This year is the strongest growth year for online retail sales since 2006, when the channel was still in its infancy. According to FTI Consulting’s announcement, online market share in retail sales will increase by 350 basis points in 2020, more than double the increase in annual market share in recent years.
Months of bans and non-critical business closures have changed consumer habits and shopping conditions, online grocery and home-related spending has significantly increased sales, and travel-related spending has gone out. Food and apparel are terribly late, as most Americans stay close to their homes earlier.
Online retail sales are projected to reach $ 1 trillion by 2023, a year ahead of last year’s forecast. The total online market share is projected to reach 27% by 2025 and 33% by 2030, compared to 19.2% in 2020.
Amazon.com remains a major player in the online retail industry, but pandemics allow large omni-channel retailers to increase their online sales and market share, especially using curbside pickups. It’s done.
According to FTI Consulting, Amazon’s estimated market share of online sales could have declined slightly in the second quarter of this year, despite reporting record levels of retail sales.
Many people who have been forced to buy online channels by a pandemic will continue to do so, but the same annual sales growth as in 2020 is unlikely. Forecasts will see annual growth in online retail sales slow to the low double digits over the next few years.
The pandemic will also change this year’s traditional holiday shopping season as Amazon postpones the promotion of traditional Prime Day in the United States from mid-July to October 13 to October 14. A year with continuous growth in online shopping.
Fiber2Fashion News Desk (DS)
According to the 2020 US online retail forecast released by FTI Consulting, US online retail sales will witness a $ 71 billion plunge in 2020 as a direct result of the impact of COVID-19 on shopping habits. Announced. From 2019 to 2020, it increased by -25% to $ 748 billion. The pre-pandemic forecast was $ 67.7 billion.