Retail spending in this province is relatively steady these days – up slightly one month and down about the same the next month. But what is changing is the way we do our shopping – it is going to change even more in the future.
Of course, there is e-commerce – something we figure is taking over. But the latest numbers suggest this is still in its infancy. In April, for example, e-commerce or on-line ordering, represented less than five per cent of all consumer spending in the country. Now it is growing – up about 25 per cent over a year earlier – but it is just getting going.
And what will shopping be like in the future? A recent article written by Bryan Pearson for Bloomberg said almost 6,000 stores have closed in the U.S., this year. That is more than all of last year. So, it is changing.
For example, China has become quite innovative on this front where they use facial recognition software that identifies a customer and starts the process to prepare their usual selection.