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There can be no question that online shopping is of huge benefit to the consumer. Far from becoming complacent, online shoppers are very damaging. Overpriced merchants with poor services should beware. Gone are the days when stores could charge what they liked for goods and get away with it. The same, too, for shady manufacturers: smarter consumers know which products have a good reputation and which do not, because online they now read not only the sales blurb but also reviews from previous purchasers. And if customers are disappointed, a few clicks of the mouse will take them to places where they can let the world know. Nowadays there is nothing more damning than a flood of negative comments on the internet.

However, the big boys, as always, are ahead of the game. Some companies are already adjusting their business models to take account of these trends. The stores run by Sony and Apple, for instance, are more like brand showrooms than shops. They are there for people to try out devices and to ask questions to knowledgeable staff. Whether the products are ultimately bought online or offline is of secondary importance.

Online traders must also adjust. Amazon, for one, is rapidly turning from being primarily a bookseller to becoming a mass retailer by letting other companies sell products on its site, rather like a marketplace. During America's Thanksgiving weekend last November, Amazon's sales of consumer electronics in the United States exceeded its book sales for the first time in its history. Other transformations in the retail business are bound to follow.