The world is
constantly changing, with new and innovative technology that we would never
have thought possible a century ago, and with a global pandemic that boosts the
already huge e-commerce sector, the retail industry, as we know it, is under
pressure. There are many reasons why people shop online, the convenience of
sitting in your living room and ordering a product that will be delivered to
your door is hard to ignore, and with lower prices, taking the time and effort
to visit a shopping mall is not an attractive proposition.
Sourcing
Products Online
Google is most
certainly your best friend when it comes to shopping online, and whether you’re
after the best
bathroom tiles
or a new flat-screen TV, you can be looking at products with a few mouse clicks
and when you’ve found what you’re looking for, proceed to checkout and a secure
online payment sees the goods despatched and delivered to your door. There is
very little that you can’t buy on the Internet, and unlike the early years, the
online consumer is fully protected when paying by credit card.
Price War
When you consider
the fact that a retail store and all its décor is paid for by the consumer, it
is easy to understand how an online store can undercut the recommended retail
price by around 15%. Forward-thinking companies like Amazon became established
in the e-commerce industry, and such is their purchasing power, no one can beat
their prices.
Making the
Transition
Much like the
celluloid film industry, retailers must see the writing on the wall and begin
to enter and develop the world of e-commerce if they are to survive, and with
social distancing becoming the norm, that is one more good reason to shop
online. As we hurtle down the digital roller-coaster, it is very hard to
predict how things will be, but we are already seeing drone deliveries (Amazon
use drones) and huge warehouses are emerging, with a massive logistics industry
that has spawned from e-commerce. We can’t be sure how many years will pass
before we see the last of the retail outlet, but the future points to increased
online trade, and many retailers are already engaging the e-commerce sector.
The Social Aspect
There will always
be people who prefer to visit shopping malls, as they regard the shopping trip
as a social occasion, when they can go see a movie or enjoy a pizza. Once the
global lockdown is over, people will flock to shopping malls and entertainment
venues, and when things return to normal, the retail industry hopes to recover.
Consumer
Protection
When you buy
something online, you have the very same consumer protection as if you
purchased from a store, which is another plus for online shopping. In the event
you ordered products and the seller did not deliver, your credit card company
will reimburse you, so you are protected against fraud, and in the event you
are not happy with the product for any reason, you can refuse the delivery.
The future of the
traditional retail industry is not looking rosy, as e-commerce continues to
make strides, attracting more and more consumers, thanks to the many benefits.