As online retail grows and more shoppers move to the web, retailers will face a series of challenges. How can they best prepare for the successful future of the online retail industry?
The online retail industry has witnessed significant growth over the last several decades. According to data from the U.S. Department of Commerce, online retail accounted for $136.6 billion in sales in 2007. By 2015 the number of sales online more than doubled and surpassed $340 billion.
Making inventory and location data available to online and mobile consumers can ensure they can buy what they want, when and where they want.
In the pre-smartphone world, malls were a meeting and hangout place for teenagers. The co-location of teenagers, parents, and stores was a major advantage for traditional retailers looking to drive demand and sales in their customers’ natural social scenes.
However, in today’s post-smartphone world, social scenes have expanded to social networking services like Facebook and Snapchat—contributing largely to the decline of the mall.