Ecommerce Expected to Account for 17% of Retail by 2018
Biz & Co

Ecommerce Expected to Account for 17% of Retail by 2018

Thinking of starting an ecommerce business? With online retail spending on the rise, there’s never been a better time to start taking action and turn your ecommerce ambitions into a real business.

A new report from Forrester projects that ecommerce will continue to grow at a fast pace, with analysis projecting that online stores could account for as much as 17% of all retail sales in the United States by 2022.

The report, which came out last year, also projected that US customers would spend as much as $460 billion on ecommerce during 2017, making the year the biggest ever for online stores offering consumer products.

The report indicates that not only is it a good time to be a consumer, but it’s also a great time to be an investor in ecommerce companies. With spending on the rise, valuations for ecommerce companies are rocketing upwards as part of a larger upward trend for technology stocks.

Not a tech investor? Luckily, there are other ways to ride the ecommerce wave. Platforms such as Shopify, which is often ranked as the best ecommerce platform for small businesses, make it easier than ever to start your own online retail business.

Beyond a strong economy, there are several factors contributing to the rice in online consumer spending. One is an increasing level of comfort and familiarity with online shopping, which has prompted many former high street customers to switch over to ecommerce retailers.

Another is the changing demographics of today’s B2C market. Millennials, many of whom have grown up with ecommerce and view it as the default way to shop, are earning higher incomes, fueling a steady rise in ecommerce spending.

If you’ve ever dreamed of operating an ecommerce business, it’s a good time to consider taking action. With the numbers on your side and platforms like Shopify simplifying the technical side of ecommerce, there’s never been a better time to launch your own ecommerce business.

Not sure how to start? The infographic below covers a simple, three-step process that you can use to build, launch and grow your ecommerce business:

Ecommerce Expected to Account for 17% of Retail by 2018