Forrester Research recently released the findings of two studies. The results were very optimistic for the continued growth of Internet retail sales. Over the next five years, Forrester’s research shows a sustained growth as more people become comfortable buying online.
“US online retail will grow at a 10 percent compound annual growth rate (CAGR) over the next five years to reach nearly $249 billion by 2014. Online retail within the largest European Union nations in Western Europe will grow at an 11 percent CAGR over the same period, hitting €114 billion by 2014.”*
*These projections exclude online sales of autos, travel, and prescription drugs.Some other stats from the U.S. forecast:
- e-commerce sales will represent 8 percent of all retail sales in the U.S. by 2014, up from 6 percent in 2009
- In 2009, 154 million people in the U.S. bought something online, or 67 percent of the online population (4 percent more than in 2008)
- Three product categories (computers, apparel, and consumer electronics) represented more than 44 percent of online sales in 2009
As we see greater confidence in online shopping, increased access to the Internet, and greater diversity of accepted payment methods is, indeed, good news.