There are several reasons driving the growth in online retail sales. The ability to shop any time consumers want, increased selection of stores and the ease at which consumers can make price comparisons are just a few of the factors. There is a recently released study that shows just how much consumers will be spending online over the next few years and the results are eye-opening.
• By 2013, that number is expected to eclipse
• By 2016, online retail spending is anticipated to hit nearly $330 billion – a jump of 45% from this year
• In 2011, over 167 million consumers made an online purchase, that’s 53% of the population. By 2016, 56% of the population is expected to be online consumers
• The average consumer spent just over $1,200 dollars online last year. In 2016 the average consumer is predicted to spend over $1,700 online
What Does This Mean To You?
Does your business offer consumers the ability to buy online? If it doesn’t, it should. Even if you are in a service based business, you can give customers the ability to make appointments and there are probably some things you can offer for sale online as well. It just makes sense to give the customer the easiest path to shop from your business. Not having an online store adds a hurdle to someone who wants to spend money with you. As more and more people engage in mobile shopping, the ability to buy online is becoming more important. By not making this available to your customers, you are ignoring a significant and growing revenue stream. For more information on creating and promoting winning online e-commerce opportunities, please contact:
Source: Forrester; Mashable