Technology is killing the traditional retailer. Victims will include those selling commodity brand-name-type products like consumer electronics, appliances, sporting equipment and furniture, and may even include those selling consumable goods.
Every single day of every week, an estimated 150,000 new Chinese shoppers join the ranks of the hundreds of millions in the country who have discovered the world of e-commerce.
Online retail penetration in China reached 11% in 2014 and surpassed RMB 2.9 trillion in total value. Penetration is expected to double by 2020, according to our estimates, with the total value skyrocketing to RMB 10 trillion. But this dramatic adoption of online shopping is not the biggest news to emerge from Bain & Company’s latest research on China’s e-commerce market.
A banking revolution in terms of financial services will benefit from the UK’s Open Banking Standard. Story by Daoud Fakhri.
The Open Banking Working Group’s newly published recommendations on open platform banking will, if fully implemented, lead to a revolution in the provision of banking services to UK consumers.
TechCrunch: Shopping – both online and offline – is a great luxury of the modern era. People can enjoy a great selection at lower prices and shop from the convenience of their home, while still having the option of going to a local mall or retailer to peruse the aisles for instant gratification. But consumers can’t have their cake and eat it, too, and the retail world as we know it today can no longer give it to them. (more…)
WSJ: Since it opened its website in July 1995, Amazon.com Inc. has grown from a seller of books into one of the world’s biggest retailers. Its growth has been fueled by a consumer shift to online shopping and Amazon’s willingness to sacrifice profits to expand. Here’s a look at 20 years of sales for Amazon and 3 close competitors – Target Corp., Best Buy Co. and Barnes & Noble Inc. – and a look how Wall Street has valued those companies. (more…)