Due to the increasing number of retail industries around major cities and shopping malls, market competition is providing a favorable impact to the buying public. In my view, this development will benefit most of the consumers as this will encourage a perfect competition for the sellers resulting to a cheaper product price and a smoother buying experience.
Perfect competition is one of the resulting factors that will cause product prices to decline according to the supply and demand principle in economics. Furthermore, if many sellers are available in the market with a low product demand, sellers will opt to reduce their prices to attract the prospective buyer. A basic example is the price of perishable goods such as apples and banana. If several stores are selling same quality of product, the buyer will most probably select the cheapest one. Otherwise, if seller will not reduce the price, he might not sell it to another person and loss his capital.
In other point of view, surge of supermarkets will provide a smooth buying experience. Firstly, since there are several options to the buyer, they can select the best quality of product, with consideration of its price. Moreover, some people with no private cars or living far away from the city can take advantage of the nearest available store for their daily needs without spending time in travelling to city center.
In my opinion, increasing of stores may lead to reduced price of goods and easier shopping experience for some people. However, each shopper should be responsible in their buying habits and ensure to take advantage of above-mentioned benefits, rather than overspending and buying unnecessary items.
Due to the increasing number of retail industries around major cities and shopping malls, market competition is providing a favorable impact to the
buying
public. In my view, this development will benefit most of the consumers as this will encourage a perfect competition for the
sellers
resulting to a cheaper
product
price
and a smoother
buying
experience.
Perfect competition is one of the resulting factors that will cause
product
prices
to decline according to the supply and demand principle in economics.
Furthermore
, if
many
sellers
are available in the market with a low
product
demand,
sellers
will opt to
reduce
their
prices
to attract the prospective buyer. A basic example is the
price
of perishable
goods
such as apples and banana. If several stores are selling same quality of
product
, the buyer will most
probably
select the cheapest one.
Otherwise
, if
seller
will not
reduce
the
price
, he might not sell it to another person and loss his capital.
In other point of view, surge of supermarkets will provide a smooth
buying
experience.
Firstly
, since there are several options to the buyer, they can select the best quality of
product
, with consideration of its
price
.
Moreover
,
some
people
with no private cars or living far away from the city can take advantage of the nearest available store for their daily needs without spending time in travelling to city center.
In my opinion, increasing of stores may lead to
reduced
price
of
goods
and easier shopping experience for
some
people
.
However
, each shopper should be responsible in their
buying
habits and ensure to take advantage of above-mentioned benefits,
rather
than overspending and
buying
unnecessary items.