As online retail grows and more shoppers move to the web, retailers will face a series of challenges. How can they best prepare for the successful future of the online retail industry?
The online retail industry has witnessed significant growth over the last several decades. According to data from the U.S. Department of Commerce, online retail accounted for $136.6 billion in sales in 2007. By 2015 the number of sales online more than doubled and surpassed $340 billion. The future of the online retail industry promises to be even more prominent, with Forrester predicting online sales will reach 523 billion in the U.S. alone, by 2020.