There has been a dramatic shift to e-commerce that is capturing a larger share of sales than ever before. The shift away from physical retail toward digital retail is happening faster than experts expected. Hundreds of retail stores are closing in the next few years. For example, 189 Gap stores closed in 2012 & 2013. Also, 180 Abercrombie Stores are to close by 2015.
Some more stats to take note of:
- 1 in 20 retail dollars are online
- Amazon is now ~14% of ALL E-Commerce in North America
- The increase in E-Commerce is making it harder for delivery services to ship products on time
- Consumer electronics, books, and Clothing are the top three categories with the highest E‑Commerce growth
- Walmart hasn’t been as affected as most retailers.
- In 2014, it is expected that 52% of all retail sales will be web-influenced
- Mobile is now ¼ of all E-Commerce traffic
- Personalized customer experience is the biggest factor that retailers think they’re missing (60%)
- Paypal has grown exponentially