There are of course two sectors of the UK’s retail industry that are thriving. There’s the cut price sector; stores that offer bargains are doing well. But there is another sector too – online retailers.
A few years ago we were told it wouldn’t be like this. Shopping is fun. It’s a social pursuit. The Net would only ever be a sideshow. But, bit by bit, that is changing.
With that in mind, consider these findings from a survey conducted by the RBS, in this case talking to mortgage intermediaries. The lessons of this survey are relevant to you, not just if you are in the mortgage business, but whichever line of work you are in.
The survey found that only six per cent of advisers felt the Internet would be a big threat to their business. Around six in ten said they felt there would still be room for mortgage advisers.
Apparently, people prefer to arrange their mortgages face to face.
There is an element of truth in the survey. Mortgage advisers will never go away completely. There will always be an element of face to face.
But the Internet’s effect on our daily lives has only just begun.
It has the opportunity to completely change the economy, and make it far, far more efficient. The Internet has probably helped keep prices down – by promoting unprecedented price competition, it has helped boost trade, as companies across the world find it easier to contact each other. Above all, though, and this is not widely understood, scientific research and technological innovation will be the biggest beneficiaries of the Internet, as researchers everywhere learn to share ideas.
As the Facebook generation become consumers, including consumers of mortgage products, the world will change some more. Whichever sector you work in, underestimate the long-term significance of the Internet at your peril.
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