How online shopping influences the retail sector – Retail Times


Online shopping has transformed the retail sector. Traditionally, consumers would go to the high street and visit their favourite retailers in store, looking for exciting products. But now, much of the retail sector is defined by e-commerce. Indeed, online sales now make up around a quarter of total retail sales in the UK. But how exactly does online shopping influence the retail sector? Read on to find out. 

The Amazon effect

The Amazon effect helps us to realise the scale of the impact online shopping has had on the retail sector. This refers to how the success of Amazon has distorted the industry. Amazon’s journey towards becoming one of the most profitable businesses in the world has been driven by pivoting towards online retail sales ahead of the competition. Its success has made it incredibly difficult for independent retailers to survive. Unless they moved towards online sales, it would have been hard for them to stay in touch with the competition. The Amazon effect, therefore, highlights how the growth of online shopping has changed the landscape dramatically for ordinary retailers.

The importance of adaptability

One way for the retail sector to cope with the shifting landscape online shopping has created, is to become more adaptable. This can help a retailer react to any technological or cultural changes with agility. If customer needs quickly shift, being adaptable will ensure that you can keep up with or stay ahead of the competition. However, becoming adaptable and leading your competition can be a complex, difficult process. Some areas – such as technology – might feel alien to your business. But by seeking advice from a technology lawyer, you should be in an excellent position to tailor your strategy and keep up with current trends. 

How technology will reboot the retail sector

Technology also promises to shape the future of the retail sector. For instance, one of the main innovations for retail is employee schedules. Online software and new labour models will give employees more control and options with their working hours. As work moves further online, the retail sector will have to adapt. What’s more, technology will also automate many of the tasks that employees currently carry out every day. This will see a change of focus, where retail employees will take on a narrower, more specialised set of tasks every day. To stay ahead of the competition, you’ll need to plan carefully for how you organise your employees.

Online shopping has already dramatically altered online retail. And new technology promises to usher in the next set of changes. But by following the guide above, you should be in a strong position to stay ahead of the competition. 





Source link

Online shopping has transformed the retail sector. Traditionally, consumers would go to the high street and visit their favourite retailers in store, looking for exciting products. But now, much of the retail sector is defined by e-commerce. Indeed, online sales now make up around a quarter of total retail sales in the UK. But how…