As of the first three quarters of 2023, e-commerce has totalled $793.7 billion, representing 14.9 per cent of all retail sales, setting the stage for another potential record-breaking Q4, according to an article titled ‘Online shopping has grown rapidly in US, but most sales are still in stores’ by Drew DeSilver published by the Pew Research Center.
Historically, since 2000, online sales have shown a predictable growth pattern, spiking in Q4 every year. This trend began with just 0.7 per cent of retail sales in Q4 1999 and reached 12.4 per cent by Q4 2019. However, the COVID-19 pandemic in early 2020 disrupted this pattern, leading to an unprecedented increase in online sales as consumers shifted to e-commerce due to lockdowns and store closures.
In Q2 2020, online sales surged by 55 per cent from the previous year, reaching $205.3 billion, and by Q4 2020, e-commerce accounted for a record 16.7 per cent of all retail sales. Even as physical stores reopened and shopping habits began to normalise, the online share of retail sales has remained significantly higher than pre-pandemic levels, indicating a lasting impact of the pandemic on consumer behaviour.
In Q3 2023, non-store retailers dominated the e-commerce landscape, capturing nearly 62 per cent of all online retail sales, a jump from just over 59 per cent the previous year.
ALCHEMPro News Desk (NB)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
