The online retail market size in the US will grow by USD 460.13 billion from 2021 to 2026, as per the latest market analysis report by Technavio. The report also identifies the market to witness an accelerating growth momentum at a CAGR of 11.64%. Apparel, footwear, and accessories product segment held the largest share in 2021 and the segment will continue to account for the largest share throughout the forecast period. The availability of simple and secure online payment options, the ability to track shipments, 24/7 customer service, and low prices have all contributed to the increased demand for online shopping in this segment.
Online Retail Market in the US Driver: High penetration of Internet and smartphones and rising online spending to drive growth
The growing seasonal and holiday sales is one of the key drivers supporting the online retail market growth in the US. E-commerce sales made up 20.9 % of total retail sales in the holiday season of 2021, slightly higher than 20.6 percent in 2020. Thanksgiving, Black Friday, and Cyber Monday are the days that see a high amount of online shopping. Apparel, footwear and accessories, consumer electronics, computer hardware, and toys are the largest gaining product categories during the holiday season.
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Online Retail Market In The US Trend: Ominichannel Retailing
Omni-channel retailing is another factor supporting the online retail market growth in the US. It is rapidly becoming the norm for many retailers in the US. It offers consumers the option to shop online and pick up the merchandise from the store nearest to their location on the same day. Retailers are observing a high web influence on their in-store sales. For instance, Best Buy is integrating its offline and online stores to boost revenues. As a part of its omnichannel strategy, the retailer is utilizing physical stores as distribution centers for online purchases.
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Online Retail Market In The US Vendor Insights
The online retail market in the US is fragmented and the vendors are deploying growth strategies such as sales, discounts, bundle discount offers, and others to compete in the market. For instance, Companies such as Apple Inc. operates online retail business named Apple store.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Amazon.com Inc.
- Apple Inc.
- Best Buy Co. Inc.
- Costco Wholesale Corp.
- eBay Inc.
- Kroger Co.
- Target Corp.
- The Home Depot Inc.
- Walmart Inc.
- Wayfair Inc.
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