Technology is constantly changing how we live our lives. We can order products online and expect them on our doorstep no more than two days later. We can purchase and pick up groceries without ever having to go in a store. We can order a rideshare service and visibly see how far away the vehicle is from our location.
Pretty remarkable stuff.
But the less glamorous side of that is the impact it can have on existing products and services. Companies must make changes in order to remain relevant in evolving times. And if they don’t, well...just look at the cab companies.
But here’s an interesting case study: Between 1995 and 2000, the number of independent bookstores in America, unsurprisingly, plummeted. The culprit? Amazon, eReaders, and superstores, such as Barnes & Noble. But then in 2005 (and beyond), independent bookstores started to make a comeback.
Why? How? (I mean, Amazon is some pretty stiff competition.) And when the prices at independent bookstores are often higher than those of online retailers, why would people still opt to go the more expensive route?