Final answer:
E-commerce has significantly impacted traditional brick and mortar retail businesses by changing the way consumers shop, increasing competition, and altering pricing strategies.
Step-by-step explanation:
E-commerce has had a significant impact on traditional brick and mortar retail businesses by changing the way consumers shop and increasing competition. Here are the key ways in which e-commerce has affected traditional retail:
- Increased convenience: E-commerce allows consumers to shop from the comfort of their homes, at any time of the day. This convenience has drawn customers away from physical stores and towards online retailers like Amazon.
- Lower prices: E-commerce has led to increased price competition as online retailers can often offer lower prices compared to brick and mortar stores. This has made it challenging for traditional retailers to compete on price.
- Expanded product selection: Online retailers have a virtually unlimited amount of inventory compared to physical stores with limited shelf space. This has allowed consumers to access a wider range of products, giving e-commerce an advantage over traditional retail.
In conclusion, e-commerce has revolutionized the retail industry by providing convenience, lower prices, and a larger product selection to consumers, while putting traditional brick and mortar retailers at a disadvantage.