As a result of a significant shift from traditional retail to online retail, the E-Commerce industry is expected to grow to over $835 billion in the next five years. Data shows that consumers prefer the convenience of finding, comparing and purchasing products online easily and quickly.
The industry’s main drivers include faster internet speeds, an increase in mobile internet connections, accelerating per capita disposable income growth and the continued surge in internet traffic volume.
Strong economic conditions will also aid retailers that purchase inventory from overseas, while revenue growth and wage growth are expected to continue their strong trajectory over the next five years as technology continues to boost worker productivity.
The greatest opportunity for growth will come from product categories that were traditionally dominated by brick-and-mortar shopping, including groceries, major appliance products and clothing.