Twenty years ago, 'same-day delivery' for an online purchase didn't exist.
We quivered at the idea of using our debit card number on ‘the cloud’.
There was no such thing as Facebook, let alone shoppable Instagram posts.
Fast-forward to 2018 and my grandmother buys on Amazon. Regularly. She also writes product reviews and complains when her (free) delivery is late.
Online retailers should give themselves a pat on the back: they’ve created a two-trillion dollar industry in just 20 years.
And yet, while the addressable market keeps increasing, the barrier to entry keeps decreasing—cue fierce competition.
And, as in any industry, the impact of increased competition always leads to innovation.