Seeking Alpha just came up with a fabulous article covering the explosive growth of eCommerce.
E-commerce has become the primary way that consumers are now shopping due on the ongoing pandemic. About 16% of retail sales in the second quarter happened via online eCommerce. That’s an 44.5% increase from the Second Quarter of 2019.
The next wave of eCommerce growth will happen in groceries, health services and products, and vehicle/auto sales.
In the long term, newer technologies like virtual reality (VR) and agmented reality (AR) will will further narrow the gap
with traditional brick-and-mortar shopping.
More consumers are now confortable buying clothes online. From 2005 to 2020, the penetration rate has grown from 5% to 25%. People are becoming more comfortable buying shoes, clothing, and cosmetics via eCommerce.
Millennials and Gen X-ers now prefer to buy online vs via traditional brick and mortar. Now, these generations have a 49K to 65K annual income with and represent America’s largest generation.
Because of the pandemic, older generations have realized how easy it is to buy online and are doing so.