August 24, 2016
Report: U.S. Online Retail Sales to Hit $480 Billion by 2019
April 27, 2015
While all eyes have been on China’s e-commerce growth recently, the U.S. solidified its position as the next largest e-commerce market in the world, according to a recent report from Forrester Research. U.S. online retail sales will top $334 billion this year, the report said, and the Cambridge, Mass.-based research and advisory firm predicted the market will grow to $480 billion by 2019. The report found that 69 percent of U.S. consumers regularly shop online and clothing, consumer electronics and computers account for about a third of online spend. Categories that have lagged online in the past, however, like furniture and auto parts will experience higher than average growth as consumers begin to migrate their online spending to new products, said Sucharita Mulpuru, vice president and principal analyst for e-business at Forrester.
“Shoppers are distributing their spend across a variety of categories,” Mulpuru said in the report. “In the year 2000, three categories — computers, clothing and books — dominated 46 percent of online retail, while today consumer electronics makes the list alongside computers and clothing. Categories that were once trailing behind in online sales, like furniture and auto parts, will have compound annual growth rates of 15 percent and 11 percent, respectively, over the next five years as shoppers become more comfortable researching and buying these products online.”