What he thought would happen two decades ago is happening now. It has big implications.I was in college in the late 1990s during the dot.com boom. I was enthralled by the promise of the internet when it comes to commerce. One of my job offers upon graduation was with Amazon.com.
Back then, internet evangelists swore there would be a quick demise to bricks-and-mortar retailers. WebVan would destroy the grocery store. Amazon would destroy Wal-Mart.
The bubble burst and this talk dissipated. Sure, Amazon and other online retailers put a dent in offline retailer’s sales, but it was limited to certain categories. Certainly, pet food and consumer staples would always be the domain of bricks-and-mortar stores.
Now, nearly 20 years later, the move from offline to online commerce is quickly escalating.
A few weeks ago, Target announced lackluster sales. I’m not surprised.
I’m a Target fan. For many years, my wife and I would venture over to Target every couple weeks when we ran out of paper towels and soap. We’d enter the store for these low-margin “hardlines” but end up spending lots of money on high-margin “softlines” like t-shirts.
We rarely visit Target anymore, and ecommerce has a lot do with it. Click here to continue reading…