U.S eCommerce acceleration fueled by the pandemic
In the United States, eCommerce penetration rose to more than 40 per cent in May from 16 per cent of retail spending domestically in the first quarter of 2019. the equivalent of more than 15 years growth in 5 months.
According to Forrester Analytics, U.S e-commerce Sales will increase to 18% this year as a result of the pandemic that pushed more shoppers online. These gains reflect the pandemic's impact on new buyers joining the online retail space, including 12.2% growth for those aged 65 and older.
In a pandemic economy, consumers have gravitated toward trusted and reliable e Merchants. As a result, we can expect the top 10 e-commerce retail businesses to grow at above-average rates (21.8%) according to Mc Kinsey and Co.
According to a recent study from Goldman Sachs online shopping is predicted to expand by 19 per cent yearly during the next three years to come. The previous forecast from the firm was predicting a 16 per cent yearly increase. The acceleration is mainly fueled by quicker growth in the United States, Brazil, Western Europe and the Middle East.