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Since the inception of eCommerce, the amount of money Americans have spent on eCommerce has been increasing year after year. Total US eCommerce sales reached $759.47 billion in 2020, up 31.73 percent from $576.53 billion in the previous year. It's also the fastest growth rate in US eCommerce in ten years, nearly doubling the second-highest rate of 17.81 percent in 2011.
In 2020, the coronavirus pandemic had a substantial influence on US eCommerce sales. In the second quarter of 2021, internet sales in the United States exceeded $222.5 billion. This reflects a 3.3 percent increase year over year and a 9.1 percent increase over the prior quarter.
In the first half of 2021, $437.8 billion worth of merchandise was purchased online in the United States, up 22.1 percent over the same period the previous year. This year's results follow a record-breaking year in 2020 when shoppers throughout the world were compelled to buy things online as physical stores shut down to prevent the virus from spreading.
As individuals continue to move their shopping patterns online in the wake of the COVID-19 pandemic, eCommerce is expected to reach its first trillion-dollar year of sales in 2022. Case in point, 2021’s online sales are expected to reach between $850 and $930 billion, putting 2022 on track to be a record-breaking year.
With the eCommerce market becoming more and more saturated and competitive, it may become difficult for small to medium eCommerce enterprises to stand out. That’s why it’s important to understand the competition and find out what will set your business apart from the rest. This principle applies to innovations in B2B eCommerce as well, where identifying your unique value propositionA statement that clearly explains the benefits of a product or service and why it is better than the... and effectively conveying it to potential clients is essential to thrive in a crowded market.
Visit Bliss Drive now and check out our competitive analysis services to see how you fare against your competition and come up with an effective, tailor-fit digital marketing strategy with the help of industry experts.
