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Essay / Global Online Shopping Growth - 2032
IntroductionWhen Amazon.com launched its online retail strategy in 1995 and began to reap the rewards, many analysts viewed business and shopping in line with great optimism (Denise, 2004). They envisioned a day when people could order their groceries from the comfort of their homes. As a result, customers would see little or no need to physically visit traditional stores to make their purchases. It's now been around fifteen years since online shopping took the business world by storm, with more and more businesses choosing to test the fresh waters of online retail. Analysts predict rapid growth in online shopping over the next decade, although some reports still show that a significant number of consumers around the world have never attempted to shop online. The growing popularity of online shopping testifies to the presence of certain advantages that are not available in traditional shopping. At the same time, it hints at the existence of differences between the two types of shopping. This article will discuss the growth of online shopping around the world and provide statistical evidence of this growth in the United States, Australia, and the United Kingdom. It will also explain the differences between online shopping and traditional shopping. The Internet has significantly transformed the way consumers purchase goods or services. Although traditional in-store shopping still dominates in some sectors in various countries, it has done little to increase the convenience, efficiency and ease of shopping and travel arrangements. According to a survey conducted by the Nielsen company in March 2010, some products are universally purchased online...... middle of paper...... and buyers need to keep abreast of the ever-changing technology. On the other hand, the technology used to facilitate traditional in-store shopping has remained the same for many years and does not change as often as it does with online shopping. Online shopping does not depend on geographic location since transactions can take place across borders. Therefore, access to items offered by retailers is not hindered by factors related to geographic location. In other words, consumers, whether local, regional or international, can shop anywhere in the world via the Internet. On the other hand, traditional purchases are limited by geographical considerations. As a result, the number of customers who can access the premises may be greatly determined by location (Differences between online and traditional retail businesses)., 2007).