By Jose Cuevas Syracuse, N.Y. (NCC News) — The economic landscape is quickly changing as more and more people are shopping online instead of visiting traditional stores, otherwise known as “Brick and Mortar stores.”
Cyber Monday broke records this year as it yielded $6.59 billion dollars in contrast to the $5 billion generated by Black Friday sales.
“The trend is going in the direction and will continue to go in that direction…in favoring online shopping because it’s so convenient and there are generational forces at play too,” said LeMoyne Professor of Economics Paul Blackley.
Blackley argues those generational forces have a lot to do with millennials being so familiar and dependent on technology. He says that younger people are impacting the sales market due as younger generations are:
- more adept at using technology
- more likely to shop online
- more likely to use a smartphone to make purchases
“Retailers are dealing with younger and younger people everyday and they have to change their strategies because the younger generations grew up with technology and are wanting retailers to adapt to their shopping habits which are becoming more and more focused online,” said Blackley.
Blackley says that traditional “Brick and Mortar shops” can remain on par with online retailers by focusing on what online retailers can’t do.
“People mostly continue to go to brick and mortar stores out of loyalty or because they want personalized customer service, if shops can develop a strong customer base and really focus in on their customer’s needs and provide great service they will have a fighting chance,” said Blackley.
“It’s no secret that things are going in that direction and we have to adapt to it because a lot of shops are closing or having to shrink because of the competition of online stores,” said Voltage Video Games owner Mike Saltzman.
“I focus on giving what online retailers cannot give their clients…one on one customer service, return policies, the opportunity to look at the products, and just a human being that cares,” said Saltzman.
Saltzman says that the competition from online retailers has made him focus more on his retro gaming products.
“Retro gaming is booming and the internet and online shopping has a lot to do with it because people are checking out products and games online and when they see that I have the same items that they can just come and buy on the spot it’s great, my plan was never to compete with online stores, but focus more on the market of retro gaming,” said Saltzman.