The dynamics of the marketplace as we know it are changing.
After a steady increase of 13.9% in 2012, generating sales of $231 billion for retailers in North America, online retail is expected to increase 12% to $262 billion this year. According to Forrester, despite economic turmoil and major belt-tightening on the part of the average consumer, e-ecommerce will continue to dominate the retail landscape in the next five years, reaching $370 billion by 2017.
Forrester predicts that the double-digit e-commerce growth will stimulate online employment growth, projecting an additional 161,000 jobs to the existing 409,000, with most positions created in the technology, customer service and fulfillment departments.
The growth is sustained by the proliferation of tablets and smartphones, as well as the increased affordability, richer product information and greater convenience of online retail, which will cause more and more consumers to shift spending from traditional brick-and-mortar stores to e-commerce.
Baynote takes a closer look at these predictions, below:
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