According to the Census Bureau of the Department of Commerce, U.S. retail quarterly e-commerce sales hit $115.3 billion in the 3rd quarter of 2017. That represented an increase of 3.6 percent from the second quarter of 2017. Total retail sales for the third quarter of 2017 were estimated at $1.2 trillion, an increase of 1.1 percent from the second quarter of 2017. E-commerce sales in the third quarter of 2017 accounted for 9.1 percent of total sales.
The trend is expected to continue, as e-commerce behemoth Amazon, and other e-tailers continued to rack up gains at the expense of old brick and mortar institutions like Sears, Kmart and J.C. Penny. Retail chains closed over 5,000 stores in 2017, with at least 3,600 more expected to close in 2018. Meanwhile their digital competitors continued to grow. Amazon’s valuation pushed past the $500 billion mark, with some analyst noting that they are on a trillion dollar valuation trajectory.
The takeaway here for insurance agencies and brokers is to get more digital, and do so quickly, as more and more lead generation and transactions move online. Contact StartUpSelling for a complimentary insurance agency web marketing and lead generation review.