Cheap goods online can often be found on websites with a lot of competition, but online retail is increasingly taking over as a big chunk of retail sales.
For example, the retailer TigerDirect reported that its online sales jumped by 70% in the first half of 2017, while its physical store sales jumped 40% in that same period.
While online retailers like Amazon and Walmart still dominate the online market, it’s become a more attractive option for retailers to reach customers than ever before, and there’s evidence that the rise of cheaper products has given the internet a strong foothold.
“Online retailers can offer consumers a range of products, all of which are more affordable than ever, at lower prices,” according to a new report from research firm IDC.
The report notes that, over the past decade, the total online retail revenue grew from $2.5 trillion to $3.1 trillion, with the percentage of online retail that comes from online retail falling from 22% to 19%.
While some retailers have gone after the internet to reach their consumers, others have been buying online.
A large chunk of Walmart’s online sales comes from its own online stores, while Walmart’s new store in the city of Bentonville, Arkansas, recently opened with a 50% discount on everything online.
While this trend isn’t going to last forever, there’s little doubt that online retailers will continue to be one of the biggest drivers of consumer spending for years to come.
The bottom line: the internet is the way to go for online shopping, but don’t let that fool you.