In 2018, almost 5,900 brick and mortar retail locations closed. 2019 has seen another 6,000 go the way of the dodo, and by 2026, as many as 75,000 stores will shut their doors permanently. The reality is, brick and mortar stores are expensive – far more expensive than their web-based eCommerce counterparts. As a result, physical retail locations often can’t match the prices offered by online competition. In cases where companies operate both online and brick and mortar stores, the majority of sales generally still occur in physical locations, but the gap is shrinking rapidly as people gravitate to the convenience of online shopping. And with services like Amazon Prime offering same-day free delivery, why wouldn’t they? Certainly, there are products – specifically high-end purchases – that will likely always require an in-person shopping experience. But for the average purchase – socks, video games, even groceries – why wouldn’t consumers embrace the convenience of shop at home, especially when the wait times for delivery are so low?
Continue reading “Should Your Business Have an Ecommerce Account?”
