Future of Retail Business Business & Marketing Essay

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Future of Retail Business
The most successful businesses are those that put the interests of the consumer first. Prioritizing the needs of customers is thus integral in attaining the primary goal of a business enterprise, which is making profits. It is currently hard to talk about retail business without Amazon crossing one’s mind. Amazon has established itself as a giant global e-commerce enterprise focusing on retail trade and has invested heavily on technologies that make the work of the consumer easier (Wingfield and Merced par.3). In that case, it would only be fair to say that the retail business is under a rapid evolution, owing to the swift advancement in technology. Online shopping has become a reality in the recent past. However, not every aspect of the retail business has been accomplished.
Instant delivery of virtually everything ordered from the internet is something that would impress everyone, even the conservatives. Wingfield and Merced brought to light the fact that people are dying to get services at their convenience, even willing to pay more if need be (par. 24). Legacy stores and retail shops would be a thing of the past because no one would waste their valuable time for a service rendered for free. Shipping fees and delays from logistics services have been hindering the viability of e-commerce retailers in many instances. With the fees and delays offset, the physical stores will then transition into virtual stores, with the traditional store that functioned as the final destination for products becoming just a store for keeping the inventory.
Unfortunately, consumers have to take into consideration several variables before purchasing products. Convenience is certainly one of them, but when it comes to groceries, that are often perishable, quality supersedes (Mkansi et al.). There will also be a challenge in products available due to the high demand, and the desire to manage customer expectations will eventually lead to burnout and frustrations. As a result, inventory management beco...