Ecommerce Share of Retail Sales (2019–2024)
With the rising dominance of online shopping, it’s no surprise that the ecommerce share of retail sales has been on the increase in recent years.
The numbers surrounding the growth of online shopping say it all. Two years ago, the online retail market share was at 13.6 percent. That is to say that of every $100 spent by consumers, $13.60 was online.
In 2021, this figure is expected to grow to 19.5 percent to $4.891 trillion in global ecommerce sales. This is a whopping 45.8 percent increase in the ecommerce market share in a matter of two years. The growth is set to continue and reach 21.8 percent by 2024—an 8.2 percentage point increase in half a decade.
The growing ecommerce market share should come as no surprise, given the increased accessibility and affordability of mobile devices, as well as increased internet access worldwide.
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Ecommerce Market Share in the US
In 2021, the ecommerce market share in the US is expected to come in at 14.4 percent, a fractional dip from 2020’s 14.5 percent.
However, this figure is set for a strong rebound. In 2022, the US ecommerce market share is projected at 15.5 percent—a record high.
This is impressive growth, especially considering that as recently as 2018, the ecommerce share of retail sales in the US was at 9.9 percent.
Aside from a slight fall in 2021, the ecommerce share of retail sales in the US is expected to rise steadily between 2018 and 2022.
The growing adoption of ecommerce in the past year is the result of the coronavirus pandemic, which forced consumers to stay home and purchase products online. In fact, US consumers spent 18 percent more on ecommerce in 2020, while expenditure in brick-and-mortar shops fell 14.0 percent.
The majority of this growth in the US ecommerce market share will come from the top online retailers, particularly those with efficient delivery and click-and-collect services. Analysts say the ten biggest online retailers in the US increased their market share from 58.2 percent to 60.1 percent in 2020.