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With online shopping and home delivery for grocery stores being a craze lately, especially for overworked parents, HSBC is skeptical about the viability of the sector, calling it the “emperor’s new clothes.”
The banking giant says that, while online retailing may be exciting for those involved, the online grocery market is growing at only half the rate of discount stores—showing consumers prefer lower prices to the convenience of delivery.
HSBC is particularly puzzled by grocers offering discounts on delivery goods compared to in-store prices, Business Insider reports—essentially subsidizing deliveries and giving even more incentive to keep customers out of the store.
Still, stores seeing success at Amazon and other e-commerce brands want to get a piece of that action, lest they be left behind. [BI]
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