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.

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.

MAD Team
Written By

MobileAppDaily host a team of experienced technical writers, industry wizards, and app experts who have an exact knack of content that caters to the needs of the mobile app targeted audience. We strive to bring you the best of tech!

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

Google Is Bringing A New Update For Android Apps On Chrome OS

MAD Team 4 min read  

Android users have a great asset to them that many probably don’t know about. Not only can you play your favorite Android games or run your favorite Android apps from your laptop, but also retain all of the productivity features offered by Google’s suite of applications. In case you stil

technology

Google Home Announces the New Saga of Refreshed App

MAD Team 4 min read  

Google is getting smart and making things smarter than before. Google Home launched a newly refreshed app which is going to make everything easy for the user group. Google home app is available with a new look and an upgraded layout which is going to help the user with recommended streaming, refined

technology

Apple To Set-Up Tech-Enabled Health Care Centers For Its Employees

MAD Team 4 min read  

Apple is all set to launch its own primary healthcare clinic, naming AC Wellness for its employees. In order to provide effective health care benefits and services, the company is setting up two healthcare centers in California. Similar to the Amazon’s initiation for the health care of its emp

technology

YouTube Added HDR Video Support For iPhone Users

MAD Team 4 min read  

YouTube is rolling out an innovative change after which the quality of the videos will tremendously improve for the iPhone users. The HDR or high dynamic range video support is all set to backup videos for the iPhone X, 8 and 8 Plus users. And, for the iPad pro users, the display has been made brigh