to in-person customer service with an online bank, determine how you can contact a customer service representative if needed. Most online banks offer telephone support, live chats, or assistance via email. Some online banks also offer access to live support via extended hours or 24/7.
10 Top-Performing Online Banks
1. Alliant Credit Union
Alliant Credit Union is an NCUA-insured online credit union offering members competitive deposit account rates and minimal fees. Most accounts don’t charge maintenance fees, but these can be waived if you sign up for e-statements. Membership is available for current or former employees of Alliant’s partner businesses in the US. You can also become an Alliant Credit Union Foundation digital inclusion advocate to become eligible for membership. Signing up costs $5, but Alliant will pay the one-time fee on your behalf.
Alliant’s certificates earn solid APYs, with terms ranging from one year to five years. Its savings account earns a respectable yield of 3.10% APY on balances of $100 or more, but there are plenty of higher-yielding savings accounts with APYs over 5%. We like that Alliant’s High-Rate Checking account pays a better yield than other checking accounts and doesn’t require a minimum balance or charge service fees.
2. Varo Bank
Varo offers checking and savings accounts but doesn’t offer deposit certificates. Savings account comes with an APY starting at 2.50%. That rate becomes 5.00% for the first $5,000 if a customer meets the monthly requirements of the bank.
Cash deposits have limits and fees, and Varo customers can only deposit cash at a 3rd party retailer that joins the Green Dot network, including CVS, 7-Eleven, or Walgreens. On the other hand, cash withdrawals can be made through an ATM in the Allpoint network for free.
3. Ally Bank
Established in 2009, Ally Bank is full-service online bank that offers competitive rates on all deposit accounts. Customers can enjoy the highest rates for all balances, regardless of tier. Overall, the high APYs, minimal fees, and reliable customer service support makes Ally an excellent banking solution for millenials who want better savings and retirement plans.
4. Discover Bank
Discover Bank offers deposit accounts, credit cards, personal loans, and student loans. We like that Discover offers deposit accounts, such as CDs, savings, and a money market account, at competitive rates with no fees. While its $2,500 minimum deposit requirement for its CDs is steep, there is no minimum deposit required to open and maintain a savings, money market, or checking account.
5. Laurel Road
Laurel Road, powered by KeyBank, helps healthcare and business professionals achieve their financial goals. They offer student loan refinancing, mortgages, personal loans, credit card, and specialized savings accounts. Laurel Road also offer Loyalty Checking with a low APY. New customers can earn a sign-up and monthly bonus with qualifying direct deposits. In addition, both savings account and checking account has no monthly free or minimum balance requirement.
6. Capital One
Capital One offers an above-average 3.80% APY on its savings account, strong rates on its certificates of deposit, and 0.10% APY on all checking balances. All accounts are free, and customers can access over 70,000 free ATMs.
7. American Express National Bank
This bank offer High Yield Savings Account with a 3.80 APY. Likewise, certifcate deposits (CDs) have competitive rate and there is no minimum opening deposit. You don’t have to worry in case you encounter banking-related issues because American Express National Bank has 24/7 phone support and online chat support.
8. Marcus by Goldman Sachs
Launched in 2016, Marcus is the online-only banking arm of Goldman Sachs, one of the 15 largest banks in the US. The bank’s savings accounts and CDs offer competitive yields and no monthly maintenance fees.
While some online banks offer no minimum deposit requirement to open an account, Marcus requires a $500 deposit to get started with a CD. There’s no minimum deposit requirement for its high-yield savings account. Marcus doesn’t offer a checking account or money market account.
9. My Banking Direct
My Banking Direct is the online-only arm of Flagstar Bank, N.A., which New York Community Bancorp owns. The bank is a lean financial service that offers only savings, checking, and a five-month CD term. The APYs on its savings account and CD are among the best available today.
In addition, the bank doesn’t charge monthly or overdraft fees and provides surcharge-free ATM access through a 55,000 Allpoint and Presto network. To open a savings account, you must deposit $500. Checking accounts can be opened with just $1. During the week, you can access extended customer service hours until 8 p.m. ET and 2 p.m. ET on Sundays.
10. SoFi
SoFi (short for Social Finance) was the brainchild of Stanford Graduate School of Business students who created an alumni-funded lending source initially focused on refinancing student loans. Since then, SoFi has expanded into a variety of loan categories and now offers online checking and savings accounts.
Conclusion
Online banks lets manage your money and account via a website, mobile device, or app. Also, online banks generally offer higher interest rates and fewer fees than traditional banks. You should remember that while technology makes everything accessible, online banks also have some limitations. For instance, online-only or internet-only banks lack in-person interaction. However, if you are comfortable managing your money online, online banks are a convenient and low-cost option.
Anyone unaware of how AI is revolutionizing almost everything we do daily could be living under a rock. Artificial intelligence has evolved at an unprecedented speed, transforming industries and reshaping how we operate businesses. Let’s explore the latest developments in the AI boom and what entrepreneurs can do to stay competitive.
AI’s Current State in Business
According to recent industry reports, the AI market is expected to surpass $1 trillion by 2030, with an annual growth rate of more than 35%. This is why businesses across all industries are investing heavily in AI technologies. Whether startups or global enterprises, they do this to stay competitive and meet the evolving expectations of their clients.
How Businesses Are Using AI to Gain a Competitive Edge
AI use by many companies is now commonplace thanks to its many benefits. There’s the enhanced efficiency, boosted productivity, and improved customer experience, among many others. Some of these applications include:
- AI-Powered Automation: Repetitive tasks such as data entry, customer service interaction, and marketing campaigns can now be done using AI. It frees you up to give you more valuable time and resources.
- Predictive Analytics: With AI technology, vast amounts of data to forecast trends, customer behavior, and market demands are easily within your reach. This helps you make better decisions.
- Personalized Customer Experiences: Chatbots and AI-driven recommendation engines are just two examples of how AI can help you provide more tailored customer experiences. It also allows you to deliver hyper-personalized content and services previously available.
- Operational Efficiency: AI optimizes supply chains, inventory management, and logistics. This helps reduce costs and improve your turnaround times.
Many businesses nowadays are using AI to disrupt industries while achieving success. You’ll find AI-powered chatbots handling customer support and content creation, while e-commerce platforms use AI-driven recommendations to boost sales, as Shopify exemplifies. In health care, AI improves diagnostics and treatment accessibility, while marketers use AI for data-driven campaigns and optimized ad spending.
Emerging AI Trends You Need to Watch
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It seems that entrepreneurs have no option but to embrace the transformative trends brought about by AI. The following are a few you must take note of:
- AI-powered automation is simplifying operations and cutting costs.
- Generative AI is revolutionizing content creation, marketing strategies, and product design.
- AI in customer service uses chatbots, personalization, and predictive analytics to meet growing demands.
- AI ethics and regulation ensure businesses comply with evolving laws and ethical standards.
- AI-driven decision-making helps businesses gather data insights for smarter, more strategic choices to drive long-term growth and success.
Must-Have AI Tools for Entrepreneurs in 2025
It’s not getting on the bandwagon but keeping up with the times. Here are a few examples of AI tools you can use for efficiency and growth:
- Marketing and SEO: Tools like Jasper and SurferSEO can help you craft optimized content, analyze trends, and improve search rankings with ease.
- Sales and CRM: HubSpot AI and Salesforce Einstein offer intelligent automation, customer insights, and predictive analytics to boost sales performance.
- Productivity and Automation: Zapier AI is an excellent option for task automation, while Notion AI is great for smart content organization.
- Finance and Analytics: Quickbooks AI and Tableau AI provide real-time financial insights, forecasting, and data visualization.
When choosing the right AI tools for your business, consider scalability, integration capabilities, ease of use, and cost-effectiveness. Make sure they align with your business goals and your workflow needs.
The Challenges Entrepreneurs Face in Their Adoption of AI
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Admittedly, AI has immense potential; however, adopting it comes with challenges that entrepreneurs must navigate. Below are a few:
- Cost Consideration and ROI Expectations: When you implement AI solutions, you may need significant upfront investment. Also, measuring long-term returns can be complicated.
- Skills Gap: You will wonder if you need AI expertise or if you can rely on external support to use AI in your business effectively.
- Data Privacy and Security Concerns: Protecting sensitive customer information while ensuring compliance with data protection regulations can be challenging.
- Overcoming Resistance to AI Integration with Your Team: Your team members may fear job displacement or struggle adapting to new AI-driven workflows and tools.
Practical Steps to Integrate AI into Your Business
Here are a few easy steps to take if you want to integrate AI into your business:
- Assessment of Your Business Needs: Identify which areas of your business would benefit from the technology. Is it customer service, operations, or marketing?
- Start with Low-Risk Implementations: Look for small-scale projects that are easy to implement and carry minimal risk. You can start by adopting AI-driven tools for marketing, chatbots for customer support, or simple automation tasks.
- Measure AI Impact and Scaling: Assess the performance and impact of your chosen AI solutions on your business. Measure key metrics like productivity, cost savings, and customer satisfaction. This way, you’ll find out if your AI adoption is giving the value your business needs. Scale its use as you gain confidence and see more positive results.
- Partner with AI Consultants: Work with AI experts or consultants to guide the integration process. This ensures you’re using the right tools and strategies. This can also help you overcome any technical challenges you may face.
The Future of AI in Entrepreneurship
Market research firms, AI experts, and thought leaders see AI going through the following:
- AI’s role in startups and small businesses will become essential, providing them with affordable solutions to automate tasks, enhance marketing, and improve customer service, leveling the playing field with larger companies.
- AI will transform industries such as healthcare, retail, and finance. It can dramatically improve efficiency and customer experiences. It will also create new job roles, requiring business owners to adapt and upskill their workforce.
- Additionally, entrepreneurs must stay ahead of the curve with continuous learning and adaptation. This will keep them competitive and ensure long-term success.
Conclusion
Entrepreneurship has been and will continue to be impacted by AI, but most of it will be transformative. The technology presents significant opportunities to help businesses thrive, leaving no option for business owners but to embrace these emerging trends. You need to start now, keep learning, and integrate strategically.
Omnichannel has become a recent buzzword online. That’s because the business landscape has shifted most of their marketing efforts into virtual communication. Advertisers are always looking for new ways to boost online connections with audiences while increasing sales. This is how “omnichannel” sprouted quickly and into every marketer’s arsenal. But what is omnichannel, and what are some omnichannel marketing platforms that do the job? Read on to find out.
What is Omnichannel Marketing?
The concept of omnichannel is simple. It aims to provide marketers a quick way to communicate with their customers and get as much engagement and conversion as possible from one go. Their objective is for customers to enjoy a seamless shopping experience on multiple brand channels, including online, mobile, or in-store. This means, marketers would have to show customers the same pricing and promotions across all brand channels.
However, it also goes beyond that. You have to ensure that customers can navigate through different channels with ease. This means customers can switch between your brand channels without any roadblocks. For instance, a customer can order from your online store and have the option to pick it up from your physical location. One way to increase sales is by offering customers additional items to boost order value.
Why is Omnichannel Marketing Important?
Omnichannel marketing is crucial these days since most people have shifted to online browsing and shopping. Moreover, if advertisers market on three or more channels, this could result in a 90 percent higher retention rate compared to using a single-channel campaign.
Additionally, omnichannel marketing also strengthens your brand messaging since campaigns are consistent across all platforms. But what are the primary reasons why advertisers focus on omnichannel marketing?
- Brands will get high customer retention
- Gains customer loyalty
- More personalization in the customer’s journey
- More integrated business
- Better customer insight
- Smooth and enjoyable customer experience
How Does Omnichannel Advertising Work?
An example of omnichannel marketing is when a sports retail store sends its prospects an email containing a recent promotion on its newly launched running shoes. The email content shows the link to the promotion. Once customers click this link, they are taken to the brand’s eCommerce website. Instructions also let them know they can get it from the brick-and-mortar store.
Another example is when a furniture store shows a behind-the-scenes video on YouTube about how its experts craft their pieces. Once viewers watch the video, they are welcomed with a link inviting them to join the brand’s email newsletter.
10 Omnichannel Marketing Platforms
Here are 10 best omnichannel marketing tools.
1. BigCommerce
This online and offline sales tool is for large-scale businesses looking to streamline their advertising strategies. BigCommerce unifies all marketing campaigns in an easy and convenient platform, including in-store, online, social media, and marketplaces. It can also handle large volumes of sales, traffic, and transactions, providing customers with a smooth experience.
2. NewStore
NewStore is the tool for all your POS and inventory management systems. It can manage orders, inventory, and customer data across the brand’s channels. It also comes with robust marketing tools that offer personalized engagement, such as push notifications, mobile apps, and location-based marketing.
3. Glassix
If you’re looking for the best omnichannel marketing platforms for communication, Glassix sits at the top of the list. It’s an AI-powered advertising tool that helps with email, SMS, live chat, messaging apps, and social media. Using Glassix means tracking all customer interactions and messages in one user-friendly interface is easy. It also lets you send targeted messages to your audiences based on their preferences and behaviors.
4. Desku
In addition to integrating all customer communications in one interface, Desku also helps with automation functions, such as chatbots, canned responses, ticketing systems, and more. Plus, it offers reporting tools and analytics to monitor progress.
5. Omnisend
Omnisend is the platform for all your SMS and email marketing campaigns. It’s best suited for eCommerce businesses and allows advertisers to create, monitor, and automate campaigns across all channels. It offers drag-and-drop features and is extremely easy to use.
6. Tidio
When searching for the best omnichannel communication platform, Tidio ranks high. It’s designed to facilitate customer interactions, manage inquiries, and offer real-time support.
7. Adobe Experience Cloud
You can’t succeed in omnichannel marketing without using a cloud-based service. And Adobe Experience Cloud ensures you get the right cloud-based solution for optimizing customer experiences. You can use this tool to build and manage customer journeys through AI-powered insights. You can also integrate this platform with other Adobe tools like Adobe Experience Manager, Adobe Target, Adobe Campaign, Adobe Analytics, and more.
8. Revealbot
If you’re spending time on paid ads, Revealbot will help you manage them in one user-friendly interface. It’s a marketing tool that helps optimize digital advertising campaigns on Instagram, Facebook, TikTok, and Google Ads. You can use this tool to set automation features, campaign budgets, and custom ad rules.
9. Shopify Plus
Shopify Plus if one of the best omnichannel marketing platforms for eCommerce businesses. It helps create a streamlined customer shopping experience. From workflows and checkouts to customer segmentation and targeted marketing campaigns, this is a reliable tool to use.
10. Oracle CX Commerce
Oracle CX Commerce is the best solution for B2B and B2C businesses. It’s a cloud-based eCommerce platform that helps provide personalized experiences. It also offers advanced features that simplify segmentation, customized content, targeted promotions, and customer engagement.
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