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
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.