As you adjust your business goals for the new year, knowing what to expect can help. The Global eCommerce Sales Growth Report through 2026 shows promising trends for online businesses. Keep the following news in mind when writing your goals for 2023.
Increased Online Sales
Experts are expecting online sales to increase every year from now until 2026. For 2023, global eCommerce sales are projected to hit $6.3 trillion. Sales are expected to increase to $6.9 trillion in 2024, $7.5 trillion in 2025, and $8.1 trillion in 2026. The increase of nearly $2 trillion over the next few years is a result of more and more people turning to online stores rather than brick-and-mortar businesses.
Traditional Retail Sales vs. eCommerce Retail Sales
Online retail sales are continuing to take up a larger share of all retail sales on a global scale. As of 2022, online sales accounted for 19.7 percent of retail sales. This is expected to increase to 24 percent by 2026. With online sales making up nearly a quarter of all sales within a few years, it’s important for eCommerce business owners to make sure they’re prepared.
Boosting Your Online Business
The latest projections for global eCommerce sales mean that it’s time to make adjustments to your own business. This can help you take advantage of the increase in online purchases in order to help your company grow. With more consumers being comfortable shopping on mobile devices, make sure your online store has processes in place to provide secure transactions. Partnering with a fulfillment warehouse might also be a smart move to make, since this ensures that customers are able to get their orders on time.
If you’re looking for a dependable fulfillment warehouse to partner with your business, contact Medallion Fulfillment and Logistics.