Last winter, we shared the National Retail Federation’s retail sales forecast for 2023. Now Forrester just released its U.S. Online Retail Forecast, 2023 to 2028—and the future of retail shines bright. Despite its name, the report covers total U.S. retail sales and online and offline (store-based) revenues.
According to the new report, total U.S. retail sales will reach $5.8 trillion, in-store sales will hit $4.2 trillion, accounting for 72% of the total market by 2028, up from last year’s $3.6 trillion, and online sales will get to $1.6 trillion.
Jitender Miglani, Sr Forecast Analyst at Forrester, says, “From 2023 on…the core advantages of offline retail—tangible experiences, immediate gratification, physical product comparison, social interaction, and personalized assistance—will continue to drive the sales.” He adds that lately, social interaction has been a key driver of in-store sales, with about one-third of consumers saying (in another Forrester report) that they like to get out of the house and shop.
The Forecast also reports on click-and-collect sales. This year Forrester expects click-and-collect sales, which include BOPIS (buy online, pick up in-store) and curbside pickup, to top $100 billion. This volume is predicted to double by 2028, exceeding $200 billion.
Forrester attributes the surge to retailers investing in improving physical and technological infrastructure to increase click-and-collect sales. It says, “In addition to convenience and time-saving benefits to consumers, click-and-collect also helps retailers manage order fulfillment more cost-effectively and helps them to foster strong customer relationships.”
Retail stock image by Christian Horz/Shutterstock
