There is a decided shift in shopping trends; increasingly we are seeing consumers opting for the convenient online options. Surprisingly this online phenomenon is no more just restricted to trendy apparels and books but is spreading towards even hitherto unthinkable articles like heavy electronic appliances and even furniture.
It is needless to mention therefore that the flurry of activity is significantly higher in many pockets and this ever increasing trend is surely longer having its impact on the overall economy as well and not just in retail pockets. Here is a look at some of the impact of online shopping on the economy:
Global Markets Opening Up
The biggest winner in this war for excellence is no doubt the customer. With global markets opening up like never before on the internet platform, customers can now choose from a relatively larger base and geographical boundaries is no longer the criterion for what’s available for sale. Sellers too can now target a relatively larger customer base and are nit constricted by physical boundaries.
Shopping is now possible at any time of the day from any location. These really make physical limitations like time zones, trade timings obsolete and create more opportunities to sell.
Essentially one of the best features of the online shopping phenomenon is the win-win situation it has created for both buyers and sellers. Supposing you are looking for trendy T-shirts, jeans or other casual apparels, you are no longer restricted by the five options available in your vicinity. In comparison, you could now not just explore everything that is available within the country, but also explore trendy T-shirt options across the world check out paytm store.
For example, if you are in India, you no longer have to wait for the latest fashion in London and New York to arrive in India to wear them. You can simply log in and order from the websites that have them now.
More than ever before, online selling of goods have introduced and firmed the concept of price parity like never before. The wide availability of choices have obviously opened up options for the customer and they are no longer compelled to buy a product at a very high rate. If they feel the price is not justified.
More than ever before sellers are compelled to offer products at a price that is not just competitive but also compelling enough for the buyers to not look at other alternatives. As a result more than ever before the laws of demand and supply and changing economic matrix has ensured products are offered at market determined fair price rates.
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Opening for Direct Selling
The online option has been a boon for many sellers too. Many who could not afford to make a physical shop sell their products and had to incur heavy expenses for bringing it to the consumer through a middleman find it as a boon which has helped them further their business many times and gains overall success.
The internet serves as the middleman and the sellers can directly access the buyer through these online selling platforms. This has ensured that they can price it more competitively and reduce significant losses incurred due to appointing a middleman and routing products and customer access through them.
Though the websites hosting their products also take a commission but it is relatively lesser than what would be charged by the middlemen and the extent of visibility is also significantly higher, giving them better exposure and much larger audience to showcase their product so as to get the maximum possible mileage. So in many ways it is an absolutely value for money, proposition.
As a result, we can safely conclude that online shopping has an overall positive impact on the economy as a whole. Not just it reduces the prospects of monopoly but also brings in scope for healthy competition and creates an atmosphere conducive for arriving at a fair price through market determined forces.
The shopping experience has also been simplified and become more transparent as a result of this free and fair pricing environment and scope of mis-selling and push-selling is limited significantly.
For sellers, especially the smaller ones, this becomes the ideal platform to maximize the returns on the money spent to showcase their products.