Amazon shook up the book industry big time when they entered the market. And there is no stopping them it seems.
The online company just announced that they are purchasing Whole Foods and have also confirmed that they will be unveiling a new service focused purely on fashion. Fashion retailers are in a panic as Amazon’s new line will apparently allow customers to try the clothes on at home before deciding whether or not to buy them. The retail news prompted an immediate slump in shares of other fashion retailers such as Macy’s and Nordstrom and will shake up the industry incredibly.
With many department stores already struggling, this may be the final nail in the coffin for quite a number of them.
Retailers, especially those with brick and mortar stores, will have to do some quick thinking about how to retain their customers. With fast shipping offered by the US-based company, this sounds like a definite win for Amazon.
The Federalist Papers Project reports:
Amazon just recently announced they are purchasing Whole Foods, and this week they are unveiling a new service that is focusing on fashion.
Amazon is going to try something new that will allow people to order clothes, try them on at home and then send back what they don’t want. And they are using Prime so that means the shipping will be fast.