E-commerce's Influence on Traditional Retail
The internet and buying things online have changed how we shop all over the world. This change is because of new technology and how people's shopping habits have changed. Online shopping, which is growing very fast, is at the heart of this change.
Online shopping, with its websites, digital markets, and easy payments, is not just another way to shop. It has become a big global trend that is changing traditional shopping and redefining what shopping means. What started as a new way to shop online has become a normal part of our lives.
One of the big changes from online shopping is how it affects what people buy. Shoppers now have an easy way to look at, compare, and buy products and services from home or while they're out, often with delivery on the same day or the next day.
This change in what shoppers prefer, with a focus on digital and personalized experiences, has put traditional stores in a situation where they need to change or become outdated. Online shopping has had a big effect on traditional stores. Many physical stores have had a hard time competing with the ease and availability of online shopping.
This has led to fewer people visiting and buying from these stores, and many stores have had to close. Setting up an online shopping delivery center reduces the growth of retail jobs in the local area by about 1,000 jobs every three months. Sales in the average physical retail store drop by about 4 percent after a local delivery center opens.
Sources:
[1] https://www.raijmr.com/ijrsml/wp-content/uploads/2023/10/IJRSML_2023_vol11_issue_07_Eng_14.pdf
[3] https://www.nber.org/digest/202208/effect-e-commerce-expansion-local-retail