Digital Sales are Expected to Reach $1 Trillion this Year!
Updated: Nov 9, 2022
A very reputable source claims that Digital Online sales have reached or are expected to reach a $1 trillion market cap by the end of this fiscal year. They also gave an estimate of how much the world is expected to spend all the way up to 2027!
Thanks to this amazing site: the data (provided by Forrester Research Inc) states that by the year 2027 we can expect up to $1.6 trillion in revenue thanks to a 10% annual growth rate.
Now don't get us wrong. Digital Sales still have a long way to go before it completely replaces offline sales. Currently, offline sales attribute a $3 trillion dollar difference against Digital sales.
Growth Data provided by Forrester Research Inc. 2022.
It's still much more common to go to a local grocery store or an electronics outlet for the newest tech if it's made available to you instead of waiting a couple of days. However, the data states that as time progresses and technology advances we can expect this to change, it's just going to take time.
We oddly enough have the Corona Virus to thank for this. Everyone was stuck in their homes for the past year and a half in the states and sometimes longer in other countries, and sales were forced to go digital. This not only caused an increase in the overall growth of the data exponentially but opened so many doors to growth potential over time too.
This is why the data shown is critical to the future of the industry. It lets companies know that they are still worth the investment. Judging by the fact that even with the rise of inflation, the rise of growth only because of an epidemic, we can still agree that sales will continue to grow even after negative impacts are said and done.
To go into further analysis, Forrester mentions that most of the attributes coming from online sales over the years consist of "clothing, footwear, consumer electronics, food, and drink." Some of these are essential to day-to-day living, so it's only natural that as prices hike up, so does consumer demand.
Electronics (like media players, apple products, and computer parts) alone were up $123 billion in sales this last year. This amount is expected to double by the year 2027. That seems like a bit of a stretch, but 5 years will happen sooner than you think in this industry. It won't stop.
Walmarts New pickup locations provide convenience to consumers.
But with supply and demand on the rise each year, Companies are further demanding warehousing and pickup locations. Walmart has invested heavily in stand-alone pick-up establishments. So much so, that there are an estimated 4000+ locations around the United States for the sake of consumer convenience.
This is also where we come in. We are looking into potential expansion as our company continues to flourish and we are looking for ideal candidates that are looking for the next step of their own business. If you believe you're ready to take on the challenge of outsourcing without the stress of too many additional costs with owning your own warehouse, visit our contact us page!