Market Trends of US E-Commerce Industry
The B2C Segment is Expected to Hold a Significant Market Share
- The B2C segment is expected to hold a significant market share owing to the presence of major vendors offering products through this model. Notably, the fashion and apparel category is witnessing significant traction in the country, primarily from young consumers.
- The economy of the United States has become more diversified, consumers' lifestyles have improved, and the per capita income has increased. Global luxury companies, including Prada, Zara, and Louis Vuitton, have a significant presence in the country. A shift toward e-commerce is one of the most important shifts in the luxury market, as many consumers feel more at ease making purchases online. Further, high-end merchants provide omnichannel experiences, which combine online and offline channels and allow customers to transition between them without any hassle.
- The growing popularity of shopping online for clothing and fashion accessories among young consumers is expected to positively drive the sales of the fashion and apparel category over the forecast period. Moreover, various payment methods available on online B2C marketplaces in the country support the segment's growth by providing consumers with a wide variety of choices to pay for their online purchases.
- According to the survey by global payment firm Worldpay, e-wallets and digital/mobile wallets were the most popular payment method for online shopping in the United States, with a 37% market share in 2023. Further, E e-wallets and digital/mobile wallets are expected to hold a 52% market share by 2027. Credit and debit cards are other popular e-commerce payment methods in the United States.
Understand The Key Trends Shaping This Market
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High Internet Penetration and Smartphone Usage is Expected to Drive the Market
- The country has significantly high Internet and smartphone penetration. The rising popularity of mobile shopping in the US e-commerce market is a growing trend. Smartphones are the most popular platforms for online purchases in the United States.
- According to the data from GSMA Intelligence, there were 396.0 million cellular mobile connections in the United States at the start of 2024. Accordingly, mobile connection penetration was 116.2% of the total population in January 2024. Such high smartphone penetration is expected to positively impact the growth of the US e-commerce market over the forecast period.
- Mobile commerce has the potential to change consumers’ shopping habits and establish itself as a significant commerce channel, and with high smartphone and Internet penetration in the country, the e-commerce market is witnessing significant growth. Consumers rely on digital devices such as smartphones more than ever before, and the growth in mobile commerce predicts that smartphones will become the preferred channel for online shopping in the country.
- Additionally, with the high Internet and smartphone penetration, consumer shopping behavior is rapidly changing, forcing e-commerce market vendors to offer innovative shopping apps and various digital payment transaction modes. Such factors are expected to drive the market’s growth as consumers continue to opt for the ease and convenience of online shopping.
