Does Online Shopping spell the end of malls? From both the smallest villages to large population areas and large out-of-town shopping centers, the idea is pretty much the same. Burdened by a perfect storm of rent prices, rising local income taxes, and online competition, stores are cutting their losses and pulling down the shutters for the last time. Over the last few years, we’ve seen big stores either go to the wall or reduce costs by shutting down their operations. As a result, many shopping streets are starting to look decidedly thread-like.
$5 trillion by 2022
The online retail market is at its boom. E-commerce trade is estimated to reach more than $5 trillion by 2022. Organizations are shifting their business toward e-commerce more rapidly.
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Why do people choose online shopping?
Online Shopping has become a way of life, and website owners who meet the demands of online shoppers are appetizing their wallets. Here are the pros of online shopping, And the reason why people prefer it,
- Comparison Shopping
- Wider Selection on one platform
- Approximately the same prices as physical stores.
- Reviews from other buyers.
- Avoid crowds.
Users most frequently cite online shopping where they can check and compare hundreds of stores and items at once. Instead of having to move from market to market or street to street, experienced online shoppers easily switch from one web page to the next to compare shops and markets.
Wider Selection on one platform
To the whole shelf space thing becoming a semi-issue online thing, consumers turn to the Internet to discover a wide range of choices. Amazon, for example, started out as a bookseller, but quickly expanded across many countries to become a place where you can buy everything from iPhone to peanut butter.
Approximately same prices like physical stores
That may not be who you’re looking for, but they’re out there. Bargain hunters, guy. In reality, many customers use a unique shopping strategy whereby they visit a retail outlet to figure out exactly whatever they want and then search online for better prices. It is especially true in categories such as clothes, where the customer needs to touch, feel, and try the product.
Reviews from other buyers
You ‘re going to the supermarket, see a toaster you were dying to purchase, but then you know there aren’t hundreds and hundreds of reviews left on the shelf. Online customers say that obtaining reviews is one of the most likely reasons they shop online.
The only thing that can compete with money today is time. As just a reason, “saving time” is sometimes referred to above as “seeking the lowest price”. As justification for online shopping. People who shop online are intentionally trading instant gratification (get the product right now) for time savings. And another impact of online shopping.
Are you a holiday buyer? Ohhh but You can feel the change in the atmosphere as soon as you step outside your front door during the holidays. Markets full of crowds. There is more traffic on the roads. Just relax, get a cup of tea for you, sit down comfortably and log on to your laptop, tablet, or smartphone, and …. SHOP.
Are malls really dying?
The US malls are closing out. Retail malls all over the US are being clobbered by store closures spreading throughout the country. Retailers have announced more than 8,600 closures so far in 2019 and, according to a survey by Credit Suisse in 2017, between 20% and 25% of shops will close by 2022. This situation is not only in America but in many other developing countries in the world.
Effect of COVID-19 on Shopping malls.
The COVID-19 pandemic compounded other problems impacting retailers. As many were forced to shut down due to home-stay orders given in an effort to alleviate the pandemic. Around the same time, online shopping was booming during the coronavirus-related shutdown. Many large e-commerce outlets in the United States have been listed as critical companies and are not forced to shut down. Buyers argued that they would deliberately buy products from categories. Such as food and drink, Sanitation, domestic washing, clothes, safety, and electronic appliances online. Rather than in person due to COVID-19.
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