Does $250 Billion Sound Good?
Things may not be as good as they were a short while ago, but it doesn’t mean they’re so bad, either. China has taken a definitive hit as the economic crisis tore through the economies of many countries that were placing heavy orders from the manufacturing powerhouse, but they march on now with continued reported growth in GDP. The US economy is also showing signs of an upward swing on the pendulum effect as well, as reports come in indicating upward momentum in the area of retail sales for the next few years. How much are we expecting to see come from all of this?
It’s not the boom time of the early half of last decade, but growth is steadily manifesting itself through a directive to push the numbers into a positive course for the next few years, as we all notice that recovery is ever-present on the minds of everyone who has a stake in the wholesale and retail industries.
Forrester Research has released numbers that show a five-year forecast in the works, with the good news being a prediction of e-commerce sales in the US growing at a 10% compound annual growth rate through 2014. The best news: this report also forecasts online retail sales in the US being nearly $250 billion, up from $155 billion in 2009.
It gets better for those who make their profits from online sales: all retail sales will be up by 6% by the time we reach the 2014 mark, and in 2009 Internet users were represented by 154 million people who bought something, bringing the figure of online shoppers to well over half of the total online community. Computers, Apparel, and Consumer Electronics were the three big winners in the category of products that represented more than 44% of sales, and the overall bulk of offline sales that resulted in 2009 were directly influenced by research done online, handing over more proof that having a great site is paramount to a seller’s performance these days.
Now, before everyone takes a moment to revel in their online successes, there is a growing concern amongst the Internet sales-savvy that signals the need to improve the user experience in the real world, creating a better experience for shoppers who actually do take a drive out to the store to see these goods for themselves. Studies show that only 61% of the buyers who make the switch from online purchases are really satisfied with the process, while 82% of the ones who buy online are happy with their choice. This is not a figure that should inspire anyone to rest on their laurels, however, and for those of you in the business who have physical sites that require face-to-face customer interaction, it could be the opportunity you’ve been waiting for to take a piece of the action away from your competition by improving the shopping experience in your store!
