Think of it as the digital majority moment – the point when most revenues are influenced by digital. In the retail sector it’s already true. Now a new report suggests that by 2020 digital will influence 47 per cent of revenues of revenues across a wide range of industries according to the study by Forrester research and Odgers Berndtson.
In turn this is drive the global B2B ecommerce market revenues into the stratosphere with Forrester prediction $1.3 trillion in sales with five years.
However the grim conclusion of the study’s authors is that most of today’s companies are unprepared for this change.
Despite this, executives are hugely optimistic about how digital will change their business according to Nigel Fenwick, writing on a Forrester blog.
The results suggests a very high awareness of the potential for digital to change today’s business, “… but also an expectation that their company will be successful in making the transformation needed to bring this expectation to fruition.”
Among the finding of the study…
- CPG execs expect digital to have an impact on almost half their sales
- Retail execs are bullish for online growth
- Professional and business services face dramatic changes
- Industrial products are catching up
Fenwick notes, “As the risk to existing revenue streams becomes apparent, companies will begin a panicked effort to attract digital talent. Companies with a strategy to attract and retain top digital talent will have an advantage in the face of a massive shortage of talent.”