As we’re quickly learning here at #NRF13 – National Retail Federation’s Retail BIG Show (Conference and Expo) – in New York City, the retail game is rapidly changing.
This couldn’t be more evident in a study released by Forrester, which says that more than $1 trillion in annual retail sales could be attributed to “Web-influenced purchases.”
According to the study, an estimated $210 billion worth of consumer goods were purchased online in 2012. Moreover, online retail sales are expected to reach $230 billion by 2013 and $248.7 billion by 2014.
Impressive as these numbers sound, they don’t even take into account the offline sales or in-store sales that were influenced by online research. According to Forrester, an estimated $1.2 trillion of retail sales were Web-influenced. That’s 50 percent of total sales. Consumers are influenced by online media whenever they visit a retail website to find product information, consult a review website to decide about a product or service, or check social media sites to learn about what to buy or where to go.
Peep the infographic below:
As the #NRF13 has highlighted, these trends in retail are poised to continue, especially given the growth of e-Commerce, social media, user-generated content (UGC) platforms, and online review sites and review aggregators. Sites like Yelp, Foursquare, Google, and TripAdvisor, for example, certainly count as one of the many “Web influences”. And they are only growing in popularity, subsequently making an increasing impact on local businesses’ sales performance and revenues.
Held this year at the Jacob K. Javits Convention Center in New York City, NRF’s BIG Show is one of the top 200 events in the US, as well as one of the 50 fastest-growing trade events in the world. This year’s conference features top executives from retail giants like Starbucks, Mango, The Container Store, Walmart, and Whole Foods, among many others.