Traditional buying may become obsolete in 10 years and would be replaced by online options in sectors like computers, entertainment and consumer electronics, says a new study.
Researchers at Monash University's Australian Centre for Retail Studies have found easy Internet access and online retail spaces are a threat to some stores, though retail where the buying experience is required is likely to thrive.
According to them, a boom in online trading and a surge in an 'anti-retail movement' could spell the demise of some retail outlets by 2020 unless they revolutionise the way they do business.
Moreover, manufacturers are more more preferring to sell directly to the public and consumers opt to bypass stores and deal directly with wholesalers or even each other.
The new study predicts the industries most likely to feel the full force of this consumer-led change would include computers and gaming, entertainment and media, consumer electronics, and beauty.
However, businesses that offer experiential retailing such as furniture and household goods, clothing, recreation and outdoor supplies are likely to thrive, it claimed.
"Consumers are growing tired of 'filters' reducing the transparency of their interaction with the producer of the goods, reducing authenticity of the goods and services they purchase.
"They want more direct access to the sources of goods and expect more from the retailer -- it's not enough to source the goods alone, retailers needed to source better, more often and for less.
"This shift has occurred over the last decade, accelerated by the Internet and our growing desire to be part of the creation process for products and services we choose to buy," lead researcher Sean Sands said.
According to the researchers, the changing landscape means retailers would have to fight harder for customer share and come up with innovative and inventive ways to retain customer loyalty.
"While the anti-retail movement may not appear to provide obvious opportunities for retailers, progressive brands could seize the competitive advantage and offer facilities that cater for the changing desires of the market, such as creating hubs that encourage the exchange of goods, where the retailer plays a support role and the customers and suppliers are the heroes," Sands said.
