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Despite finding it difficult to compete with eCommerce giants such as Amazon.com Inc. (NASDAQ: AMZN) and eBay Inc. (NASDAQ: EBAY), the global in-store and brick-and-mortar industry generated an estimated $19.1 trillion in 2021, and total spending on brick-and-mortar alone is expected to reach $702.17 billion this year.
This trend may mark a serious comeback for the two industries after sales plummeted in 2019 through 2020 because of the COVID-19 pandemic compounded by competition with the eCommerce sector. The growth is probably because COVID-19 movement restrictions didn’t permanently change peoples’ shopping behavior — many customers prefer physically viewing products before making a purchase as well as asking a salesperson for advice rather than interacting with a virtual assistant.
Not long ago, some analysts were predicting that brick-and-mortar stores would come to a screeching halt owing to the booming eCommerce industry. …
Full story available on Benzinga.com