Why are thousands of brick-and-mortar stores closing worldwide? E-commerce, that is why! First it was Best Buy, now it is Walmart and Macy’s. Get out in front of the trend and set up your online store today. Kill or be killed. Use paGO Commerce.
In 2014, online shopping increased 14.6% in the fourth quarter alone, while retail sales only grew 3.7% in the same timespan. A year earlier, e-commerce shopping jumped 16.0% year-over-year, compared to 3.8% in total sales.
Become the Hunted
Avoid being the hunter and falling behind your competition, position your products online in front of your customers, and become the hunted. The large brick-and-mortar stores have continuously neglected the online customer, thus they have since seen their sales remain stagnant, or even decline in some cases. This has caused the recent uptick in store closures, including the Best Buys and Walmarts of the world. Online shopping has only gotten more simplistic with time, making it much easier for the buyer to purchase goods in a timely fashion.
Previously, the end user would need to wait days if not weeks in order to receive their products. This led towards individuals remaining loyal to the physical store. But, with the introduction of services such as Amazon Prime, shipments are being delivered in record time and with minimal additional costs, if any at all. It is making it easier for the mobile society we live in to purchase their goods while on the go. There is now no need to physically step foot inside of a store. Instead, you can do your comparison shopping online and then make your decision from the comforts of your own home.
Despite 90% of Americans living within 15 minutes of a store, sales at Walmart have remained flat the past several years. Instead, by shopping online, the customer can eliminate the need of driving to the store, shopping, choosing the good and then heading home. All of which eventually cost the buyer additional resources.
E-Commerce is the Future
For years, Walmart’s slogan was, “Always Low Prices. Always.” This motto isn’t true in today’s day in age for any brick-and-mortar store with the rise in e-commerce sales. Online stores are able to eliminate “the middle man” and pass low prices along to the buyer, which in turn saves the customer in the end.
RBC Capital Markets analysts predict that there will be more Walmart closures in the future to correspond with customer’s preference to shop online instead of going to stores. This is in addition to the over 260 stores worldwide Walmart recently announced it was closing.
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