Online shoppers in the US spent $218.1 billion on retail purchases during Q3 2020. It was a 50% increase over the $145.5 billion spent in Q3 2019 according to the US Commerce Department.
According to the research data analyzed and published by Stock Apps, it was also an improvement over the Q2 2020 figure of $211.5 billion. Based on an eMarketer projection, US retail sales will drop by 10.5% in 2020. However, eCommerce sales will increase by 18% to reach $709.78 billion.
Costco eCommerce Sales Soar by 91%, Best Buy by 242%, Target by 195%
Online sales will account for 14.5% of total US retail sales for the year 2020 according to eMarketer. Comparatively, US eCommerce sales in 2019 totaled $601.65 billion and accounted for 11% of all retail sales.
In Q3 2020, Amazon had a 39.3% increase in revenue from North America. However, its share of US online retail revenue dropped from 23.6% to 23.1% in the three-month period. At the height of the pandemic, its share had spiked to 26% but the Q3 decline was the largest seen it has experienced in the previous three years.
On the other hand, Costco posted a 90.6% increase in eCommerce sales during the quarter which ended on August 31, 2020. For its fiscal year 2020, its online sales spiked by 49.5% compared to 7.9% in 2019.
Best Buy Co. reported an increase of 242% in online sales for the quarter which ended on August 1, 2020. Similarly, Target’s online sales grew by 195%. Walmart also recorded a 97% growth in online sales.
Just like the US, China’s retail market is slowly rebounding, and it reported its first positive growth in Q3 2020. During the period, it grew by 0.9%. However, for the first nine months of 2020, the country’s total retail sales are down by 7.2%. Interestingly though, online retail sales grew by 9.7% during the same nine-month period.