A 2017 Credit-Suisse report estimates that store closures and low foot traffic would lead to 20 to 25% of malls being shut down.
With ecommerce stores offering an abundance of options and easy comparison methods, consumers are increasingly opting for e-commerce over in-store shopping. The Credit-Suisse report argues that that COVID-19 alone is not responsible for the closures; it has only accelerated this existing trend.
While brick-and-mortar stores offer experiential services, but they lack options like online stores. An ecommerce marketplace like Amazon or eBay can not only provide a thousand results for a single product search but also have an abundance of related information.
OnBuy’s founder Can Paton said that ecommerce stores should look to further consumer trust by providing transparency around product prices. Online marketplaces can also cement this by delivering the best products matches based on consumer searches.
[5 minute read]