September 27, 2017
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Posted by
Lisa Carolan
Throughout history, technology has led to numerous transformations in the buying and selling process. Prior to the Industrial Revolution, manufacturing was typically a cottage industry; rural families would produce goods in their homes or a small shop with hand tools or simple machines. Advances in technology and a shifting consumer base led to the factory system. During the early 20th century, another technological advance — the automobile — again transformed the retail industry. Stores no longer had to be clustered along trolley lines or located in residential neighborhoods. Instead, retailers could place their stores in shopping centers or malls where they could sell their goods to customers from all neighborhoods. The internet brought yet another transformation, opening the door to the world of online sales. However, the retail industry is now undergoing a transformation that is more sweeping than any since the Industrial Revolution — and it is being driven by Millennials and their attachment to the digital world.