U.S. e-commerce sales to reach $1.2 trillion by 2024

According to the latest report released by FTI Consulting, the US e-commerce market is maturing and gradually returning to normal before the COVID-19 pandemic. The report predicts that US e-commerce sales are expected to grow by 9.8% this year to $1.2 trillion, and the share of the e-commerce market will continue to expand. By 2028, US e-commerce sales will reach $1.6 trillion, accounting for 28% of total US retail sales.

E-commerce continued to grow after the outbreak of the COVID-19 pandemic, with e-commerce sales exceeding $1.07 trillion in 2022, three years earlier than the previously predicted 2025. In 2023, e-commerce sales reached $1.14 trillion, a 10% increase from 2022.

The report shows that in 2024, US e-commerce sales are expected to account for 22.7% of the overall retail market share, up from 21.6% last year. In the first quarter, e-commerce sales growth accounted for 57% of total US retail sales, the highest growth rate since 2017 (excluding the epidemic period). Total US e-commerce sales will continue to show high single-digit to mid-single-digit growth, and this growth trend is expected to continue for several years.

The report further predicts that e-commerce's market share of total retail sales will stabilize at around 35% over the next decade. Some product categories, such as toys and hobbies, office supplies, consumer electronics, music and video, books and magazines, computer hardware and software, household goods, and sporting goods, have already reached or are close to this market share level.

As U.S. e-commerce gradually returns to its pre-pandemic normal, it is in a mature stage, but it is still constantly seizing market share, mainly from physical retailers. The U.S. retail industry is responding to market changes through a series of measures, including closing underperforming stores, applying artificial intelligence, reducing labor, and integrating online and offline customer experiences. In order to maintain an advantage in the fierce market competition, sellers must shift their strategies to omni-channel integration and technological innovation, while adapting to changing consumer needs.

The strong recovery and sustained growth of the US e-commerce market has gradually returned to pre-pandemic levels, while also driving the transformation of the retail industry. In the face of this trend, companies need to continue to innovate and adjust their strategies to cope with the ever-changing market environment and consumer demand.

Author✎ Summer/
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