In the latest report by shop.org and Forrester Research study ‘The State of Retailing Online 8.0’, online retailers got a 24% increase in sales for 2004 with 2005 expected to be around 22%. This dwarfs traditional retail growth rates of 7%. This growth trend occurred in every category tracked by the study.
According to the Department of Commerce, online retail sales at end of Q1 2000 was $5.46 billion compared to Q1 2005 results of $19.19 billion.
US retail sales rose from 2003 of $56 billion to an expected $84.5 billion for 2005 and $139 billion for 2008 (from US Department of Commerce baselines).
Internet usage statistics in United States alone has seen a rise in internet usage of 221,437,647 in 2005, an increase of nearly 105% since 2000 (Nielson/NetRatings).
The mind-boggling growth figures are something to consider when you are trying to garner more business with your online presence. An online presence doesn’t necessarily mean an internet business. Revenue generated online becomes an integral part of an overall strategy to boost revenue, generate leads cheaply, create a brand, and more. It’s part of an overall strategy to improve your business profitability and not something to rely on solely for all the business.
If your business isn’t online now, then when are you going to be? Sooner or later, you’ll have to get onboard and figure out this whole “internet thing”.