Rapid digitization and higher spending by consumers led to greater use of ecommerce services, leading to significant growth in the online retail market. The online retail market includes consumer-related products such as clothing and footwear, electricals, home products, food and grocery, and health and beauty.
The online retail market in the US decreased from $1,504.5 billion in 2020 to $1,440.7 billion in 2021. The 4% decline in 2021 as physical stores continue to open. Between 2018 and 2021, the market grew at a CAGR of 13.8%. Convenience, time saving, variety & choice, minimal social contact, and prices are some of the factore driving the growth. Though the social contact factor might lessen the other factors will remain of key importance and will continue to make the channel attractive. Technology that adds to the convenience of using the online channel will also key in growing usage over the next few years. According to GlobalData, the online retail market in the US is expected to grow at a CAGR of 9.97% between 2021 and 2024.
Amazon with its wide range of merchandise and convenience dominates the market. It dominates the online specialist market supported by its Prime subscription model to provide faster delivery and premium service. The growth is supported by the strength of its ecommerce platform, ever expanding reach and initiatives to invest in technologies. The other major players are Walmart, Home Depot, Apple, Best Buy, Target, Wayfair, Macy's, Lowe's, and Chewy.com.
United States of America
United States of America
United States of America
United States of America
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United States of America
United States of America
United States of America
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