Smartphones to represent $1.4 Trillion in Retail Sales By 2023- MobileAppDa
technology

Smartphones To Represent $1.4 Trillion In Retail Spending In Next 4 Years

Digital trends are at its peak and will influence business strategies in the near future.

https://dk2dyle8k4h9a.cloudfront.net/Smartphones To Represent $1.4 Trillion In Retail Spending In Next 4 Years

The future of shopping is digital and that is gradually becoming more accurate with each passing year, regardless of where and how the purchase is settled.

According to a research led by Satish Meena, a senior forecast analyst at Forrester Research, digital industries will influence 58 percent of the US retail sales by 2023.

The total retail sales for 2018 are expected to average around $3.7 trillion, with around 36 percent influenced by digital factors, such as online marketplaces, mobile advertising, and mobile search, the report stated.

Based on the assumption, the report states that 15 percent of all the retail sales in the US in 2019 will be influenced by e-commerce platforms, with digital shopping platforms impacting 36 percent of offline sales. The increasing popularity of smartphones, especially within the online retail sphere, will play a major role in influencing the digital economy.

The report titled Forrester Analytics: Digital Influenced Retail Sales Forecast, 2018 to 2023 states,

By 2022, 90 percent of all the digital sales will be influenced by smartphones, and by 2023, their influence will grow to represent $1.4 trillion in retail sales, Forrester stated.

Research made into the role of smartphones in the US e-commerce industry revealed that the share of retail sales influenced by smartphones grew by 14 percent when compared to 2017.

Besides smartphones, online marketplaces illustrate another significant influencer in retail sales(even offline sales). Forrester stated that online marketplaces would impact about $393 billion in offline retail sales in 2018. These marketplaces, particularly Amazon, play a major role in product discovery and the research phases of shopping.

Based on these findings, retailers and brands must realize the role of smartphones in respect to their business.

Vikram Khajuria
Written By
Vikram Khajuria

Jack of all trades. Covering the journalism field, Vikram writes at MobileAppDaily and keeps surfing the trends to understand tech and inventions better. Don’t forget his driving skills, he is a professional car rallyist. Life has just got better. Breathe it!!

Top Companies

InMobi
Singapore
Dot Com Infoway
New York, USA
M&C Saatchi Mobile
New York City, USA
Techmagnate
New Delhi, India
Fetch
London, UK
View full report

Latest Articles

Join our global community 135K Followers
technology

Apple Reminds Developers to Get Their Apps Ready for iPhone X

Ariana Johnson 4 min read  

Prior to Apple’s release of iPhone X in less than a week, the tech giant has reminded developers to get their apps ready for the device. In a post on its developer blog, Apple gives a simple heads-up for developers to test new iPhone X features in their app using Xcode and subsequently capture

technology

Apple iOS 11.2.5 Update Turns Out To Be A "Battery Drainer"

Akash Singh Chauhan 4 min read  

Apple released 11.2.5 iOS update on January 23 by breaking the iOS update series pattern for the first time in the history. The company jumped directly from the iOS 11.2.2 to 11.2.5. But, it seems like the performance and battery problem is not leaving Apple. Many users complained that the latest up

technology

Samsung Fixes Android 8.0 Oreo Update For Galaxy S7 And S7 Edge

Vikram Khajuria 4 min read  

Right after rolling out the Android 8.0 Oreo update for the Galaxy S7 and S7 edge, Samsung had put it on hold due to some technical issues. As reported by some UK users, after they updated their device with the new firmware, the device was getting rebooted. Thankfully, not all the users got affected

technology

Google Launches Chrome 66 With Media Autoplay Advancements And Security Features

Vikram Khajuria 4 min read  

Google finally started rolling out Chrome 66 for Windows, Mac, and Linux, the update is available for the users starting from today. After months of work on Chrome 66, the search giant has released the new version of the web browser with new features. The latest Chrome version includes the media aut