As business models increasingly transform to accommodate an online market, Richmond companies are working to adapt.
On Wednesday at an annual business lunch hosted by city council and the mayor, local businesses discussed the impact that the “on-demand” economy is having.
“It is estimated that, by the year 2020, global e-commerce spending will total $4 trillion, a $2 trillion increase from 2016 and equivalent to 14.6 per cent of all consumer spending,” said Mayor Malcolm Brodie to over 100 local companies and partners attending the Oct. 3 event.
“As one of 20 finalists in the Federal Government’s Smart Cities Challenge, the City of Richmond recognizes the importance of how smart networks and devices can help provide better efficiencies to our civic operations and to help keep our community even more connected.”
At the lunch, panel moderator Paul Tilbury, CEO of Dayhu Group of Companies pointed out that e-commerce has been a global phenomenon transforming supply chains. According to Tilbury, this is especially evident in urban communities where online consumers drive the on-demand economy.
This consumer demand, according Michael Hungerford of real estate company Hungerford Properties, is forcing businesses to locate closer to customers. Fleet management and transportation of goods is also an area of focus for businesses.
During the lunch Brodie also recognized businesses for contribution to city projects and city events.