US Online Shopping Market 2024–2033

Reports Description

The US Online Shopping Market was estimated at USD 850 billion in 2022 and is anticipated to reach around USD 1900 billion by 2032, growing at a CAGR of roughly 16% between 2023 and 2032.

CMI research report offers a 360-degree view of the US Online Shopping market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines opportunities and competitive analysis for the US Online Shopping market.

• In 2022, while retail sales recovered, spikes in digital revenue tapered off after a year of seismic changes in internet purchasing. Online penetration remained constant in 2020 at 19% as both online and offline spending increased simultaneously. Online sales rose by 50.5% in comparison to 2019. According to projections from Digital Commerce 360, Amazon will control more than 40% of all U.S. e-commerce in 2022.
• The pandemic’s first massive e-commerce boom was followed by a sharp decline in online sales growth in 2022 as many immunized and worn-out customers returned to stores. As per the US Department of Commerce data, digital spending climbed 9.2% year over year during the holiday-focused Q4, bringing the overall gain in e-commerce for 2022 to 14.2%.
• com is the dominant participant in the American eCommerce market. In 2022, the business generated US $125.8 billion in revenue. With US $46.4 billion and US $26.1 billion, respectively, Walmart.com and Apple.com are the second and third-largest stores behind Amazon.com. The top three retailers collectively generate 25% of the sales for the top 100 online retailers in the United States.
• Every store that makes income in the US is included in the store rankings. These businesses can operate worldwide or with a national emphasis, solely selling in their home nation. Only income generated within the United States was taken into account for this evaluation.
• com is among the online retailers in the US market with the quickest growth. In 2022, the store generated net online sales of around US $0.7 million. Its sales increased by 493% the year before.

Report Scope

The US Online Shopping market research report offers an in-depth analysis of the market size, which is further segmented into segmentation market growth. Also, it provides the market share, sales analysis, competitive landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations. The scope of the study includes market sizing and forecast for segmentation by category.

Key Market Dynamics

• Many Americans concur that competitive pricing continues to be a key factor in determining their online purchasing choices. The competitive pricing and superior discounts in online stores drive the US online shopping business.
• Free delivery continues to be the key incentive for customers to go online shopping, while high shipping costs are the top cause of cart abandonment. The US online shopping market is expected to grow as more online merchants provide free shipping with a minimum cart value.
• The US population was 332 million in 2016 compared to 309 million in 2010. (Last updated on January 1, 2023). That is an increase of almost 22 million over the previous ten years. The retail industry has also been thriving over this time and is still growing in response to new needs. If we break out online spending by age cohort, it is evident that American consumers are still making proportionally larger online purchases. Changes in the competitive market and other variables that lower the price per unit drive this trend.
• Despite a few setbacks, such as the recent pandemic, American household incomes have increased dramatically over the previous 20 years. As adults in the upper-income tier have increased dramatically, the percentage of the middle class has decreased. The low-income class, however, has gone up from 25% to 29%. People in the middle-income category have not increased as quickly as those in the upper-income group. This clearly shows an increase in Americans’ overall income as a proportion. Millennials and those with high incomes have made important contributions to the growth of online purchasing.

The Computer and Consumer Electronics Segment Dominated the US Online Shopping Market

• Sales of accessories, home appliances, and components soared in 2022. Our calculations show that worldwide “electronic” purchases climbed by almost 35% in the year’s first half, with the US population leading the trend. They boosted their electronic purchases by 110% and their expenditures by 125%.
• The average check increased by 5% while the number of orders increased significantly. This pattern implies that US consumers are keeping an eye on costs and searching for the best deals, which has led to a modest increase in the average purchase amount.
• The electronics industry is expanding for several factors. The coronavirus and the limitations put in place were their main causes. However, e-commerce continues to develop across the nation, and Americans’ daily lives are becoming more and more infused with gadgets and various home appliances.
• The lockdown, which made many people work from home and increased sales of PCs, laptops, and peripherals, played a role in the boom. The dynamics have only gotten stronger over time. Laptop sales increased by around 50% in the first quarter of 2022. Americans are also particularly interested in various devices that make working from home more convenient.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Competitive Landscape

The US online shopping market is only slightly fragmented. The top three online merchants in the American e-commerce market are Amazon, Walmart.com, and BestBuy.com. Additionally, the US online shopping market is dominated by Amazon.com.

The store made US$ 140 billion in sales in 2022. Walmart.com comes in second with a profit of $53.2 billion, while bestbuy.com comes in third with a profit of $22.4 billion. The top three retailers make up nearly 35% of all online sales in the US.

The competitive landscape of the US Online Shopping industry gives information about the competitors. The company’s financials, revenue generated, market potential, investment in technology, global presence, new market initiatives, players’ capacities, company strengths & weaknesses, product release, product width & breadth, and application dominance are among the details included. The data points mentioned above only pertain to the companies’ market focus on US Online Shopping.

• 2023: Within its Web and Mobile development company, Bluebash Consulting Private Limited has announced the creation of a new E-Commerce-focused technology consulting section. iTrust, Corsidia, and Sebamed USA are a few of the company’s clients.
• 2023: Pinduoduo established its American online store as the Chinese e-commerce giant made its first significant foray into foreign markets.
• 2023: The new Instacart Mastercard credit card was announced by Instacart, the top grocery technology business in North America, and Chase, the biggest co-brand card issuer in the US. Cardholders can receive unlimited cash back with various redemption choices with this first credit card from Instacart, along with other incentives and advantages.
• 2023: As part of its increased eCommerce push, TikTok introduced its first in-app stores in the US.

List of the prominent players in the US Online Shopping market:

• Walmart
• Amazon
• Zara
• Home Depot
• Target
• Apple
• Costco
• Kroger
• Best Buy
• Wayfair
• Others

The US Online Shopping market is segmented as follows:

By Category

• Computer and Consumer Electronics
• Fashion & Apparel
• Furniture & Home
• Food & Beverage
• Beauty & Personal Care
• Others

On the basis of US Geography

• Northeast Region
• Southeast Region
• Midwest Region
• West Coast Region
• Southwest Region
• Mountain States