US online retail market forecast to reach $327 billion by 2016

Press Release   •   Jul 24, 2012 10:16 BST

US online retail market sales topped $200 billion for the first time in 2011, with online retail sales forecast to reach $327 billion by 2016. Online retails overall share of the retail market is expected to increase from 7% to 9% during that period.

71.2% of US internet users purchased products online in 2010. With the addition of over 30 million new online consumers expected through to 2015, this figure is expected to reach 76.3%.

In 2011, 167 million consumers - 53% of the U.S. population - purchased something online. That number is expected to grow to 192 million, or 56% of the population, by 2016. It has also been predicted that consumers' average yearly online spending will increase from $1,207 per person in 2011 to $1,738 per person by 2016.

As the consumer appetite for purchasing online increases, retailers are expected to continue moving towards the online retail format to complement their in-store sales, making the channel an essential revenue generating source. Channel sales have been forecast to grow at a CAGR of over 12% by 2016.

In 2011, Amazon took the lion's share of the US online retail market, generating online product revenues of USD 42 billion, 21% of online retail sales in the country.

Electrical and electronics was the largest product group in the US online retail market with over one-third share of total retail sales in 2011. The second largest product group was apparel, accessories, luggage and leather goods which accounted for one-fourth of total retail sales.

For more information on the US online retail market, see the latest research: US Online Retail Market Report

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