Tell me about it! Unfortunately, my wife is a small business owner who has suffered through this business reality. Consumers now have the edge in dominating the traditional retail market in their ability to make the best purchasing decisions. They easily can compare product quality and prices with the devices they hold in the palms of their hands. Technology has made it so. At the same time, general merchandise stores are “shedding” retail jobs since today’s consumers obviously need less customer service in making their purchasing decisions. You can find all of the needed information online. Just consider that general merchandise stores shed 34,700 jobs in March alone.
“E-commerce and technology have absolutely changed the rules of the game and given massive amounts of power to the consumer. There is a self-help mentality now. People walk around with their phones in their hand to tell them the best model and the best price. You don’t need as many people walking around trying to convince you to by a sweater.” Or almost anything else you might need.” So in a sense, consumers are now skipping the “middle man or woman.” It’s just you and your technology that can help in making your purchasing decisions. Something’s lost, but something’s gained? You have become your own best “personal shopper,” with a little help from your own technological devices and prowess.
Or maybe it’s all about consuming different things differently. One E-commerce expert recently noted that “there has been a shift in consumer spending from things to experiences, that’s why restaurants are doing so well.”