The major factors responsible for the growth of online retail such as economical prices, varied product selection, quicker delivery, and greater transaction convenience will remain, according to a study titled the ‘2022 Online Retail Forecast, US’ conducted by market research company Forrester.
US online retail sales are projected to touch $1.6 trillion and grow at a 10 per cent CAGR over the next five years to account for 30 per cent of the market by 2027. Online retail sales growth rates are anticipated to go back to pre-COVID levels from 2022 onward, while total US retail sales are predicted to go up to $5.5. trillion by 2027.
The study also found that US offline retail sales (which were mostly store-based retail sales) witnessed a year-over-year growth of 14 per cent in 2021 due to the lifting of COVID restrictions and reopening of stores. The same year US total retail sales excluding automotive and gasoline sales reached around $4.3 trillion as a result of the accrued savings of consumers in 2020 and stimulus checks provided by the government.
The study aims to offer insights regarding total US retail sales, online retail sales, and online retail penetration predictions for 30 product categories for the next five years.
Fibre2Fashion News Desk (NB)
