With the rising dominance of online shopping, the ecommerce share of retail sales has been on the increase over the past few years.
In 2017, the online retail market share came in at 10.4 percent. That is to say that of every $100 spent by consumers, more than $10 was spent online.
Today, this figure has risen to 16.1 percent, representing $4.206 trillion of the $26.074 trillion value of the retail market in 2020. This is a whopping 54.8 percent increase in the ecommerce market share in a matter of three years. This growth is set to continue and reach 22 percent by 2023, marking a 112 percent increase in just six years.
This increase should come as no surprise, given the growing accessibility and affordability of mobile devices, as well as the improvement of internet access worldwide.
Zooming in on one of the world’s largest ecommerce markets, let’s take a look at what percent of US total retail sales are currently sold online.
In 2019, ecommerce market share growth in the US marked two impressive milestones: firstly, it increased by double digits for the tenth year running and secondly, it now makes up more than ten percent of the country’s total retail sales for the very first time.
The growth of the ecommerce market share in the US shows no signs of stopping. In 2017, online sales hit $449.88 billion, which was 8.9 percent of overall retail sales for the year. This is forecast to reach 12 percent in 2020 with a further rise to 16.2 percent by 2023.
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