Amazon is big. Four out of every 10 dollars spent online in the U.S. is with Amazon (43 percent). Eighty percent of online growth comes from Amazon sales. Currently, there are approximately 80 million Amazon Prime members – that’s 64 percent of households in the U.S.! These stats and facts about Amazon come from the keynote speakers at the Internet Retailers Conference and Exhibition (IRCE) that took place in Chicago earlier this month.
What does the future look like for online retailing? According to Internet Retail, online sales grew faster in 2016 than they had in the past three years and account for 11.7 percent of overall retail sales. As online sales grow, sales at traditional brick-and-mortar stores will erode. Traditional retailers are worried that online sales will “disrupt” them and put them out of business. Some should be concerned, but not all.
Stores are closing in almost every market. Major retailers like Sears and Macy’s have closed hundreds of stores. Are online retailers like Amazon to blame? That’s part of the reason, but not the only reason. It’s common knowledge that the traditional retail industry is overbuilt. There are simply too many malls and stores.
Link to the rest at Forbes
Which means that 64% of US households have access to the Kindle Owners Lending Library.