As the age of online shopping is more and more embraced by a large majority of the market, physical stores are finding hard to keep their foothold in the industry. Even when it comes to something as highly anticipated as Black Friday, players like Amazon who do dealings online are becoming the choice method of purchasing.
The concept of Black Friday is dying
“I think traditionalists will have a hard time stomaching that,” Josh Elman, a consumer and retail analyst with Nasdaq Advisory Services told Business Insider. “But I think, at the end of the day… the whole idea and concept of Black Friday deals in store will diminish over time.”
For years now, consumers have been waking up early to line up outside of physical stores to get their hands on the best possible Black Friday deals. Some have waited in the cold, in the dark, and for hours just to be the first to walk into the store and grab what they want.
But that tradition is slowly getting lost as generations young and old are learning the convenience of online shopping.
“They don’t want to wait in long lines, they don’t want to wait for a store to open anymore,” Elman shared.
The numbers are getting skewed
Over 99 million people shopped in physical stores on Thanksgiving last year, according to the National Retail Federation. And while the number is still promising, it does prove a drop of about 3 million form the year before.
On the other hand, some 108 million individuals shopped online during Thanksgiving weekend. While already more than physical purchases, it also indicates a 5 million increase from the year before.
If the trend continues at this rate, physical shopping could be a thing of the past within the next decade or so.
More than convenience
According to Elman, the popular shift to e-commerce is more than just the convenience of a few clicks – it is about the deals as well. He argued that online shoppers have gotten used to deals that last year-long and not just as the Thanksgiving holidays come.
It is for this reason as well that the idea of Black Friday is losing its charm. While it was once highly anticipated because of the incredible deals that it offered shoppers, this concept is no longer novel.
“It’s a little sad,” Elman said. “But it’s just a sign of the times. It’s really the paradigm shift that’s occurring.”