The Chapter 11 bankruptcy in New York of the 96-year-old luxury department store Barneys in August, followed by a fire sale of the luxury brands it carried including Armani, Azzedine Alaïa, Comme des Garçons, Christian Louboutin and Ermenegildo Zegna and others, is an ominous example of the way e-commerce has revolutionized merchandising, whether globally or locally.
The mantra ‘location, location, location,” has disappeared in the face of the global marketplace. E-commerce has become such an integral part of the global economy, emptying shopping malls and encouraging porch pirates, that consumer habits have been permanently altered. A handful of retailers, led by the behemoth Amazon, account for 80 percent of the market, generally holding the advantages of speed, price, convenience and dynamics.
Consumers have taken to e-commerce with a vengeance. They are unlikely ever to go back, leaving the brick-and-mortar merchants to join the electronic market if they are to survive.
Take a look at this infographic, created by Jobs in Marketing, that illustrates in details some interesting facts about e-commerce.