In the next ten years, e-commerce will grow substantially and online players like Facebook and YouTube will enter the e-commerce space to compete with the giants like Amazon. Globally over 60% physical stores will close and those that survive will be experience centres. Most large shopping centres will close. It was tweeted by Harsh Goenka, Chairman, RPG Enterprises, who enjoys a huge fan following on social media. Hundreds of twitter users reacted to the shocking futuristic statement made by one of the top businessmen of India. However, most of the users were against the idea of closing down brick and mortar stores, as the traditional stores provide jobs to millions of people. One user, Utsav Verma supported the statement by saying that you can get all the variety on Amazon, which you cannot get at a shop. It’s a pain to go to the market, find parking, and browse through unmanaged shelves. “Still, there will be things which I would like to touch, feel and try before buying,” he opined.
Another user, Mohit Gupta did not agree and said, “Technological development is an ongoing process. Traditional stores will evolve as the years pass. Nothing goes dead as new technologies come in to help. Logistics and time for delivery will always ensure the presence of physical stores.” Arunava Sanyal also had similar feelings. He replied, “With the arrival of online editions, we all expected the books and newspapers to vanish, which did not happen. Many people enjoy the ‘touch and feel’ part of shopping, which will endure. I expect both online and physical stores to survive.” One user, Kushagra said, “I do not foresee brick and mortar stores going out of fashion anytime soon. E-commerce is surely convenient, but shopping is more about the experience rather than just convenience.” No doubt, e-commerce will gain weight in India too and many of the pop and mom shops may suffer if they do not change with the time. However, those stores would definitely survive or rather flourish, who will keep evolving and adopt new technologies.
According to Italian consultancy Finaria, global e-commerce retail sales may reach more than 4 trillion dollars in 2025. Physical stores must consider this and aspire to take their business online. If they don’t opt for online presence, they will lose tech-savvy customers, who look for a simple, quick and convenient purchase comfortably from anywhere. That day is not far away, when delivery drones will be put on the task by the e-commerce companies. Still, experts opine that offline shops and online retail stores must be connected and should complement each other. That will ensure a perfect consumer experience. Having all sorts of payment options will also be a decisive factor in buying. Virtual stores, mobile or m-commerce, chatbots and artificial intelligence will also play a significant role in the future shopping trends. The desire for instant access and fast turnaround, 24/7 availability, will be the norm in coming years, driven in particular by millennials (born during 1980–95) and also by Gen Z consumers (born during 1996–2010). The later generation is more digitally active, hence they would prefer an online ecosystem for shopping.