Online retail sales in the United States are projected to exceed US $ 1.1 trillion in 2023, reflecting a 10 per cent increase compared to the previous year, according to the 2023 US Online Retail Report by FTI Consulting. The report, based on a survey of 1,000 US consumers, suggests that e-commerce will account for 42 per cent of the overall retail sales growth this year. This growth aligns with the upward trajectory of the e-commerce industry in recent years, predicting that US e-commerce sales would reach US $ 1.6 trillion by 2027.
Several product categories apart from clothing including food, pet supplies, baby products, accessories, are driving the surge in online purchases.
One notable trend accompanying the rise in e-commerce sales is the growing interest among consumers in personalised experiences. The survey revealed that 46 per cent of Baby Boomers expressed a desire for personalised product recommendations, while 72 per cent of Gen Z respondents indicated they would consider switching retailers if offered a more personalized experience. More than half of the participants (51 per cent) expressed worries about receiving product recommendations influenced by these factors.
The survey also highlighted specific areas where consumers are more receptive to product recommendations. A significant majority of respondents (77 per cent) showed interest in personalised content that includes tailored pricing and discounts. Additionally, nearly seven out of ten participants expressed high interest in receiving local recommendations and offers.
