The internet has truly changed people’s lives. Since its beginnings, it has evolved to a stage where almost every product is just a few mouse clicks away. People are shopping for products and paying for services more than ever. And since there’s a growing demand, the global market is expanding, leading to the continuous rise of eCommerce.
Article updated 11 April 2022
Amazon Is the King
Amazon was the leading retailer online, with a revenue of more than $230 billion in 2019. Another Amazon service, Amazon Prime, has over 100 million members worldwide. Since Amazon covers about 80% of the US market, it’s no surprise that, on average, two out of five US households receive a minimum of one Amazon package per week. That’s 41% of US consumers.
Amazon also has the most popular purchasing app, with a reach of about 75%.
The US Is Still the Second-Largest Market
China has the largest eCommerce market, with a market value of approximately $672 billion. But that’s not all—more than one-third of the total amount is spent on online retail in China. The US has the second-largest eCommerce market, with a market value of $340 billion.
Millions of Websites
There are between 12 and 24 million eCommerce websites. This number varies because it’s hard to define what an eCommerce website is—from Amazon and eBay to businesses that sell their goods online. What comes as a surprise is a fact that almost 50% of small businesses in the US don’t have a website.
How Do Consumers Pay for Products?
According to a 2017 survey, credit cards remain the top preferred online payment method for 42% of online shoppers.
What’s the Demographic?
Men spend more per transaction than women. Generation X is the most active when it comes to online shopping, but Baby Boomers spend more per transaction compared to both Millennials and Gen Xers.
The eCommerce market will continue to rise, with a few major reasons being convenience, purchasing options, and price. There’s something for everyone online. Consumers can order a product from anywhere in the world, and get it delivered to their doorstep. Consumers are happy with their purchases, and retailers are keeping up with the newest trends, looking to provide the best service possible.