Effects of online shopping on retail, food, and other sectors?
The internet has opened up a lot of opportunities, most especially in business. Successful business enterprises have found ways to leverage the opportunities presented by E-commerce. Usually, the traditional trading method involves the buyer’s physical presence and the seller or a representative on both sides, but this has been rendered stale by the rise of the online shopping market.
To get to a larger audience, business gurus are migrating online from the offline trade. In doing so, they tend to have more opportunities to market than those that are still stuck on the traditional mode of marketing. Take, for instance, the fashion industry. There are pieces of evidence that prove fashion companies’ survival through E-commerce. Since the latest fashion trends are appreciated globally, you will find, as a fashion enthusiast, the importance of online marketing.
Advantages of Online Shopping
- It saves time
Shopping online makes it easier to browse through many products from different stores to select whatever you want to buy in the shortest possible time that can be managed.
- Less stressful
Going from one section to another in a supermarket browsing for what you want can be stressful. There is no problem with queues online.
- Variety of products
There are many varieties of products online when compared to offline stores. The specification of the products, other products in the collection, and many more make it easier to select the particular good that is needed. It is easier to compare the prices of products online and the specification of the products themselves. This is because one is open to varieties of products. If a good from a particular seller does not suit you, it can be abandoned for a better one.
The Cons of Online Shopping
However, the advent of online shopping has led to some changes in the offline market. Perhaps, the most damning of these changes is the gradual decline of the traditional market. Many companies have filed for bankruptcy in the US retail industry, with many other companies closing down because many of their consumers have found better deals online. More than 10% of US retail sales are transacted online, with the number growing exponentially every year.
Due to these structural challenges faced by the retail sector, private equity firms, and hedge funds that specialize in corporate upheaval, are largely shunning the industry. These effects are also felt by shopping malls and the real estate sector. Studies have shown that many people order food online with the food industry rather than patronize the local stores around them. These have also forced many restaurants’ closure as they cannot compete with the online market’s growing influence.
This new trend has made everyone aware of the importance of having an online presence. To this end, many businesses have built or are building for themselves a presence in the online shopping industry. This has helped them stay relevant and patronizable. The online market’s effect might have negatively affected the traditional business model, but change is constant to a business strategist. You have to adjust to meet the needs of the public frequently.