Imagine a classic situation; you braved the traffic for twenty minutes, next you waited in the midst of honking and checking to park your car, you very elatedly entered your favorite retail store to shop and after all the hustle and bustle you got to wait to pay your bill. Every shopper shared the same story before online shopping was introduced. Online shopping is a shopper’s delight, thanks to the technological inventions.
The online shopping market has tremendously increased in years. Earlier there was a lot of hesitation in people to virtually shop. Customers were afraid of many factors like cyber scams; they felt uncomfortable using their credit cards and giving their personal information to cyber-shops.
So what is the driving force for the growth?
There are various factors that contribute to the growth of online shopping. Firstly being a wide variety of choices of products, secondly the customers are being more and more internet savvy and they want to get the best products, thirdly wide usage of mobile phones, and change in lifestyle. The growth of online shopping has been characterized by heavy consumer demands and the rising number and type of goods available. Online shopping sites are also hyped and made aware of social networking platform which gets them more traffic. The growing number of online shopping sites is spoiling customers for choices. From shoes, clothes to books gadgets and vegetables anything and everything is available virtually. The stores are also going in the virtual worlds to get more profits. A research report predicts that there will be a compound annual growth rate (CAGR) to be 14.1% BY 2016.
Online retailing has become a mainstream sales channel. New entrants are refusing to set up retail stores as the online store has become a hit, Maybe in the future retail stores could be a history.