Ten years ago, shopping online was considered a novelty. Today, the rate of e-commerce is growing three times as quickly as the overall market rates. Shoppers are increasingly turning to the internet for even their everyday purchases because it is convenient, cheaper and can be done from the comfort of your own home. Holiday shopping in particular has turned to online purchases as consumers look for ways to avoid the rush of crowded malls and shopping centers.
But what is the impact on big box stores and traditional retailers? Companies like Best Buy have suffered the consequences of the online shopping revolution. Customers will frequent these stores to "test" the product and then use the internet to find the cheapest price on the market. The online stores that are selling at such low prices do not have to deal with the overhead of a big box retailer and thus, they have an unfair advantage.
Still, many consumers prefer to go into a retail store and actually purchase a product. The ability to physically touch and feel what they are buying prior to making a purchase is an invaluable experience. Can you imagine buying an expensive leather jacket or pair of jeans without ever knowing whether it even fits correctly? Certainly, there are pros and cons to the online shopping evolution and retailers will be forced to adapt to the consequences. On balance, I'd say it provides a beneficial outcome to most consumers.
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