The trend of doing business has changed largely in the last decade and we have s
ID: 373245 • Letter: T
Question
The trend of doing business has changed largely in the last decade and we have seen that the business crowd has shifted from Physical store to Online Store or retail. This change in business strategy has also influenced the customers or consumers to a large extent and they now prefer to sit back in their place and receive the items they order at their doorstep. Each and every business idea has to go through an initial phase when the business will not do that good because the consumers take time to accept a change and online retail was also not an exception. The consumers initially did not accept this form of business because people preferred to touch and feel a merchandise before purchasing and as the online retailers were new in the industry trust was also a factor which did not develop within the consumers.
Today we see that while purchasing an item the consumer examines the product in the physical store to have a touch and feel experience, they also obtain knowledge about the price trend offline and then they order it online with better price option. The physical stores are losing quite a lot of business and in order to sustain many of them have started online business along with the physical stores and have experienced that online retail is the next big platform to do business. The trend may kill the physical style of business but in order to keep the physical stores alive Barnes & Noble, Best Buy, etc. who have physical presence can use some strategies in order to sustain.
Explanation / Answer
Best Buy customers examining products in its stores and then using the internet to search for better prices and place orders online. With this trend increasingly popular, how can stores with a brick and mortar presence such as Best Buy as well as Barnes and Noble etc., take advantage of their physical existence in the urban landscape?
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