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26 April 2009
Survival of Business Depends on Internet Presence In This Economic Downturn
Don Davis at Internet Retailer has found even more evidence that businesses leveraging the Web will prevail during the economic downturn. Here, he says it all:
"By brute force, the economic crisis is accelerating the shift in retailing to the Internet."
Davis interviewed Bernard Luthi, VP of marketing and merchandising at Newegg.com, who confirmed that companies with Web sites have the competitive advantage.
"As Internet retailers, we have the ability to be more lean than bricks-and-mortar competitors, and that translates into savings for customers," Luthi said.
Luthi pointed out that many bricks-and-mortar businesses are having to shut their doors, prompting consumers to turn to the Web for products and services. Businesses that have a Web presence will draw consumers who regularly use the Web to shop as well as those who are experiencing a narrowing selection of traditional brick-and-mortar stores.
"It's our opportunity to serve not only customers who are comfortable shopping online, but those who were more inclined to shop bricks-and-mortar stores who suddenly realize those choices are declining and the prices they can get online are more attractive."
According to Davis, the US Bureau of Labor Statistics reports that there were nearly 1.1 million retail stores in early '08, and 148,000 of them closed during the course of the year. And the bad news isn't over yet: The International Council of Shopping Centers anticipates that another 73,000 stores will close during the first half of this year.
"These developments present opportunities for online retailers, and some are taking direct aim at wooing consumers who previously shopped at bricks-and-mortar stores in their categories," Davis writes.
The message is clear: companies with an online storefront are more likely to survive than those that don't!
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