From groceries to fashion, and from digital cameras to toys, the UK has embraced online shopping as one of the most effective ways to make both essential and spontaneous purchases. Sales make up 10 percent of the growing UK economy, with the sector expected to provide over £180 billion in revenue by the end of 2015.

Customers are becoming savvier when it comes to online purchases, understanding the importance of getting best value whilst maintaining the security of their credit or debit card.

Retail sales online have shot up over the last few years, however, the flipside of this sees sales from traditional brick and mortar stores  decline – last year, physical stores reported a 9.4% drop in footfall in the hours leading up to 5pm.

High streets across the UK are shutting down as more people turn to online retail – even major high-street brands such as Zavvi, HMV and Staples have decided to close down a large number of their physical stores, instead choosing to focus their efforts online. With this in mind, does the rise of online retailers spell doom of the physical store?

Not necessarily. Although online retail has brought about a new era in shopping, it doesn’t mean the end of the physical brick and mortar shop.

"online-exclusive retailers might make the move to brick and mortar stores in the coming years"

The local shop can still provide a uniquely positive experience (not to mention instant convenience) that an online retailer cannot; namely, human interaction. The physical shop follows a different path from the moment of purchase when compared to an internet seller – customers have a physical sense of the item they’re buying and can both touch and feel their desired item.

Staff can also offer customers advice and guidance when deciding which product to purchase – rather than relying on faceless reviews on a webpage, customers can discuss their needs and requirements with another person. This in turn creates a personal experience for the customer that’s something that can never truly be replaced like-for-like by technology.

What about smaller businesses, like corner shops or family-owned businesses?

Although the rise of online retail might seem threatening, it does not mean that the writing is on the wall for the humble local store. Indeed it could represent an opportunity to develop a new strategy.

For example, many online retail services offer customers the chance to pick up their product from their local corner shop, meaning that customers are still physically entering their local shop to pick up goods. With careful planning and consideration, corner shops can turn this service into an opportunity for themselves, promoting their presence in the local community and working hand in hand with online retailers to provide best value for their customers.

It’s not a case of outright rejecting the advances of online retailing, but embracing new technology. For a family-run and specialised business (e.g. a shop specialising in board games), it might be worth adopting some of the ideas typically exploited by online retailers. For instance, some companies advertise when products arrive at their physical store through a website, or through social media.

Many people like the convenience of online shopping but the experience of a bricks-and-mortar store

As a follow up, they might encourage customers to come in and try out new products. However, if the products are also available online, then customers who are further afield can also purchase products locally simply because they’re available. As a result, you’re reaping the rewards of both systems.

The 'easy' road for online retailers

With all this talk of the power of internet retailers, it doesn’t mean that the online store has an easy ride - after all, the term ‘meteoric rise’ is an oxymoron and it implies that there may yet be a fall from grace.

As technology continues to advance, customers will demand more and more from their favourite retailers, and companies will need to keep up with these requests. For example, customers are already demanding a more proactive approach to cybersecurity.

And with increasing levels of competition from other businesses, customer service will mean the difference between success and failure, with consumers increasingly searching for a more tailored offering. If online retailers are unable to gauge and adapt their business to match a constantly evolving set of requirements from their customers, then they could very well fall from their starry heights.

Some industry watchers claim that online-exclusive retailers might make the move to brick and mortar stores in the coming years, in order to provide a richer experience for their customers. A recent survey carried out by analysts at Forrester, found that more than three quarters of CIOs said they were considering implementing a more omnichannel approach in the coming years.

A seamless omnichannel experience offers customers greater convenience and the flexibility of interacting with the brand across multiple devices, even switching between platforms in a single purchase if desired.

This could even stretch to creating policies which unify online and physical retail, including equal pricing across all outlets and allowing customers to visit a physical store to return products bought online.

In short, the boom of online retail has sent shockwaves through the world of shopping, setting the agenda for the future of the market. But the world of shopping is itself changing, as people search for convenience, whether online or offline, in an increasingly busy and hectic world.

The businesses that succeed will be those who are able to embrace the benefits of both, whilst also remaining vigilant about potential traps and problems that the digital world can present.