The internet has been changing the way that the retail sector is developing since its evolution, with the rise in e-commerce slowing down the need for high-street shops and shopping centres. These changes are not a thing of the past, and there are still many changes that are taking place in terms of the retail landscape. Here are some of the most recent developments.
- More People are Shopping Online
According to a recent survey, 64% of millennial shoppers do all of their shopping online and this is mostly due to the great advantages that online shopping has in terms of convenience and easy browsing. Although the rise in people shopping online is not in itself a recent development in the sector, the percentage of people shopping on the internet continues to increase as more and more shops decide to focus on their e-commerce efforts and to digitize their shopfronts.
- Online Betting Overtakes Casinos
Whereas casinos used to dominate the high street and shopping centres, online betting has now completely overtaken the need for both independent and chain casinos in town centres. Instead, more gamblers are now flocking online in order to bet on their favourite sports. However, people are not only choosing to use online casinos to bet on sporting matches on the television, but they are also starting to use online casinos in order to bet on esports, many of which are streamed live, and which you can access on their individual websites.
- Subscription Boxes Dominate E-Commerce
However, while more consumers are flocking to the internet, they are also starting to miss out on the element of surprise that came in the form of traditional shopping methods. The need for a bit of pampering and self-care on a regular basis has led to the domination of subscription boxes across the internet, with most large companies, from beauty giants to Build-a-Bear Workshop deciding to run subscription boxes for their loyal followers. These usually include a few unseen treats each month, allowing consumers to spoil themselves once a month.
- Online Stores Have Opened the Doors for Small Businesses
While the internet has allowed large companies such as Amazon to stamp on small companies – for example, bookstores – with their cheaper prices, the progression of the e-commerce sector has allowed smaller and more independent businesses to develop an online presence. Now, anyone is able to open an online store using a website hosting service or website builder such as WordPress, and many companies – large and small – are starting to make selling easier by relying on third-party marketplaces such as eBay and Etsy. This has allowed consumers to search for personalized, unique, and hand-made goods that are becoming desirable as an antidote to the mass-marketed products that are often sold within high-street shops.
- High-Street Shops Have Begun to Develop Apps
However, technology does not always spell the demise of high-street shops, and many businesses are starting to harness technology for themselves. Many companies are now starting to develop apps that can lead to easier shopping for consumers. For instance, some clothing companies are now developing fitting room apps that can allow consumers to envision what their outfit will look like before they buy their new clothing.