Ecommerce sales are on the rise. In fact, revenue generated from online sales in the U.S. is expected to reach $294 billion by the end of 2014, an 11.7% increase over the $263 billion seen in 2013, according to Forrester Research Inc.’s report published earlier this quarter. Also predicted within the report, was that online retailers can expect revenue generated from all consumer purchases to increase over the next several years, growing by more than 57% to reach a whopping $414 billion by the end of 2018.
Worldwide, online sales are also flourishing. Emarketer.com estimated that global business-to-consumer (B2C) eCommerce sales will increase by more than 20% this year to reach an astounding $1.5 trillion. Of this, internet sales in the U.S. market make up a significant portion. In another projection by emarketer.com, North America, which includes only the U.S. and Canada, is expected to account for $482.6 billion, or approximately one-third, of 2014’s total eCommerce dollars, thus retaining its spot as the leading region in B2C online sales.
With more and more online retailers taking advantage of marketing automation solutions such as: dynamic shopping cart recovery, triggered email campaigns and customer purchase history analysis, merchants utilizing these automation strategies will be credited for a large portion of the increase in sales growth related to internet shopping.
Another contribution to online sales growth can be attributed to increased shopping by consumers using mobile devices like smartphones and tablets. Retailers can expect that consumers choosing to shop using mobile devices will contribute to over $50 billion in sales by the end of 2014, an increase of nearly $8 billion over last year’s totals and $48 billion since 2010.
All of these figures indicate the mounting prevalence of online shopping over brick-and-mortar retail. Even more, the holidays are fast approaching, and the National Retail Federation reported that $95.7 billion was spent in the U.S. during the 2013 holiday season alone.
These numbers suggest that now is the time for online retailers to hone their website and mobile performance, as well as refine checkout, delivery, and particularly data-driven customer retention marketing practices, in order to prepare for the busy season and reap the maximum rewards by the end of the fiscal year.