April 8, 1998 Event

E-Commerce: The Future of Retail?

The emergence of electronic commerce is changing the face of retail. Buyers, sellers, and everyone in between are already feeling the effects of this commercial revolution.

Furthermore, the distribution/sales model of goods and services rapidly is changing. "Bit-based" information products once bound to the physical world now can be sold and delivered over the Internet, revolutionizing industries such as software, news, and music. The realm of "atom-based" physical products is also changing. Online transactions cut-out retailers and distributors while cutting-in deliverers and electronic middlemen, a sort of reintermediation with closer buyer/seller relationships.

Within the last 6 months, 30% of households with Internet access made an electronic purchase from home - a 50% increase from a year ago. More interestingly, a majority of online consumers are using the Internet to research and compare products and services before making their purchases. As a result, the real promise of electronic commerce may be a complete reshaping of consumer buying patterns and purchase decisions both online and offline.

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