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The online grocery boom is likely to post sales figures between $80-$123 billion by 2023, according to Steve Bishop of Brick Meets Click (BMC), who presented new statistics at The Food Institute on Oct. 1.
If these findings are realized, according to Bishop, online grocery sales would exceed those of Kroger, the nation's largest traditional supermarket chain.
Online grocery sales in 2014 are estimated by BMC to be about $27 billion, suggesting that traditional brick and mortar grocers should respond accordingly as online sales will increasingly cannibalize in-store sales.
"The question and opportunity is who will capture the growing online sales," Bishop said. "Will the in-store lost sales be recaptured and offset by your online channel or lost to the competition? It's a good time to step up your online game."
Further, although online grocery store sales account for only about 4 percent of market-level spending, over the next decade it's expected these sales will account for 11-17 percent of that total.
Some major markets like New York and San Francisco could potentially exceed that level, added Bishop, while others will likely fall below that 11 percent figure, where there is less invested online.
Bishop's webinar, "Get In On The Growth of Online Shopping," is available online at https://foodinstitute.com/webinar_library.