Retail is everywhere. From books to clothing and food to furniture, consumers spend hours looking for quality products and low prices. With the introduction of the internet finding the best deals has become exponentially easier, yet the quality has become more questionable. There is no doubt that technology has captured our society and has changed almost every aspect of how we live. The retail market is not immune to this change either. The real question is whether or not online retail is working with storefronts to support them or against them.
Amazon, the most well-known and trusted online website, has spun the retail market in 180 degrees, giving consumers the convenience of a huge variety of products with the touch of a button. Online ordering has become even easier with faster check-outs and two day free delivery with Amazon Prime. It has quickly become the epitome of online retail markets for anything a customer could dream of. Because of Amazon's huge success, many smaller Mom-and-Pop stores and even large retailers such as Sports Authority and Best Buy are losing out to these online giants.
This technology innovation is also creating a more even playing field for new businesses to join. Smaller stores now have the ability to introduce products online that are just as accessible to consumers as the big name stores. Brick-and-mortar store fronts are no longer a necessity or inconvenience for businesses, but many experts still believe brick-and-mortar will never go out of style. They argue that nothing can quite match the experience of walking into the store, browsing the racks, and trying on clothes before they are just delivered to your doorstep. Even Amazon is beginning to open their own store fronts. Amazon has recently opened their first retail bookstore in Seattle and San Diego, and are opening their locations in Boston and Portland in the upcoming months.
With introduction to physical stores adding to their internet market is becoming a new and popular business model for companies. This multi channel revenue stream and expanded reach into a new customer market leads the company to more business. Yet, some experts still see online retail as a fad that is passing through and that companies can survive without an online presence. Others see the synergy between online and retail locations to be the new face of retail. What all experts can agree on is that the internet has definitely changed the retail market for the future.