Outlook of The Retail E-commerce Industry in 2020
Everything you see right now will in some way or another be changed in the next 5 years. It’s crazy when you think about how far retail has come; thinking back to Phil Knight’s struggles to sell his first shoes out of his trunk. Can you imagine trying to coordinate sales, shipping, fulfillment without the internet? It honestly sounds like the kind of story our parents would tell us to show how easy we have it, but at the end of the day it is in fact true.
Luckily, that’s something we’ll never have to worry about again. Retail e-commerce sales are expected to surpass $4.5 Trillion worldwide in 2020. READ THAT AGAIN. $4.5 Trillion!! The top 3 e-commerce companies in 2017 accounted for roughly $100 Billion US in sales (Statista.com, 2019) which proves that the market is SO open to new entrants with no real dominant forces. The extreme size of the online retail market is what allows people with a huge following to essentially become wealthy overnight by selling their own merchandise. A truly incredible business that has just come to fruition in the last 5-10 years.
These past two years, 2018 & 2019, you may have noticed the emphasis of showing product sizing charts on all products sold online. This is usually provided visually with the expectation that the user knows their body sizing, almost as if the thought process is that people are just walking around with measuring tape or are visiting a tailor yearly. This unfortunately is not the case. Which is what brought the introduction of body measuring to online retail by FMRU. Starting in 2020, we have high hopes that people will embrace this evolution of online shopping so they can support our growth and vision.
Who knows what the future holds – whether it’s flying cars, hologram girlfriends, meals in a pill or living on MARS. I suggest you buckle up, expand your horizons and enjoy the ride!!
Thanks for reading and be sure to follow @fmruclothing on Instagram.
- Lucas Koren