The Future of Online Stores: How to Survive and Thrive?

The Future of Online Stores

That’s why it’s scary to hear so many pundits predicting the complete collapse of traditional retailing over the next decade. Not everyone agrees with that notion. John Gerzema, CEO of the global leadership consulting firm J. Gerzema Associates, is optimistic about the future of retailers. He credits the incredible growth of the Internet for creating a new retail world in which customers are connected to merchants, creating a large “value chain” for doing business. And as eCommerce continues to grow, more products can be offered and shipped to customers, creating an ever-widening base of customers who get the goods and services they need—all from the comfort of their living rooms. vlone: Riding the Online Value Chain Vlone is the largest eCommerce business in the world.

The Survival Tactics of a Shifting Economy

Online business is changing like never before. And that’s putting retailers — especially those in the business of traditional brick-and-mortar stores — in a tough position. Shoppers want convenience. Ecommerce seems like the perfect solution for that. But traditional retailers find themselves between a rock and a hard place. Most have invested in their physical stores for years and now find themselves competing in the e-commerce market. But online isn’t a reasonable alternative to traditional retail. So what do they do? As customer habits change, so does the business of brick-and-mortar stores. And that makes navigating through the shifts and being successful in an ever-changing industry particularly difficult.

How to Survive Online Shopping?

According to the National Retail Federation, nearly 85 percent of Americans now shop online at least once a month. It’s not difficult to see why. When you shop online, you get to check out all the products from the comfort of your home, then compare prices and make purchases without leaving your house. It sounds like the perfect deal! However, there are a lot of disadvantages to online shopping in Pakistan. One of the most notable concerns of online shopping is its reliance on the internet. Although it’s considered the “future” of retail, most of us are still very far from having seamless, two-way communications with store employees. For now, online shopping is much slower and makes customers feel less connected to the store and the brand.

How to Thrive In the New World of Retail?

But if the retail sales report is any indication, this is not the case for everyone. After a solid month of positive sales growth, the Black Friday weekend brought the first decline in spending since 2015. This negative report should only add to the growing concerns regarding the retail sector and the future of eCommerce in particular. While the past months have shown a trend of lower spending, some analysts believe this trend will persist and even worsen. Of course, things could turn around again, but with the retail sector only forecast to grow 2.6% next year, investors are better off staying away until the retail environment changes. If history has taught us anything, it’s that an unfavorable industry outlook means that opportunities exist for the savvy and the bold.

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Over the past few years, online sales have become much more mainstream. Their tremendous growth shows no signs of stopping and we believe it will continue for years to come. Even in the face of consolidation among online retailers and increased competition from established brick-and-mortar retailers, we believe that the future of online retail is bright and we expect it to keep growing at a fast pace. Not only will digital technology enable consumers to shop from a computer in the comfort of their homes, but we expect this also to bring about major changes in the way products are designed, made, and sold. Just as new developments in online technology have created more competition and lower prices, they will also enable brands to attract new customers and extend their customer bases.

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Christophe Rude

Christophe Rude

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