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Online retail sales are set to reach $1.6 trillion by 2027

ConsumerGeniuses

ConsumerGeniuses

Retail has been growing in sales, with the business reaching $4.3 trillion in 2021 in the US. It is expected to reach $5.6 trillion, making $1.6 trillion in online sales, by 2027. This makes 10% CAGR, which accounts for 30% of the market. In the years prior to COVID, in 2019 and before, online retail sales increased faster than offline ones. They doubled in 2020 as compared to 2019 since the lockdown enforced vast online reach and click-and-collect stores. In 2021, when the pandemic ended, the offline stores increased business by 14%, a growth bigger than in the last 25 years. By 2022, it is expected that the online retail business will increase with lower prices, greater product selection, faster delivery, and increased transaction convenience.

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