The ecommerce market has been a financial juggernaut of late. Enticed by lower prices and greater convenience, consumers continue to flock to online outlets. Brick and mortar stores have taken great pains to lure customers back to their shops, including implementing data analytic models to change in-store prices to match their online competitors. Still, the growth of ecommerce has continued unabated. The world is becoming increasingly digitized, and online businesses are quickly becoming the standard for commerce.
Forrester recently released a study tracking the growth of the ecommerce market. According to the research firm's analysis, ecommerce will continue to expand and make up ground on brick and mortar stores for the foreseeable future. In the coming year, ecommerce sales in the United States will rise 13 percent to reach $262 billion. Total online sales will hit $370 billion by 2017. The firm forecasts that ecommerce's growth will outpace that of traditional brick and mortar stores over that period. By the end of 2017, online revenue will account for 10 percent of all retail sales in the United States.
One of the major factors driving ecommerce growth is the increasing adoption of mobile devices by consumers. According to a recent Cisco study, the number of smartphones and tablets will exceed the number of people on earth by the end of this year. With more people having access to the internet at all times, consumers are spending more time browsing online stores and comparing prices.
"The increased penetration of web-enabled mobile devices boosts the amount of time consumers spend online," said Forrester analyst Sucharita Mulpuru, according to Reuters.
With the spread of mobile devices and more expansive internet access, the economic landscape is shifting. Consumers are increasingly looking to digital storefronts for their purchasing needs. For businesses that want to thrive in this new world, implementing ecommerce software is a necessary step.