Forrester, an independent research consultant, predicted that US online retail sales would grow at a steady pace from $155 billion in 2009 to $250 billion in 2014. According to data published by comScore, these predictions were right on target with US consumers spending $1.2B on retail eCommerce on Black Friday 2013, up from $1.04B in 2012.
An online sales forecast by eMarketer indicated that individual US consumers spend an average of $1200 to $1300 per year online, and that amount is expected to increase by 44% by 2016 – up too $1,738. In that year, ecommerce sales are expected to hit $327 billion, with the sales of apparel and accessories predicted to grow by 16.4%.
The fact is, online businesses have the potential to realize greater profits than brick-and-mortar stores through reduced costs and increased revenues. Starting and running an ecommerce business requires time, commitment and patience, but by making use of available technology and building a strong foundation, an online store has the ability to attract qualified traffic from a huge audience of prospective customers located around the world. The key is to offer what people truly want and need while making it easily accessible, creating value and generating benefit for a vast customer base.
Starting an ecommerce business does not require a big investment. The whole process is much easier than opening a store with a physical location and amazing profits can be realized when customers are satisfied with the products, the prices, the shopping experience and the check out process. The increasing popularity of e-commerce has prompted banking institutions to offer several new products including identity encryption and electronic data processing that has resulted in increased productivity, streamlined processes and lowered costs for e-commerce businesses.
The article, 17 Things You Didn't Know About Ecommerce, suggests that ecommerce sales will grow from 7% today to 9% in 2016, indicating a constant and upward increase in the number of new online shoppers. A big reason online shopping is so popular can be attributed to convenience. When shopping online, customers can quickly compare products and pricing in a matter of minutes, right from the comfort of their own homes. This not only saves time, but 71% of shoppers also believe they'll get a better deal online, since e-commerce retailers can often offer lower costs because they spend less on labor and generally keep reduced stock on hand requiring less storage and overhead.
The rapid growth of ecommerce is further demonstrated in the below infographic created by Baynote, showing their projections on the future of ecommerce based on their analysis of consumer data and trends. This is further evidence that the future of ecommerce is strong and with proper planning and informed decision making, those choosing to open an ecommerce business have a high probability for profitability and future success!
Would you like to start and own your own internet business in 2014, but you are not sure if this is the right type of business for you. Then you need to review the daily blog post reviewing the 25 Reasons to Own an Internet Business. To see the posts visit the Pure-Ecommerce blog at http://blog.pure-ecommerce.com. In the New Year of 2014, it is time for a New You as you start a New Internet Business!
Pure-Ecommerce is an ecommerce consulting firm which assists budding ecommerce entrepreneurs the opportunity to bring their dreams of owning an internet business a reality. Let Pure-Ecommerce be your "key" to owning an internet business - go to www.Pure-Ecommerce.com to find out more on how we can help you step into the exciting ecommerce industry!