|EcommerceBytes-NewsFlash, Number 2925 - October 31, 2012 - ISSN 1539-5065 6 of 6|
Few doubt the growth potential for ecommerce. Amazon.com approaching $50 billion in annual revenue stands as one significant example.
But a report from The Economist Intelligence Unit anticipates impressive changes in the coming decade. For one, they looked at the online sales taking place in the United Kingdom.
Citing The Centre for Retail Research, the report noted UK buyers accounted for the highest proportion of online spending globally. Their ecommerce spending will make up about 13.2 percent of all retail sales in 2012.
By 2022, this percentage should rise dramatically. The report anticipates an increase in online purchases in the UK to represent one-third, or possibly more, of overall sales.
The Economist Intelligence Unit cited the successful implementation of technologies like "try before you buy" in moving online shoppers beyond traditional ecommerce purchases like electronics or books. People are buying clothing and groceries online as well.
Give social media some credit for moving the needle too. The report credited Pinterest with accelerating retail opportunities, driving traffic from "pinned" items to ecommerce sites associated with them.
Mobile technology, something we've mentioned a few times as a rising power in ecommerce, also received mention. The value of European mobile retail transactions should increase elevenfold from 2011 through 2017, according to Forrester.
The report considers this estimate conservative, and believes by 2022 mobile ecommerce will be mainstream, with impulse buys and the phenomenon of "showrooming" contributing to some of that growth.
It also noted that by 2022 China is expected to account for around a quarter of the global retail sales generated by the 60 largest markets, twice as much as the US.
About the Author
About the author:
David A. Utter is a freelance writer based in Lexington, KY. He has covered technology topics from search to security to online business and has been quoted in places like ZDNet and BusinessWeek. He considers his appearance on NPR's "All Things Considered" with long-time host Robert Siegel a delightful highlight. Find him on Twitter @davidautter and on LinkedIn.
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