Wednesday, June 3

The Boom of the Online Retail Industry

The Internet was conceived in the 1960s, and far exceeded its creator’s wildest dreams, and with billions of consumers doing their shopping online, we are witnessing a global revolution in consumer buying habits. In the early days, the digital highway was exclusively for information,then came secure online financial transactions, which gave the consumer added confidence. Yet it is the advances in mobile connectivity that has really made the difference, allowing the consumer to order products on the move, and with more than 2.5 billion mobile device users worldwide, the trend looks like it will continue.

Household Appliances

Most consumers do their research and know which make and model of fridge or washing machine they want, and with online retailers, the prices are significantly less than you would find in a traditional bricks and mortar store, due to the low outgoings of the online retailer. He has no retail premises to lease, nor does he have sales staff to employ, and this is why buying online makes sense, and with super-fast delivery times, your new appliance will soon be in place. Whether you’re looking for a washing machine in Leicester, or a dishwasher in Birmingham, an online search will lead you to the very best deals, and all from the comfort of your armchair.

Supermarket Shopping

The UK recently came out on top in a worldwide survey regarding purchasing groceries online, and research also shows that the online consumer spends more than the traditional shopper. When you analyse it, doing your supermarket shopping online does make sense, as you already know exactly what you want, and you do not need to physically go to the store and put the product in a trolley, rather click on the item and it is dropped into your virtual shopping cart, and if you are a heavy spender, it doesn’t matter how much you buy, your cart will never be full. Fast deliveries make it even more attractive, and this might have serious long-term implications for the high street supermarket.

Lower Prices

Whether you are buying hi-tech gadgets or kitchen appliances, you really won’t find better deals than with an online supplier, as they have much lower overheads than their traditional rivals, which is reflected in the lower prices. The cheaper price does not affect the consumer’s manufacture warranty, which would be identical to the bricks and mortar terms and conditions, and they would also offer an extended warranty if it is required.

Secure Online Payments

Much progress has been made to ensure that your credit card information is protected, and most online retailers would accept a range of payment methods. In the early years of e-commerce, the consumer was concerned about fraud, but today it is accepted everywhere that online payments are safe.

There seems little the bricks and mortar retain industry can do to make any impact, and with higher property prices and wage levels, the traditional retailer might be at the end of his reign.