Death of Brick and Mortar Stores Days? | Online marketplace takeover
Is it the death of brick and mortar stores days?
We are not completely stating that brick and mortar days are completely dead but there has been a trend lately of stores closing down and investing in online eCommerce websites. In 2019, about 9,300 stores; to name a few like Forever 21(up to 178), Sears(107), Victoria Secret (53), GAP (up to 230), Bed Bath and Beyond(60) and the list goes on.
Macy's announced on February 4th, 2020 that they will close 125 stores and cut 2,000 corporate jobs in a hunt for growth.
- Online shopping has become a multibillion-dollar industry
- As per statistics in 2018, 1.8 billion people worldwide purchased goods online and projection of 4.8 trillion by 2021.
Amazon is the innovator of online shopping. Our agency always gives credit to Amazon for this innovation. A lot of people shop online nowadays and brick and mortar stores have become return centers mostly. To keep up, other retailers are now closing stores to grow their online audience.
It is almost inevitable to not switch to having an online website for all retailers and other service providers.
Advantages of online shopping?
- Fast checkout
- Easy browsing of products without having to deal with the crowd in stores
- You get to add products on your cart, take a break, do the usual at-home comfortably.
- Various options of payment such as Paypal, google pay, apple pay and more not offered in every brick and mortar store.
- One major and common thing nowadays is that a lot of retailers make some products available online only and not at their store.
There are many more advantages but we informed you guys of a few key points.
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