3/4 of retail sales will still take place in store by 2024 despite ecommerce boom

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Physical store sales could still account for nearly three quarters of retail sales by 2024, despite ecommerce’s staggering rise to prominence.

According to a new report from Forrester, US ecommerce sales grew by 30 per cent in 2020, their fastest rate in nearly 20 years.

This was driven by the food and drink category, seeing combined online food sales at leading retailers Walmart, Target and Kroger nearly double.

Furthermore, Forrester believes that 10 per cent of all food and drink sales in the US will be made online by 2024.

Fashion is also set to be strong driver of ecommerce growth over the next three years, seeing its percentage of total US ecommerce sales jump from 19 per cent to a whopping 47.5 per cent.

READ MORE: UK online grocery has exploded tenfold since start of pandemic

Online marketplaces like Amazon and Ebay also played their part in ecommerce’s stellar year, driving around 10 per cent of total retail sales and 57 per cent of total ecommerce sales in 2020, set to grow to more than two thirds of the total by 2023.

Despite this, physical store sales will still dramatically outweigh online purchases, accounting for 72 per cent of total retail sales and 66 per cent of non-food sales.

Forrester suggested that categories like food, which often require customers to touch, feel and smell goods, will continue to be “more likely to be bought in store”.

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