What does the future hold for online shopping?
Which do you prefer more? Online shopping or shopping in person?
In the past couple of years online shopping skyrocketed and became even more of a trend that the years before.
Not just that, online shopping brings people happiness, it’s becoming a hobby rather than a need for something to buy!
According to a report from the U.S. Census Bureau, retail e-commerce sales are expected to total $250 billion in the first quarter of 2022. For comparison, retail e-commerce sales were $47.5 billion in the second quarter of 2011.
Online shopping is now incredibly simple and convenient, in large part because of new and developing technology. Additionally, it provides a wider variety than a single storefront, allowing access to goods and services that might not be found at a close-by location.
Online shopping before covid-19
Prior to Covid-19, our daily lives had not been so heavily reliant on online shopping. It was a niche thing a few decades ago, just like the internet itself was at the time.
Online shopping has been around for decades; however, during the pandemic it has become more and more popular. In fact, Amazon has been around since the middle of the 1990s and just over 6% of all retail sales in the US were made online in 2010.
However, when the pandemic hit and everyone was quarantined in their houses, online shopping was the only thing people enjoyed doing, and like what we said before, it became a hobby!
We relied on e-commerce businesses to deliver goods to our doors faster and without human contact as the pandemic continued. From groceries to cosmetics and books, everything was bought online.
With that said, take a look at some of the benefits and drawbacks of online shopping.
The pros and cons of online shopping
Pros
Accessibility
The accessibility of online shopping is its main advantage. You can shop for anything you want online from your home. Even if you have a busy schedule, you can easily fit online shopping into it because they are open around-the-clock and accessible from anywhere with internet access. You don't have to schedule your purchases around the hours that a physical store is open and ready to serve you.
A variety of options
Online retailers are not constrained by shelves and frequently have more inventory on hand with a wider selection of products because online products live within the digital space.
Additionally, shopping online allows you to purchase anything from any retailer, regardless of where you are. If you're looking for a new coat, for instance, you'll have more options than if you only shopped at stores in your neighborhood.
More information
Shopping online allows you to have access to more information about a company's products, which is an option you can’t find easily in physical stores.
Instead of conversing with one or two sales representatives in person, you can read product descriptions, suggestions for similar items, and customer reviews online that may aid you in making a more informed choice.
Cons
Waiting times
When you shop in a physical store, you can leave with the item you purchased and use or wear it right away.
On the other hand, you have to wait days, weeks, or even longer for your order to arrive when you shop online. A physical store may be a better choice for you if you are in a rush and require a product, like a gift, right away.
Fraud risk
Unfortunately, there are online shopping scams. A study has shown that online shopping ranked as the fourth most frequent consumer fraud category.
Never pay with a debit card; instead, always use a credit card so you can easily report fraud to your credit card provider.
Additionally, it is best to stay away from online merchants who only accept cryptocurrency, gift cards, or money transfers as payment. Scammers might persuade you to pay using these channels so they can get your money more quickly.
More Expensive
You may pay more for your online purchases for a variety of reasons. Despite the fact that most of online retailers provide free shipping, many of them have strict requirements.
Additionally, online shops might employ a number of techniques to persuade you to make larger or more expensive purchases than you might have otherwise.
You might additionally be required to pay an internet sales tax, depending on the country in which you live in.
Online shopping has its challenges as well, such as hidden price markups, different prices, or higher shipping rates.
Will physical stores lose its peak?
With the peak of online shopping, physical stores didn’t lose their peak yet! People still love going out and shopping in person because it's still brings them happiness.
Additionally, retail shops are likely to continue to play a significant role in the customer journey.
They will try to meet the entertainment, product engagement, fulfillment service, and support needs of the customers. These needs might, however, be met in new ways.
We, at Tayf, believe in the importance of retail stores because they always bring a different type of happiness when you purchase something in person!
At Llivia, there’re many retail stores available to lease and we also have a great amount of retail tenants! We’d love to have you there. Contact us to know more!
