U.S. E-commerce Sales Forecast to Hit $1.2 Trillion in 2024
Jul/18/2024
U.S. online retail sales are projected to grow 9.8% to $1.2 trillion this year, as e-commerce continues its upward trajectory, according to FTI Consulting. E-commerce is expected to constitute 22.7% of the total retail market share in 2023, up from 21.6% last year, with online sales growth contributing to 57% of total retail sales in Q1—its highest rate since 2017, excluding the pandemic period. Although the mid-teen annual growth rate of the pre-pandemic decade has moderated, e-commerce sales are anticipated to maintain "high- to mid-single-digit" growth for several more years. FTI Consulting's research underscores the ongoing dominance of e-commerce, predicting a plateau at around 35% of total retail sales within the next decade, with several categories like consumer electronics and home furnishings already reaching this threshold. J.D. Wichser of FTI emphasizes the need for businesses to adopt omnichannel integration and technological innovation to stay competitive. The retail sector is already adapting by transforming stores into fulfillment centers and incorporating AI. Further projections by Forrester suggest that U.S. online retail sales could reach $1.6 trillion by 2028, comprising 28% of the total retail market. Following chart shows the E-commerce share of total retail sales in the U.S. from 2000 to 2023.
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