The Internet has brought about a noticeable shift in the way businesses are conducted and the way market dynamics have also changed. Not only has the Internet proved its resourcefulness but it has also revolutionized the market. Buying shopping online has become the norm these days for many people.
Online retail is convenient and growing in popularity every year. Browsing for and choosing products and services online then getting them delivered at home or to your office is a normal behaviour these days , whether a used daily product, a electronic gadget or device, an entertainment service or a high end luxury product.
America, the United Kingdom and other European countries have accepted this concept of online commerce and online selling too. With the onset of the economic recession it’s all about survival of the fittest, with those who can quickly adapt to the changing market scene having greater chance of survival. This is true in the case of most online retailers in the United Kingdom.
Companies that have already felt the downslide are Woolworths, Zavvi and MF1. It is a regular feature these days to see reputable stores offering massive discounts and sales. Although, as one witnesses such retailers going bust, the chain effect will surely affect the suppliers, service providers and most of all the manufacturers.
On the other side, a positive outcome of the previous Christmas shopping period is a shift in the consumer’s behavior pattern – more and more online transactions are taking place. Online shoppers shopped most for wine, clothing, footwear, accessories, gifts, electrical and accessories as compared to health and beauty products.
Almost two thirds of UK shoppers preferred online deals which almost reached a total of £4.67 billion.
While Amazon tops the list of the most visited online retailer in the UK Internet market, you will find Argos, Tesco, Play.com, Marks & Spencer, Littlewoods, Currys, ASDA, John Lewis and Next gaining a large visible presence too on the online market scene.
Overall, when you compare the statistics for 2007 in the last quarter, you can see a large increase of 19% for the same period in 2008. A vast online market potential has yet to be tapped into for earning higher revenues.
Naturally there are initial glitches and obstacles that exist, but with methodic planning and awareness they can be eliminated. Internet frauds, late deliveries, quality issues and so on can be effectively tackled on time and with due care.
Nevertheless, Online Retail and shopping is here to stay. It makes sense to understand and grasp the business dynamics as fast as possible in order to make most of the market opportunities and potential available, even in the current economic situation.