With the approaching Annual Prime Day of the company, Amazon this summer, it is currently ruling as the biggest online retailer in the country. Moreover, it is anticipated to be raking in more than 40% of the nation’s e-commerce sales by the end of 2021.
Amazon’s power on the internet has only grown as shopping on online platforms had become the second nature of the consumers during this global pandemic.
In 2008, , e-commerce sales accounted for just 3.6% of total retail sales in the United States, according to data from eMarketer. Following gradual growth year after year, that figure skyrocketed to 14% in 2020, as the Covid pandemic fueled online spending on everything from groceries and toilet paper to spin bikes and workout clothes. E-commerce sales are predicted to account for 15.3% of total retail sales by the end of this year and jump to 23.5% by 2025, eMarketer said.
Falling second to the race is Walmart which has the prediction to take about 7% of the online retail market this year. The following retailers line up as eBay, Apple, Home Depot, Target, and Best Buy.
With the rising hype of the Annual Prime Day, Walmart and Target also are holding competing deal events — as they have in past years — to coincide with Amazon Prime Day 2021. Both discounters will start sales on Sunday, but Walmart’s offers extend through Wednesday, while Target and Amazon end on Tuesday. Both Walmart and Target hope to reach customers who are already browsing the web on Prime Day for summer discounts.
Additionally, according to research by JP Morgan, Amazon is on track to overtake Walmart as the largest U.S. retailer in 2022, as it gains a greater and greater share of the total e-commerce market. Consumers’ accelerated adoption of internet shopping during the Covid pandemic has also provided a lift to other areas of Amazon’s business, too, JPMorgan said.
EMarketer is forecasting those total digital sales in the U.S. on Prime Day will jump 17.3% year over year to $12.18 billion. Sales made exclusively on Amazon on Prime Day will grow 18.3% from 2020 levels to $7.31 billion, it said.