With over 5 billion internet users, according to Forbes, it shouldn’t be surprising that many of us opt for the convenience of purchasing goods online. However, does this mean that the brick-and-mortar retail business model is set to become a thing of the past? Well, if you’re just as curious as us, make sure to keep reading as we’ll discuss below.
The Digitisation of Retail
With the internet becoming more commonplace in the late 90s, many physical industries moved online. One of the first ones that did so was the casino industry, which has led to online casinos becoming commonplace in the digital world. In time, it was able to offer games that go beyond the traditional, such as Megaways games. These are the slots everyone knows and loves, but with the added feature of having reel modifiers that change the number of paylines available.
When it comes to retail, while it’s hard to imagine a time when Amazon didn’t exist, the concept of online shopping is still relatively new. Amazon itself was only launched in 1995, the same year as eBay. Similarly, retail has also evolved beyond the basic need of purchasing a product.
Nowadays, online retailers have created platforms and apps where people can buy their goods using various payments, from regular debit/credit cards to even cryptocurrencies. They have leveraged current technology to elevate the online shopping experience, from personalised recommendations based on browsing history to creating virtual stores one can visit with a VR headset.
Can Online and Brick-and-Mortar Stores Coexist?
Before we give you our answer, let’s compare both business models, starting with the brick-and-mortar one. This model allows people to interact with employees, which leads to the store building trust and loyalty with the client with ease. It also lets people compare any found items and assess them in real life, making it easier to make an informed decision prior to purchasing.
While the online counterpart doesn’t allow you to do quite the same, it does however present a more convenient shopping experience. With a few simple taps or clicks, one can find what they’re looking for and easily compare the price of the item in various stores. Moreover, it presents more options as there is no physical storage limitation.
Now, onto the main question posed by this article. While some may crave the comfort of buying their clothes from home, others relish the face-to-face interactions and help they receive from going to a physical store. In the end, both online and in-person retail have their merits, so their coexistence in the modern world seems obvious to us.
The lines between the online and physical are blurring more and more thanks to incredible technological advancements. However, in our eyes, both physical and digital retail stores have a place in the world and will continue to do so. Of course, only time can tell if our prediction is correct or not, for now, we’re just excited to be living in an age where we have the option to get a product both by going to a store and by ordering it online.
