With more consumers focused on sleuthing through the Internet to find the best online deals, the e-commerce space is exploding and morphing—often at the expense of traditional retailers.
More consumers are willing to let the cheapest prices drive their purchasing decisions, and abandoning any loyalty they may have to particular shops. Retailers, in turn, are forced to lower their prices to compete. And that's a business strategy destined for a short self life.
"There will be a lot less retailers on this planet in another decade than there is today," said Michael Rubin, chief executive of Kynetic, which owns three websites—Fanatics, Rue La La and ShopRunner—in the consumer Internet space. With so many tools available online, it's much easier to track the best prices. "Many retailers will go bankrupt," said Rubin on CNBC's "Squawk Box" Thursday.