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Since the inception of the civilizations, humans have been dependent on each other for their daily needs. In modern times, this is known as shopping. This concept of shopping has been a part of our social lives since the emergence of civilized societies throughout the globe. Today, shopping has become a very significant part of our social lives. The average daily shopping transaction of an American is about $110.
Over the years, the nature of shopping has changed a lot. Moreover, with the nature of shopping, the methods of shopping have changed as well and today, we are living in a world that is driven by digital means. Shopping is also done digitally and is commonly known as e-commerce. Let’s find out how the digital world has changed the way humans shop. But before that have a look at the brief history of shopping.
- Brief History of Shopping
Initially, before the introduction of the monetary system, things were bought and sold through the system of bartering. Gradually as the social lives got more and more complex, the bartering became very difficult. The major reason behind the growing complexities in social lives was the change in ‘need to want’. Earlier only those things were bought which the humans needed for their daily lives. Gradually, when the needs were fulfilled, people started things for pleasure or those things which were not their need. So, things were bought from various parts of the world. The famous silk route was the biggest way for access to different things across the globe. Hence, the monetary system was developed eventually and is still practiced. It gave rise to the start of markets. The first recorded permanent market that included retail stores was started in 1609 by Robert Cecil in London. Later in the 19th Century, the industrial revolution gave rise to modern-day shopping styles. As humans reached the 21st century, the methods of shopping were changed. The era of technology changed the idea of shopping forever.
- Shopping Digitally
The most recent method of shopping is indeed shopping online. The Internet is arguably the biggest achievement of humans today. The whole globalized world is now dependent on it. Our day to day shopping is also dependent on it. Be it the food you eat or the clothes you wear, online shopping has seen a boom in last on and half-decade. The simple reason is the developments in technology and more importantly, access to that technology. Amazon and e-bay are now very big players in the field of online shopping. But what is the reason for these online shopping platforms performing so well and beating the traditional retail stores in business? Let’s jump over to the next section to know more about it.
- Benefits of Shopping Online
Black Friday is unarguably the biggest shopping event of the year. The whole Black Friday weekend goes in shopping and more shopping. The Black Friday 2019 broke several records. According to Adobe Analytics, the shopping season 2019 resulted to be the biggest of all to date. One of the most important things that came out of the shopping season was that there was a steep decline among the in-store visitors. But that didn’t mean it put any sort of effect on the net profit made by the sellers. Online Black Friday Sales increased by 19.6%, reaching for $7.6 Billion. Moreover, Thanksgiving online sales also increased by 14.2%. In-fact, analysts have predicted Black Friday 2020 to be even more prodigious in terms of sales. Experts have given their different views regarding this drastic shift from physical visits in the stores to e-commerce. Below are some of the reasons why people are shifting towards e-commerce.-
- “Time is the new treasure.” With human lives being driven by technology, they don’t have time to socialize much. So, we can’t expect them to take time out of their busy schedules and go shopping. Shopping is a very time-consuming activity and sometimes even kills the whole day. Hence, it is the biggest reason for this shift.
- Also, the retail stores have some time boundations but on the contrary, there is no time limit on online shopping. You can shop anytime and anywhere at your convenience.
- Several event-specific websites focus on some particular shopping events like Black Friday and Labor Day. They curate all the best and popular deals and offers provided by various online stores and brands. This lets you save your time as you just require to visit these websites and grab the best deals for yourself.
- Technology is accessible to more and more people today. Almost every individual carries a smartphone now. The biggest reason behind this is the developments made in the technology. You can now shop online through your mobile phones anytime and anywhere.
- You can compare thousands of brands in a single place. You just require a single click and several brands are on your screen.
- Impact on Retail Stores
Retail Stores have been hit hard by e-commerce. Many stats have proved this. There are few estimates that by 2025, 70% of the business will be online. Many big names that once ruled their respective industries are unheard of today. Even the brands like Michael Kors and Staples have seen their declining growth charts. It has a direct impact on joblessness. The retail stores have been unsuccessful in giving stiff competition to the online stores.
- Looking at The Future
“Shopping is an activity in which a customer browses the available goods and services presented by several retailers with the potential intent to purchase a suitable selection for them.” If the current trend continues then the future of retail stores is quite shady and the direct blame can be given to the online shopping platforms. The retail stores have been unsuccessful in giving stiff competition to online sellers. The retail stores must come up with new ideas and developments for their respective survival otherwise online shopping will not take much time to maintain their dominance over the trade.
