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If your business hasn’t started the journey into E-commerce, then you’re likely falling behind the competition. In 2020, 17.8% of all retail sales happened online, and by 2024, this number is expected to increase to 22.3%. That percentage growth might seem small, but in reality, it is accounting for trillions of dollars in E-commerce and online sales growth.
Amazon appeared in headlines all throughout 2017. Most noteworthy, however, was their $13.7 billion acquisition of Whole Foods in June. For months afterwards, market analysts discussed what the acquisition meant for Amazon, its competitors and the future of e-commerce as a whole.
The 2017 holiday shopping season has continued to break records. Consumers began their shopping earlier than ever aided by the growing retailer trend of the pre-Black Friday sale.
Following a summer of acquisitions and growth from Amazon, a larger narrative began to form for legacy retailers. They were viewed as stagnate and doomed to fall to the growing e-commerce market.
For some Americans, the holiday shopping season begins on Black Friday. But for many others, e-commerce and pre-Black Friday online deals have continued to push holiday shopping earlier and earlier in November.
Growth in the e-commerce market has given customers a variety of avenues to acquire their favorite products. For businesses, however, it’s hard to analyze exactly where their sales come from and whether or not an online and brick-and-mortar presence can be mutually beneficial to future growth.
The effects of e-commerce on the economy, specifically within the retail market, have remained little more than speculation for the past few years.
Near the beginning of its rise to prominence, e-commerce was seen as an “all or nothing” endeavor. Businesses were either entirely committed to a physical, retail presence or built their business around e-commerce.
As the world becomes increasingly digitized and more personal information gets stored online, Americans have become more informed about cyber security risks.
It was recently reported that in rural areas, 35 percent of Americans do not have access to the Internet (about 25 million Americans), according to CBS News.
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