Digital trends are at its peak and will influence business strategies in the near future.
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,
“Roughly 88 percent of US online adults use a smartphone, 45 percent use a smartphone at least once a month to research products before making a purchase and 28 percent use a smartphone at least once a month to purchase physical products.”
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.