E-commerce has taken the world by storm. Smartphone users now have access to virtually anything they want, anywhere they want, at any time they want. Consumers can book a flight, buy new clothes, pick out a pair of shoes and even restock on cologne, all with the click of a button. This technological revolution only began about 20 years ago and is still in its infancy. E-commerce only makes up for about 7% of total retail sales in this country. However, this number is bound to change. Surveys show that 68% of American adults own a smartphone. As this number grows so will E-commerce. What the future holds for E-commerce is not exactly known; however, there are evident trends that may be able to give us a look into the digital age of the
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E-commerce market share, as percentage of all retail sales, has doubled since 2008 but brick and mortar stores are still the dominant force. The speed at which online retail is growing, coupled with it’s low market share, could have an interesting effect on the industry. It leaves room for enormous opportunity. What we will most likely see in the years to come is for the sector to continue to grow with the emergence of new dominant players. Smartphones will also play a role in the development of e-commerce in the years to come. They give the consumer immediate access to more retailers than they can count, providing them with more buying opportunities than ever before. This fact alone could result in an increase in consumers buying power. Consumers can find the best quality or the best value along with everything in between and they are no longer restricted by their location or demographic (Ritika Puri). This ability to choose suppliers with plenty of room for substitute gives power back to the consumer. Consumers can even reach beyond American borders to international competition if they are not …show more content…
Amazon is to open a store in Seattle where Amazon Prime customers can walk in, scan their phone, pick any item they want, then walk out. This store uses sensors and machine learning to know what items customers pick up, or put back, and what they walk out with. Meanwhile, McDonald 's has plans to use automated kiosks to replace cashiers. In convenience stores like Wawa this technology is already in place for ordering food, however, seeing a large corporation like McDonald’s make this decision is quite different as it will set a precedent for other large retailers to go autonomous. In five years time it would be no surprise if this trend becomes widespread. Retail salesperson, cashier, and fast-food prep and service worker are currently the three most common jobs in America, with around 4.6 million, 3.5 million, and 3 million people employed, respectively (bls.gov). Autonomy could certainly make a difference in these numbers if it is to catch on in
E-commerce market share, as percentage of all retail sales, has doubled since 2008 but brick and mortar stores are still the dominant force. The speed at which online retail is growing, coupled with it’s low market share, could have an interesting effect on the industry. It leaves room for enormous opportunity. What we will most likely see in the years to come is for the sector to continue to grow with the emergence of new dominant players. Smartphones will also play a role in the development of e-commerce in the years to come. They give the consumer immediate access to more retailers than they can count, providing them with more buying opportunities than ever before. This fact alone could result in an increase in consumers buying power. Consumers can find the best quality or the best value along with everything in between and they are no longer restricted by their location or demographic (Ritika Puri). This ability to choose suppliers with plenty of room for substitute gives power back to the consumer. Consumers can even reach beyond American borders to international competition if they are not …show more content…
Amazon is to open a store in Seattle where Amazon Prime customers can walk in, scan their phone, pick any item they want, then walk out. This store uses sensors and machine learning to know what items customers pick up, or put back, and what they walk out with. Meanwhile, McDonald 's has plans to use automated kiosks to replace cashiers. In convenience stores like Wawa this technology is already in place for ordering food, however, seeing a large corporation like McDonald’s make this decision is quite different as it will set a precedent for other large retailers to go autonomous. In five years time it would be no surprise if this trend becomes widespread. Retail salesperson, cashier, and fast-food prep and service worker are currently the three most common jobs in America, with around 4.6 million, 3.5 million, and 3 million people employed, respectively (bls.gov). Autonomy could certainly make a difference in these numbers if it is to catch on in