Nike announced a revenue target of $50 billion by the end of fiscal year 2020, effectively aspiring to increase e-commerce sales by nearly seven fold in order to reach $7 billion in the next five years.
The company is taking steps to reach this goal and recently appointed its first Chief Digital Officer, Adam Sussman, who was previously the head of global strategy and development.
With global e-commerce sales generating $1.2 million every 30 seconds, Nike’s digital initiatives are essential for the company to meet their 2020 goals.
Digital IQ identified Nike as one of the leaders in digital space in a study that looked to “quantify the digital competence” of 59 U.S. sportswear brands. Nike came out on top in this study based on its ability to creatively interact with consumers on many devices and online environments.
Reports suggest that online retail sales will grown by more than 57% by 2018, and nearly 60% of all transactions will involve digital channels in some form. Nike is adopting an “integrated market place” strategy, which aims at providing consumers easy access to its products and integrating the overall shopping experience.
Nike is also investing in 3D printing technology. The aim is allow consumers to design their shoes online and print them at home or in the Nike store.
Sporttechie reports that the decision to hire a Chief Digital Officer reflects a necessity rather than an unprecedented decision. With the future of the sports world lying in the digital realm, Nike is simply keeping up to make sure that they can maintain their vast revenue and increase to their goal amount.