Drifting the Retail business towards E-Tail
With a changing market scene, every industry is witnessing a change of events and strategies as per the experts’ consult. Moreover, the retailers are turning into the e-tail industry for keeping a future-secured business that satisfies its customers as per their demands.
The COVID-19 pandemic has also triggered the physical stores to address the issues of handling a brick-and-mortar store and the benefits of an e-commerce one.
As per industry experts, the reason that backs the adoption of e-tail as a better option for brick-and-mortar retailers and manufacturers these days is that “the physical stores are no longer financially sustainable and profitable as they used to be”.
Evolution in customers as well as businesses
Evolution has been witnessed in the market ever since technology adoption and digital transformation took place. Not to forget the evolution that came along with the pandemic making everyone turn towards online solutions and impacting the e-commerce businesses greatly.
As per an expert network company, after the pandemic, people are finding online platforms more reliable than ever as practicing social distancing is a must to ensure safety against the virus. Not just this, customer have even shown their interest in buying automobiles online instead of buying it from brick-and-mortar stores.
Also, massive internet retailers such as Amazon have produced quite a good share of the market amidst COVID-19 being one of the top e-commerce platforms globally.
Also, massive internet retailers such as Amazon have produced quite a good share of the market amidst COVID-19 being one of the top e-commerce platforms globally. It has placed itself in the seats of different product categories whereas certain well-established brick-and-mortar retailers such as Sears and Kmart have lost business, either positioning them on the financial precipice or in bankruptcy.
All of this has, however, proven to move the base of supply management in the market. As per a recent survey by Coresight Research which included over 118 U.S.-based retailers said to have deduced two interesting supply-chain-related findings. These included the first being that- “41% of respondents informed that the top business issues growing and going forward are finding new suppliers and leveraging current suppliers, while 39% are focused on supply chain transparency and traceability.”
And another being, “Almost half of the retailers cite supply chain agility and flexibility as the most pressing issue over the next 12 -24 months.”
According to the current statistics and data collected by the industry experts, the major portion of brick-and-mortar retailers of consumer products and manufacturers would require to adopt and use new strategies and functions to survive the upcoming issues.
Also, according to Forbes, “total online monthly sales reached a record of $73.2 billion in June of this year which is more than a 76% growth attained year-over-year from June 2019”.
The possible changes to be adopted
It has been noted by subject-matter experts that online and e-tail businesses have brought certain issues into view which if considered can help manufacturers and retailers and the whole supply management to survive. As the brick-and-mortar businesses have been leveling down from e-commerce and online businesses, many retailers are considering the problems related to store-management and investment issues.
Store owners and retailers in brick-and-mortar are facing the shut-down of low traffic stores and stop-gap measures in order to dodge the short-term financial problems.
Also, to help provide an adequate return in investment and products to their customers, retailers are trying to turn into e-tailers to provide the best quality products at the proper time. However, it is quite clear that to efficiently address the challenges and issues of an expanding e-tail marketplace, retailers and manufacturers will have to completely immerse themselves in it.
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