Who doesn’t shop online these days?! With all the facilities and wide range of products that the e-commerce retailers are offering, are actually engaging more and more shoppers. As per the latest report released by FTI Consulting, a global business advisory firm, online retail sales in the United States will reach US $ 525 billion this year. Notably, this will be almost 16 percent more than that of last year’s US $ 452 billion.
Also, online retail sales in the country will reach US $ 660 billion by 2020. Further, it will surpass US $ 1 trillion mark by 2025.
Markedly, e-commerce has a 13.2 percent share in the US retail business.
“Online sales are growing at a respectable rate for many omni-channel retailers in large part because they continue to bear nearly all the associated costs of attracting and accommodating online shoppers,” said Christa Hart, Senior MD in Retail & Consumer Products Practice at FTI Consulting.
The report further adds that with the extensive existence across product segments. Amazon will continue to take up a major chunk of online sales, reaching 39.7 percent this from 35.7 percent last years. By 2023, Amazon’s share is expected to be 50 percent.
Fashion (segment) plays a big role in online sales. It’s also being said that Amazon will triumph over Walmart to grab the No. 1 spot in apparel retail in 2018. Notably, the retailer’s clothing and footwear sales are expected to reach US $ 30 billion this year.