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Over the past few months, we have seen many downfalls amongst retail giants, such as our childhood favourite - Toys R Us who went into administration shortly after Christmas. The lack of being able to innovate their brand with the growing “buy online” craze their total annual profits plummeted as less and less footfall poured through their doors.
In 2012 Toys R Us started selling their products through Amazon which evidentially led to the brand's demise - we as consumers got so used to buying online we forgot about the social interaction we once had.
Online shopping has now skyrocketed, we have new apps and faster ways to purchase items, making us the blind generation to our once “famous” high-streets.
We have become anti-social and dependent on finding what we need online.
The average consumer (+30% of the UK population) would rather use the internet or other online platforms to buy a product or service. Shoppers can now compare prices and products without leaving the comfort of their homes.
For a shopper, the ease of using the internet is complemented by the simplicity of price comparing. Consumers can now compare hundreds of prices at the click of a button.
We would rather order our weekly shop online than physically seeing the products for ourselves, we skip queues and the emotional strain brought on by being within a sea of people when all we want is a pint of milk or a few more bags of crisps.
Many food retailers such as Aldi have seen profits fall by a 5th since the battle over food prices begun to get more consumers into stores and ordering online. As well as seeing loses in profits there has been an increase in wasted food, which has risen to an astonishing £13 billion per year since 2015.
But it’s not just food retailers being affected by our online shopping. Fashion retailers such as Debenhams, Primark and M&S have announced since the start of the year they have also had losses in their overall profits, which has evidently raised the percentage of online sales by 15.5% each year since 2015.
Online clothing sales are at a staggering 67% and E-commerce sales by businesses in the UK are at £511 billion per year the latest statistics show
The failure to innovate with the ever-growing uses of technology has taken a massive hit on high-streets, leaving independent retailers losing profits and even closing down because of the struggles they are facing, with over 6,580 showing signs of financial distress this year, our dependency on technology and being a generation that thrives on socializing through online platforms, could be the cause of our high-streets demise?