Impact of E--Commerce on Traditional Retail Business
Name: Isha Kadam
Guide Name: Dr. Kirti Varma
Changu Kana Thakur Arts, Commerce, Science, New Panvel (Autonomous)
Abstract :
E-commerce and the Shaping of Traditional Retail: E-commerce has forced traditional retail to adopt digital platforms by opening online stores and using social media marketing. Reduced footfall in physical stores, poor sales for some, and increasingly savvy consumers who will go where it's most convenient and cheap have come as a result. Challenges for Traditional Retail: Reduced Footfall: Consumers are moving to online platforms, which reduces the customer traffic in brick-and-mortar stores. Lower Sales: Reduced footfall can translate directly into reduced sales and reduced revenue for a traditional business. Shift in Consumer Behavior: Now, consumers research, read reviews, and make product price comparisons online before actually ever visiting a physical store. Competitive Pressure: E-commerce gives a wide variety of products, very competitive pricing, and significant convenience across platforms, challenging traditional retailers. Operational Costs: Traditional businesses have high fixed costs related to physical stores and managing inventory.Opportunities and Adaptations. Omnichannel Integration: Retailers have to include online stores, social media, among other digital tools, in order to create a seamless customer experience across all points of contact.Personalized experiences: Traditional retailers can convert their strengths into personalized customer service and immersive shopping experiences that e-commerce simply cannot match. Cost efficiency: Ecommerce can help reduce the operational costs of traditional retailers by managing their inventory better and making their supply chains more effective. Wider reach: Online platforms give traditional retailers the ability to reach out to a much larger clientele than in-store traffic allows.
