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ONLINE BOON

Can E-Commerce Save Retail?

Ruth BoltonOctober 19, 2020May 30, 2021
online shopping
Sections
  • Business
  • Society
  • Technology
Topics
  • Business Strategy
  • COVID-19
  • E-Commerce
  • Pandemic
  • Retailers
  • Shopping Experience

In the span of a few short weeks, the coronavirus pandemic completely reshaped shopping and left many retailers struggling to survive. Neiman Marcus, JCPenney, J. Crew, and other popular chains filed for bankruptcy. According to a report from Yelp, 60 percent of listed businesses that shut their doors during the pandemic have closed for good, including 48 percent of retail stores.

At the same time, the crisis is opening up opportunities for retail to evolve. It has disrupted when, where, and how people shop, creating space to rebuild and reimagine relationships with customers. Three-quarters of consumers have tried a new shopping brand or method since the pandemic started, and most plan to continue it going forward.

As companies try to navigate this new landscape, many business leaders are placing their hope in online shopping to help them reach customers in the era of social distancing. But is e-commerce enough to rescue retail? My years of research on shopping and customer experience suggest that digital technologies alone are not the savior of retail some have made them out to be. Companies must integrate the digital, physical, and social aspects of shopping to satisfy the majority of their customers.

Read the full article online at The Entrepreneur.

This article was produced by Footnote in partnership with Arizona State University W.P. Carey School of Business.

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Contributed by

Ruth Bolton

Ruth Bolton

Professor, W. P. Carey School of Business
Arizona State University

Ruth N. Bolton is Professor of Marketing at the W.P. Carey School of Business, Arizona State University. She is the recipient of the 2016 American Marketing Association / Irwin / McGraw-Hill Distinguished Marketing Educator Award and the 2007 recipient of the Christopher Lovelock Career Contributions to Services Award. Both awards are given to only a select few marketing academics; they recognize distinguished service and sustained outstanding contributions to the field of marketing.

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