In all three cases the growth of internet traffic and online shopping affected the structure of the industry, not just prices.

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The place where there is perhaps the highest potential for innovation is in the apparel industry, where the barriers to online shopping tend to be particularly high.

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Being a professional in the retailing industry, I also consider online shopping part of my career.

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According to reports cited this week by iFeng (Chinese), e-commerce only accounted for about 2.6% of the total revenue in the Chinese luxury market last year, but owing to changing consumer attitudes towards online shopping, rising brand awareness and improved supply chains, the industry is projected to grow around 20% annually.

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Mr Jones told MPs that internet shopping had made a "dramatic impact" on the industry, with online sales accounting for 12.2% of all retail sales.

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But this also is a treacherous time to make a big bet on the retail industry, which is battling headwinds from a weak economy, competition from online shopping and overbuilding during the boom years.

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