I'd say you're right and I want to know how quickly this shifts, people may not buy as many magazines and newspapers, they may not watch as much TV as before or rather its not as impactful as it once was so the margins don't justify the spend.
Online magazines are also often heavily subsidizes as their income from ads isn't always enough so they also get hit and closed down, I've seen a few local news sites here close already the online ad network has overall also shrunk so there's less spend going around than before and sites had staff and expenses based on that, the knock-on effects are far too much for us to imagine
We're only really starting now with groceries and a few more artisanal items in South Africa, we do have some general retailers but their service isn't very good in terms of online.
Lol I used to work on an online furniture brand it was an absolute bloody nightmare, not even Ikea wants to do it, in fact in Dubai they rather pay you to come to the store and get your own stuff, that's how much they want to avoid doing furniture eCommerce sales.