As we all know, the world is ever changing. Every aspect of life around us is constantly changing whether for the good or the bad. The same can be said for economics. When it comes to economics, in particularly e-commerce, the change has been drastic over the last few years. The continued growth of the world wide web has allowed e-commerce to flourish due to the customer preference of purchasing products and goods via online.
What does the future of e-commerce have on the retail industry?
Well, according to an eMarketer report, US retail sales will grow from $188.1 billion in 2011 to $269.8 billion in 2015. Furthermore, it is projected that by 2017 24% of e-commerce will be m-commerce (mobile commerce). Smart phones, tablets, ipods, and itouches all allow the customer to review, and purchase items online. No longer is it required to for a customer to physically go into a store if he or she chooses not to. The order goes to the retailers fulfillment center and the product is shipped out. Retailers must continue to adapt, using social media and apps to push their products and goods into the lap of the consumer. Using online resources effectively and efficiently will allow retailers to maximize their profits, contributing positively to their bottom lines. As the purchasing power of the consumer continues to grow so should retailers. E-commerce, mobility, adaptation!!