In order to compete and participate effectively in today's marketplace, you've got to look at the trends in web influence, technology usage, and customer behavior that are now supported by business intelligence and hard data as opposed to instinct. And even though Infographics are meant to give the picture at a glance, it helps to put down in words what the statistics show. Here are some details from the Infographic, "It's Time To Sell Online," by eCommerce software and support services company, Volusion. Sources for the statistics include Forrester, Booz & Company, eMarketer, and Market Strategies International. I've added references from New York Times, Forbes, TechCrunch, FactBrowser, InternetRetailer, Wall Street Journal, Mashable, Facebook, and others.
Here, in a few words, are some of the trends supporting the online boom in the US (followed by the Infographic):
1. The average American is projected to spend $1,738 online per year by 2016. U.S. consumers in 2016 will each spend an average of $1,738 online, up 44% from $1,207 in 2012. But the bigger factor in driving e-commerce growth is that each shopper will spend more on average. (Internet Retailer and Upstream Commerce, based on Forrester).
2. Online sales are predicted to see a 162% increase to $327 Billion by 2016 ($202 billion in 2011). More consumers are shopping online every day. Last year (2011) 167 million consumers — 53% of the U.S. population — purchased something online. That number is expected to grow to 192 million, or 56% of the population, by 2016.
3. 70% of US Smart Phone owners regularly browse or shop online via their devices & 58% of the US population expected to make an online purchase by 2016. (Forrester / Wall Street Journal, FactBrowser).
4. Social commerce revenue is expected to rise to $30 billion by 2015. Social commerce sales are expected to bring in $30 billion each year by 2015, with 50% of web sales to occur through social media. (Mashable, Facebook Infographic).
5. Mobile commerce revenue is expected to rise to $31 Billion by the year 2015. U.S. mobile commerce to reach $31 billion by 2016, growing at a 39% compound rate. (Forrester / TechCrunch).
Volusion Infographic. It's Time To Sell Online
About this Blog:
In this blog, we discuss ideas, techniques and strategies to compete more effectively in the extremely competitive world of online retail. We explore issues such as competitive price monitoring, competitive pricing, and competition in general, as well as how to drive sales and best practices for online retailers. (Mention of companies or individuals or illustrations used in our blog posts are purely informational and do not constitute an endorsement of any entity). Gilon