In the third quarter of 2023, e-commerce sales in the U.S. accounted for 15.6% of total U.S. retail sales, up 7.6% from the third quarter of 2022, according to the Census Bureau of the Department of Commerce.
This trend will continue for a few key reasons, says Ashish Chaturvedi, practice leader – CPG/retail, supply chain, and platform economy at HFS Research. For one thing, the U.S. economy is grappling with high raw material input costs and rising inflation rates, he says. An asset-light retail model is helping online and omnichannel retailers stay cost-competitive.
“And categories such as fashion and beauty especially have seen a massive upsurge in online sales owing to advancements in technologies, such as virtual try-ons, as well as the unmatched variety on display,” Chaturvedi says.
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