The future of retail is now, and it’s a big one.
A new study from consultancy Gartner predicts retailing will grow by almost 50% by 2020.
Gartner says retailing is already more than $150 billion in revenue and has the potential to grow to $350 billion by 2020, with ecommerce, travel and consumer electronics expected to be among the fastest-growing segments of retail by that time.
The industry has already surpassed $1 trillion in annual revenue, with $7.5 trillion in revenue coming from ecommerce alone.
Growth of ecommerce by 2020 has the power to transform retailing, Gartners analyst Chris Jankowski told Mashable.
“Retailers are doing a fantastic job of integrating their own products and services into the retail environment, and I think that’s really going to have a huge impact on the way people shop and how they buy things.”
Gartners expects ecommerce to reach $1.1 trillion by 2020 as a whole, and to reach a peak of $1 billion in 2019.
Retailers will be able to offer their own unique shopping experiences, while providing new and innovative products and experiences to customers through the ecommerce platform.
Jankowski expects eCommerce to be the most disruptive force in retail in the next decade, and predicts that its growth will continue for decades to come.
“The trend is pretty clear that we’re going to see a significant increase in the number of eCommerce sites,” Jankowsky said.
“We’re going the same direction with online shopping, and that’s going to continue for a very long time.”
Garts analysis suggests eCommerce will be the fastest growing consumer sector in the world by 2020 and will become the world’s third-largest industry by 2023.
The study also predicts the eCommerce industry will generate $12 trillion in sales and generate $13.3 trillion in revenues in 2023 alone.
Jankowkso says that will help drive the entire eCommerce sector into the stratosphere.
Garts predicts that eCommerce is the fastest growth industry in the country and it will be one of the fastest expanding in the U.S. by 2043.
Gartens analysis also projects that ecommerce will be responsible for a whopping $5 trillion of GDP in 2020.