Last week, Forrester released a new report that detailed the rate of growth for the eCommerce industry for the next five years, estimating a compound annual growth of 9%. This increase in online retail sales, which closed out 2012 at $231B is anticipated to rise to $262B in 2013 and continue through 2017 where Forrester predicts it will hit $370 Billion. There are two factors cited as the drivers of this growth:
M-commerce as it's come to be known is proliferating. Smartphone and tablet users are researching their purchases - and making them - from the couch, the store, the office, and elsewhere.
Traditional retailers are expanding their online presence and building eCommerce sites that increase convenience and availability of their goods.
The interesting point made in the Forrester report is that as few as 4 million new online shoppers are expected to make purchases online. Instead, the majority of this increase in eCommerce activity will be undertaken by veteran online shoppers who are now buying more, and more expensive, goods online.
What you as an eCommerce site owner must consider here is that you must now not only account for mobile (tablet and smartphone) accessibility, you must also provide the information online shoppers expect to make their purchasing decisions, including product ratings, product reviews, detailed product images and an intuitive checkout process that are also easy to access from a mobile device. The good news is that savvy online shoppers are more and more willing to buy more expensive items online that they previously primarly purchased in a physical store if they are able to get enough information about it on your site.
Have questions about improving your eCommerce site or need help defining your mobile eCommerce strategy? Contact us today.