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On-line Shopping & Sales Increasing!
An increase in the number of female shoppers will contribute to 14 percent of jewelry sales moving online by 2010, according to a new forecast from Forrester Research released Monday.
Last year, it was estimated that 5 percent of jewelry sales were occurring online.
But jewelry is just part of a retail online picture which is growing even faster across the board, according to Forrester. Thanks to innovations that will make online shopping simpler and more engaging, online retail sales will nearly double within five years—from $172 billion in 2005 to $329 billion in 2010, according to the report. That increase includes a 14 percent compound annual growth rate over the next five years.
"Businesses are debating their online strategy. Many believe they became too focused on sales. Now they're looking at their Web sites as a way to drive in-store traffic and increase their engagement with customers," said Forrester Research Vice President Carrie Johnson in a release. "This is a huge shift in philosophy, as e-commerce enters a more sophisticated phase. But it's also creating tension, as CEOs demand ROI for expensive Web sites with hard-to-define metrics, such as loyalty and brand."
Since more and more mainstream consumers are already shopping online, retailers are investing in improved online shopping experiences by using state-of-the-art technologies, such as sophisticated analytics and personalization tools.
Other highlights from the Forrester report:
-E-commerce will represent 13 percent of total U.S. retail sales in 2010.
-Travel remains the largest online retail category, growing from $63 billion in 2005 to $119 billion in 2010.
-General merchandise (all retail categories, excluding food and beverage, auto and travel) will top $100 billion for the first time in 2005.
-Online sales of health and beauty products will grow at an annual rate of 22 percent.
-Twenty-nine percent of small appliance sales will migrate to the Web by the end of the decade, as a generation that grew up with the Internet marries and attends weddings.
-Categories showing significant growth (i.e., growth outpacing the overall 14 percent compound annual rate) include: apparel, consumer electronics, health and beauty, food and beverage, home products and sporting goods.
The $329 billion Forrester projects for online retail sales for 2010 represents a minor downward adjustment from its 2004 forecast.
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