The outlook for the retail industry is looking very bright going forward. Because of several recent developments and industry trends, Business Insider predicts that the retail market will surpass $5.5 trillion by 2020. The prediction was released with a slide deck called “The Future Of Retail: Mobile Commerce.”
The outstanding performance of the retail industry is due in large part to developments in e-commerce and the broader retail industry. In-store sales still account for the vast majority of retail sales, but the e-commerce end of retail is growing almost four times as quickly. The growth in e-commerce is thanks in large part to mobile commerce, which in many ways has driven the e-commerce industry.
The good news for retail has been further propelled by a generally well-performing economy. American retail is growing by over $200 billion year-over-year. If you are interested in where the retail market will go beyond 2020, it would be important to become up-to-date with mobile payment trends among other trends and metrics. Regardless, the future of retail looks great for now.
