Data from the US Department of Commerce shows that the number US ecommerce sales has been growing steadily for over a decade.
In 2019, the total value of US ecommerce sales reached $595.5 billion, a 14.9 percent year-over-year increase from 2018’s $518.5 billion. It’s also one of the fastest US ecommerce growth rates in seven years, second to 2017’s 15.5 percent year-over-year increase.
That marks an impressive increase from the turn of the decade in 2010. In nine years, annual US ecommerce sales have multiplied by more than 3.5 times.
US Ecommerce Growth in 2020
According to the latest figures, in the first half of 2020 alone, US ecommerce sales reached $371.9 billion. This is a whopping 30.0 percent year-over-year increase from the first half of 2019 and more than double of the previous year’s growth rate.
Here’s a look at the year-over-year US ecommerce sales growth since 2017.
- Q1 and Q2 2019: 11.4 percent
- Q1 and Q2 2018: 14.8 percent
- Q1 and Q2 2017: 15.3 percent
Total ecommerce sales in the US in Q2 2020 came in at $211.5 billion, marking an impressive 31.85 percent quarterly increase. This is noteworthy growth for ecommerce, particularly so during the coronavirus pandemic as consumer sentiments fell to a three-year low only as recently as March.
The largest US ecommerce retailer, Amazon, also saw massive increases in its ecommerce sales for the first quarter of the year. According to the company’s first-quarter revenue figures, its net sales jumped 26 percent year-over-year to $75.5 billion from $59.7 billion in Q1 2019.
Not only are ecommerce sales increasing, but the US ecommerce market share of total retail sales has also been growing. The ecommerce market share in Q2 2020 came in at 16.1 percent of overall retail sales.
This a 5.3 percentage point increase from Q2 2019’s 10.5 percent. It is also a whopping 44.5 percent jump, which makes it the biggest increase on record and nearly three times as much as that of the previous quarter.
These statistics show that US ecommerce sales are growing at an impressive rate. Should this growth pace continue, US ecommerce sales look set to grow and exceed $700 billion in 2020.