According to the Adobe Digital Economy Index, online sales are expected to reach a whopping $4.2 trillion by the end of this year. This is a result of the sudden transition to consumers shopping online as a necessity and by choice from the worldwide pandemic. The United States is reported to contribute to a quarter of the predicted total.
March 2021 experienced record breaking sales numbers made through eCommerce. Factors such as stimulus checks assisted in the large boost in sales. An increase in vaccination records has also brought more comfort in spending their money through activities or excursions such as travel and eating at restaurants. According to Forbes, U.S. consumers spent $78 billion online in March, up 49% year-over- year, the highest growth since July 2020. For the first quarter of 2021, U.S. e-commerce sales grew 39% year-over-year, to $199 billion.
With eCommerce on a continuous rise, there’s no sign of it slowing down. Brick and mortar establishments have become less of a go to option due to lockdown requirements last year which has resulted in the instant switch to online business models. These new models have been working well with consumers for the most part. In addition to this, more and more ‘buy now, pay later’ options have been appearing in the market such as Afterpay or Sezzle, which gives customers more relief when purchasing. The eCommerce economy is facing a multitude of changes, has experienced a shift in trajectory and is setting the climate for the 2021 consumer market.
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