The rise of online shopping has led to a massive change in how people in the UK see cash and spending online in general. The UK has over 12% of online retail market share, according to RetailResearch.org. With billions of pounds being spent annually especially around Christmas online, how has this changed our attitudes to cash vs online spending?
Cash is KING but only to a certain extent
The level of trust in the digital world continues to increase as more of us join social networks. However the rise of online spending doesn’t take away the importance of cash. There is something strong about holding money in your hand because you understand how much it is. When you look at your online bank statements, you can only see the money online and you can’t touch it. Sometimes, this gives you the impression that you have more money at hand than you actually do.
If you are someone who is inherently a spender, you should get into the habit of carrying cash with you when you are going shopping. You should probably steer clear of too much online shopping as well so that you don’t feel tempted to overspend. Digital spending has made cash more important but it has changed its position – cash is king for people who are starting small businesses and for shopaholics who are trying to curb their cravings for shopping.
The impact of the digital spending trend
Digital spending has made it possible for anyone to become an entrepreneur. Whether you make homemade soaps or you sell cosmetics, you can make products for anyone and most likely people will buy it if it is online and if there are good marketing opportunities. Online shopping will make more consumers stay at home to do shopping while going out to the high street to buy will become more of an experience.