Innovation in Retail
One recent innovation in retail is e-commerce, which has totally altered the way that customers can shop and consume. For brick and mortar retailers, a crossroads of sorts has arrived. Should they turn to the technological advancement of e-commerce in order to appeal to consumers? Or has this innovation benefited from tax breaks that are now coming to an end, and which will therefore make this innovation far less appealing to retailers and consumers than it has in the past? Certain factors are at play, including cost and convenience, when it comes to determining whether this innovation is one to which companies should commit themselves. Although the Digital Era is here, e-commerce may have limited appeal now that the Supreme Court has reversed a decades old ruling that freed Internet-based retailers from the constrictions of state sales tax (Fiegerman & DePillis, 2018).
Problem
E-commerce giant Amazon has decimated the brick and mortar retail space in recent years (Grosman, 2018) leaving retailers to find new ways to stay competitive. For some brick and mortar retailers, competing with Amazon has been difficult: many companies have gone bankrupt—like Toys ‘R’ Us—and many more are on the verge of sinking into oblivion, even long-standing companies like Sears (Tuttle, 2017). Others, like Wal-Mart, have attempted to incorporate the e-commerce...
References
Fiegerman, S. & DePillis, L. (2018). Supreme Court rules states can force online
retailers to collect sales tax. Retrieved from http://money.cnn.com/2018/06/21/technology/wayfair-vs-south-dakota/index.html
Freedman, D. (2017). Bricks, mortar—and experiences. Retrieved from
https://www.wsj.com/articles/bricks-mortarand-experiences-1503258657
Grosman, L. (2018). What the Amazon effect means for retailers. Retrieved from
https://www.forbes.com/sites/forbescommunicationscouncil/2018/02/22/what-the-amazon-effect-means-for-retailers/#3fb241c2ded2
Thomas, L. (2018). Walmart has a big year of ecommerce investment planned.
Retrieved from https://www.cnbc.com/2018/02/20/walmart-has-big-year-of-e-commerce-investments-planned.html
http://time.com/money/4812870/retailers-bankruptcy-risk-sears-amazon/
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