Putting the ‘e’ in e-commerce
Running an e-commerce store can be a great business opportunity, especially during a pandemic, as many have learned this past year. In 2020, an estimated $1 out of every $5 spent on retail was transacted online. Marketplaces grew by over 80% year-over-year in the fourth quarter of 2020 and expanded their seller base by an average of 46%. It is predicted that global e-commerce sales will reach $4.2 trillion this year, with US consumers accounting for close to one-quarter of that spending. Stimulus checks and rising vaccination rates pushed US e-commerce sales to record levels in March. Americans spent an extra $8 billion online, compared to normal projections for the period, between March 11, the day the American Rescue Plan stimulus law was signed, and March 31. US consumers spent $78 billion online in March, up 49% year-over-year, the highest growth since July 2020. For the first quarter of 2021, US e-commerce sales grew 39% year-over-year, to $199 billion. US e-commerce spending