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Creative Destruction Forcing Retail to E-Commerce

Posted on Jul 06, 2012

“Creative Destruction is the essential fact about capitalism,” stated Joseph Schumpeter in his economic theory on how existing economic structures are destroyed from within creating a new structure. This new structure for modern retailers is the E-Commerce shift.

AllThingsD recently published a lengthy article discussing the cycles we have seen in recent retail trends and how retail is now evolving to an E-Commerce dominated strategy. It is interesting to look back and see how main street stores were eventually replaced by malls and how later mall stores were replaced with big box stores that offered better pricing. Now look at where these big box stores are headed: online.

The article suggests that for retailers to continue to grow, they really need to accelerate their move to E-Commerce dominated strategy. What this means to payment processors that supply all types of services for in-store and online experiences is they have to provide a more unified platform for processing payments regardless of where or how the payment was initiated. The payment piece is very key for retailers, especially when they are trying to create a consistent customer experience in both the E-Commerce stores and their physical stores.

The article was written by Jeff Jordon and has some interesting facts and figures about the retail industry and where it is headed. The trends are really pretty telling. Find the entire article here.

Source : AllThingsD June 2012