eMarketer revises upward US e-com forecast, 18% growth likely in 2021

16 Jun '21

2 min read

Pic: Shutterstock

Following a strong first quarter fueled by government stimulus, eMarketer recently projected that US e-commerce sales are expected to grow by 17.9 per cent in 2021—higher than the 13.7 per cent predicted in January last—to reach $933.30 billion. That pushes e-commerce’s share of total US retail sales to 15.3 per cent, up from 14 per cent last year.

E-commerce is now on track to surpass 20 per cent of total US retail by 2024, the company said in a press release.

Total retail sales this year will increase by 7.9 per cent to $6.083 trillion, surpassing $6 trillion for the first time. The two fastest-growing categories are apparel and accessories (up 28.7 per cent) and home furnishings (up 11.4 per cent). And because online sales account for about a third of both categories’ total sales, those sectors will help drive overall e-commerce growth as well.

eMarketer forecast that 45.1 million people aged 14 and older will use a buy now, pay later (BNPL) platform this year, up by 81.2 per cent over last year. This represents more than a fifth (21.5 per cent) of digital buyers in the United States. By 2025, that figure will grow to more than one-third.

Younger consumers are driving adoption. Millennials account for 42.7 per cent of BNPL users aged 14 and older. That’s followed by Gen Zers, which account for 30.3 per cent.

The top players in the space are Klarna, Afterpay, and Affirm. Klarna leads with 48.6 per cent of BNPL users, followed by Afterpay with 28.1 per cent and Affirm with 13.4 per cent.

Fibre2Fashion News Desk (DS)

More E-commerce News - United States Of America...