Why You Will See Retail Stores Closing In 2019
Enjoy The Ride To a New Normal With Online Commerce
As I am sure you are aware, the online market is booming and only going to continue to increase in both demand and accessibility as we progress through the year. The stores you and I are used to visiting are starting to disappear. So I will try to explain why you will see retail stores closing in 2019. The rise of online commerce and improving technology are having a huge role in the demise of many retailers
It comes down to a few factors which may be obvious but I will spell it out for you as best I can. Supply and Demand is one of the main reasons. Why? the supply that retail stores have compared to what is available online with the variety available and many choices is not up to standard to keep up with the smartphone generation that can have whatever they need in a few minutes from their phone
Demand is lower for retail stores due to the online surge as well. Think about it, would you want to get in your car and drive to your local retailer to wander through the store to find the item you want that gets moved all over the store and then stand in line and purchase?. When you can look it up online in seconds and have it the next day or 2 days.
Why give up an hour of your life when you can make the same thing happen in less than 5 minutes online?
Another factor is the lack of the ability to adjust to the new demands from consumers. Some stores just won’t change their business model and will think they can compete but they are wrong.
The online retail space is booming while the brick and mortar retail space is declining rapidly. With over 2 Billion people online and more coming on every day it is just a matter of time before we see the end of brick and mortar retail stores
An interesting fact.
Over 50% of all online purchases that happened during the 2017 holiday rush Worldwide went through Amazon. That is an amazing statistic. But not shocking at all if you see the trend.
On that thought, Just think if you were an affiliate marketer for Amazon like many of us are. The holiday rush is a virtual gold mine for Affiliate marketing. There are thousands of Affiliate programs available from the online retailers that plan on leading the way in 2018. You can check out my Getting Started page to get a better idea of how to start with Affiliate marketing
Who closed in 2017?
Several well-known retail stores either shut down completely or shut down some of their own stores as a result of lack of revenue.
- K-mart/Sears over 100 stores ( used to be The U.S. second largest retailer)
- Toys R Us Filed for bankruptcy
- Payless ShoeSource – Closed 300+ stores
- JC Penney – 100+ stores
- Macy’s – over 50 stores
- Radio Shack Closed over 500 stores
Even large chain stores have seen a decline in the walk-in traffic. Since many folks can just get online and purchase from the same place. Many malls are suffering a decline in sales as well.
New Generation New Demand
Call it Generation X or Millennial or whatever the latest label is for today’s primary consumer generation. It is the people that are driving the economy online.
With all the new gadgets and gizmo’s available today it is no wonder why. There are some very smart young minds out there that have an eye for online commerce.
Me, I am on the tail end of the baby boomer generation- Go figure.
Today consumers have a superior advantage, they are born with a cell phone in one hand and an Amazon gift card in the other. Their DNA consists of an all-knowing fact of how all things computers and technology works.
OK all kidding aside, the point is today s shoppers do not need to wait in line for anything. The age of instant gratification is born.
To keep up with the online surge, retailers will have to find new ways to compete if they hope to survive. Offer lower prices than online for example, which may be hard to do, but possibly better customer service will be a must. No one likes a hassle when returning an item or asking for a refund.
The future will be fascinating with what will happen. I see the possibility that as more people start to use the internet as their main source of commerce, we will see the end of traditional retail stores.
Chains like Costco may do well since their business model is one that could survive the change. But as more online bulk supply stores come online they will have to adjust a bit as well.
Restaurants and coffee shops will still thrive and places people go for experiences will do well, but I would expect to also see the end of the traditional movie theatre soon as well with all the options available online today.
Get out of line
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It will be fascinating to watch what will happen with the new economy as the online surge grows. The future is very bright indeed.
I would love to hear your thoughts on the online commerce trend or anything you are curious about. Please comment below or share this post if you liked it. I will answer and try to help any way I can.
Thank you and have a great day