Online Shopping is the new ‘norm’.
Apple recently announced their Apple Credit Card to the world. It has been designed to be all electronic – meaning that it will work with Apply Pay and be stored in your Apple Wallet on your iPhone. To issue the card, Apple partnered with Goldman Sachs & MasterCard. So what are its’ perks?
- No annual fees
- No late fees
- No international fees
- No over-the-limit fees
Apple is not the only big tech company tapping into the market.
Instagram announced a new feature (in-app checkout) where you can purchase featured goods without leaving the app. Is this harmful to the integrity of Instagram? What’s the reaction from Instagrammer’s? More importantly, what’s that look like for the retail market? After all, it’s a disruptor! First Amazon, and now Apple and Instagram. Will they have limitations? Will there be monitoring?
E-commerce is expected to keep rising and Apple and Instagram are smart to jump on the band wagon. According to Statista, U.S. mobile retail commerce sales as percentage of retail e-commerce sales from 2017 to 2021 will increase by 19.4%
What does this mean for consumers? It means that a lot more purchases will be done online – one click away. Does this cause addiction? How are people managing their time and expenses if items are as easy as clicking the purchase button? How does UPS, Fedex, and other couriers feels about this trend in online shopping? The infrastructure implications are endless…
Are the retail stores hurting? Yes and No. Many traditional stores are closing, but non-traditional vendors are now occupy retail space such as movie theaters and and bowling alleys. Malls are now approaching their business model much differently since the early days of shopping centers and large scale retail. Some malls are building a community rather than a commercial space.
Take for example, East Market in Philadelphia. Its whole new look and new vibe is to connect local Philadelphians.
Retail space is re-inventing itself for the new generation and many businesses had to in order to be current with the market. For those who are not use to or good with change, this will come as a shock to the ‘old ways’. But don’t fret, we adopt, adapt, and acclimate.