The debate between the benefits and disadvantages of online and in-store shopping has long been going on. While the advocates for in-store shopping say that it helps with the whole experience of shopping and in turn, helps small-time retailers, online shopping advocates suggest that it gives you better and more options with the addition of convenience and comfort. All said the in-store shopping had been disrupted significantly by the advent and increase in online shopping rates across the globe. A large number of small retail shops have been forced to close because of lower margins and fewer customers.
Who’s winning the customers?
While the traditional brick and mortar retailers sell more than online stores even now, the trend is soon expected to change as an increasing number of people move towards online purchases. The growth of online retail is 3X faster than traditional retail, but the cash spending is higher in traditional. Therefore, there is demand for both online and physical stores in the current scenario. What moves ahead and what grows faster is a matter of who innovates faster to appease the customers they hope to have.
What sells in online and physical stores?
The type of purchases made on online and physical stores varies considerably. Grocery, apparel and medicines from the online pharmacy are still primarily purchased in physical stores as people like to touch and feel the product before making the purchase, electronics, home and kitchen equipment and books are among the most commonly purchased products from online stores. That being said the demand for online jewellery stores, gifting and accessories are growing fast. Most users of online retail include the millennial population and baby-boomers who make an online purchase at least once a week. They are leading the trend, and the best way to increase your sales is to appeal to them through the most innovative means.