By Doug Caverly – Mon, 03/08/2010 –
Big gains for the U.S. and Europe over the next few years
There’s good news this afternoon for small business owners who sell things online: Forrester Research believes the online retail sector will continue to take off, making the U.S. market alone worth about $250 billion by 2014.
Here are the exact figures as relayed by a press release: “US online retail will grow at a 10 percent compound annual growth rate (CAGR) over the next five years to reach nearly $249 billion by 2014.” Which is quite impressive.
What’s more, circumstances should improve at an even faster rate in Europe, considering that the release continued, “Online retail within the largest European Union nations in Western Europe will grow at an 11 percent CAGR over the same period, hitting 114 billion (or about $156 billion) by 2014.”
Also, clothing is supposed to be one of the hottest product categories in both regions.
Business owners in all sorts of markets should establish a presence online if they haven’t already, though, and existing sites should be tweaked and polished when possible. Growth of the sort Forrester has forecast isn’t the sort of thing anyone would want to miss out on.