By 2024, online sales will reach 19.2% of all US retail sales. The growth rate in 2020 is much higher than the company's forecast of 18% growth rate in the second quarter because consumers continue to choose online shopping during the pandemic.
According to eMarketer reports, this year's physical store consumption fell 3.2%, will fall to 4.711 trillion US dollars, and online shopping growth is strong enough to offset this decline. Therefore, total retail sales in the United States will remain basically unchanged.
Andrew Lipsman, chief analyst of eMarketer at Insider Intelligence, said: “Given the severity of the economic crisis, we saw e-commerce accelerating in an impossible way last spring. Although this shift was largely driven by basic groceries, Category-oriented, but non-essential products such as consumer electronics and household goods have shown strong growth momentum. The growth of these categories has benefited from the growth in demand for lifestyle driven by the pandemic."
According to eMarketer's data, as the entire e-commerce market expands, the share of the top 10 e-commerce platforms will also expand, accounting for 63.2% of all online sales this year. This is an increase from 57.9% in 2019.
The following are the main survey results of the top 10 e-commerce platforms:
• In 2020, Amazon’s market share will grow to 39%. Amazon is by far the largest e-commerce participant and will receive the most revenue.
• Wal-Mart's market share will reach 5.8%. This year, Wal-Mart replaced eBay as the second largest e-commerce company in the United States.
• Best Buy (increased 105.5%) and Target (increased by 103.5%) e-commerce sales will more than double, in large part because of the popularity of their curbside pickup services.
• Even though Macy’s is developing its online business, Kroger has replaced Macy’s as the 10th retailer in e-commerce sales.
Emarketer lists the top 10 e-commerce platforms in the United States by sales, as shown in the figure: