Understanding how people buy online vs in-store shopping is extremely important.
Not everyone shops the same way and there are also a lot of differences in the standards people have when choosing what to buy. Some people look at cost as the priority while others look at quality. Regardless of the standards, people want convenience. This is also why online stores have become extremely popular in recent years.
These stores have gotten the attention of many people to a point that a lot of brick and mortar stores have been driven out of existence. Even huge stores like Toys R Us and Maplin were not safe. They have decided to close several branches while others were forced to file for bankruptcy.
This is a sad story, but the trend seems to be that people are already moving from regular retail stores to online stores. It does not mean though that going online ensures success. There are still a lot of trends to observe especially with how big businesses cope up with the challenge.
Offline stores will continue to exist
One of the reasons why people prefer online shopping is convenience. Perhaps, in some cases, the price is lower. Apart from that, online shopping does not really help much. The worst part is that you only decide based on the images and product description. They are not usually enough for you to make a decision. This is why offline stores will continue to exist.
For instance, people are no longer satisfied of just checking the designs of clothes online just to be frustrated the moment their order has arrived. These online stores should also have an actual store where people can at least see their clothing for real and try them on. They might not buy on the spot but at least they have a more informed decision in the end.
Regular stores are expanding services
Some stores were forced to close because they could not compete with their online counterparts. However, others have gotten more creative. Instead of being bagged down because of their low sales, they have decided to introduce something different to appeal to more people. Instead of just presenting themselves as a retail store, they have moved to become more of a lifestyle store.
People don’t just buy clothes and other items on the store. They also use the opportunity to have entertainment hubs and education hubs. These places are now transformed into areas where the youth can hang out and have fun. Others have even added other services like cooking lessons and yoga classes. This is usually called experiential retail and this sparks more interest than ever.
Deliveries are getting faster
One of the down sides of online purchase is time. You might have to wait for days or even weeks in some cases for your order to arrive. This is no longer the case these days. People are willing to pay more provided that they receive their order quickly. This makes them feel like they are just buying these items on a regular store.
As a result, online stores are competing to be the fastest when it comes to delivery. This is good news to consumers as they don’t need to wait for a really long time anymore. This also pushes businesses that have bad customer service to do better.
This trend also paved the way for the rise of more groundbreaking technology. The self-delivery drone for instance has started delivering items to homes as soon as they were ordered. The food delivery service industry has vastly benefitted from this. In a matter of hours or less, orders arrive.
Shopping trends are becoming global
Gone were the days when people prefer buying local brands only. They seem to distrust foreign brands. However, with the variety offered by these international brands and the low cost by some brands especially from China, more people are encouraged to give those items a try.
In effect, local brands are forced to be more competitive. International brands are also no longer limited in entering the market so their shares are gaining.
Stores were opened and sold
This whole idea of shifts on how people make their shopping decision has helped propel more businesses to do better while others were forced to close. The point is that for businesses to survive, they have to be creative. They have to meet the demands of the consumers and not just settle for anything less.
If you are planning to open a business, you should consider buying an existing business. Study the market and determine what people would be patronising in the future. Invest on those businesses and be more creative in making them more popular. The business could grow in an instant. We have seen a lot of small businesses ballooning like crazy since their owners have found a way to give people exactly what they need.
On the other hand, you might also consider selling your business. Study the trend and get out of the business while you can still sell it at a valuable price. You may also enter the business of creating a valuable company, growing it, and selling it to start a new one once it has reached a ceiling point. You can make money out of it and still continue being a business person. Get more information from us regarding buying and selling of companies.
The attitudinal change among shoppers has really shaped businesses. This happened in the past and will continue to happen in the future. It depends on how business owners read the market and make actions based on their interpretation of people’s behaviour.