US Ecommerce Sales (2010 – 2020)
Data from the US Department of Commerce shows that US ecommerce sales have been growing steadily for over a decade.
In 2019, total US ecommerce sales reached $595.5 billion, a 14.9 percent year-over-year increase from 2018’s $518.5 billion. It’s also one of the fastest US ecommerce growth rates in seven years, second to 2017’s 15.5 percent year-over-year increase.
That marks an impressive increase from the turn of the decade in 2010. In nine years, annual US ecommerce sales have multiplied by over 3.5 times.
US Ecommerce Growth in 2020
Turning to 2020, the latest figures show that in the first three quarters of 2020 alone, US ecommerce sales totaled $581.5 billion. This is just a fraction away from leveling with 2019’s total ecommerce sales. This is also a whopping 32.4 percent year-over-year increase.
The strongest quarter of the year so far has been Q2, during which US ecommerce sales hit a record-high $211.6 billion, which was an impressive 31.9 percent quarterly increase. This is noteworthy growth, particularly during the coronavirus pandemic as consumer sentiments fell to a three-year low only as recently as March.
Unsurprisingly, the two largest ecommerce companies in the US have also been witnessing skyrocketing sales.
According to Amazon’s third-quarter revenue figures, its net sales jumped 37 percent year-over-year to $96.1 billion from $70 billion in Q3 2019. Walmart, the second-largest ecommerce company in the US also saw its ecommerce sales soar by 79 percent in the same period.
US ecommerce growth has been boosted by the coronavirus pandemic. As governments impose lockdown measures to keep consumers at home, many have turned to online shopping. Analysts say this has accelerated the shift to ecommerce by as many as five years.
That said, not only are ecommerce sales increasing but so is the US ecommerce market share of total retail sales. The ecommerce market share in Q3 2020 came in at 14.3 percent of overall retail sales. This is a 3.1 percentage point increase from Q2 2019’s 11.2 percent.
These statistics show that US ecommerce sales are growing at an impressive rate. Should this pace continue, US ecommerce sales in 2020 will surpass 2019’s ecommerce sales figures by a large margin.