This is consistent with the 3.8% gain posted in 2016, slightly above the firm’s prediction, businessinsider.com reports.
The NRF expects that online retail will grow 8-12%, up to three times higher than the growth rate of the wider industry. This suggests ecommerce sales are expected to fall between USD 427 billion and USD 443 billion, based on Census Bureau data.
BI Intelligence, Business Insiders research service, forecasts that US consumers will spend USD 385 billion online in 2016. Moreover, BI Intelligence predicts that number will grow to USD 632 billion in 2020.
Though the US retail average growth rate in the H1 of 2016 was just 2% for total retail, it was 16% for ecommerce.
The number of online shoppers has grown by nearly 20 million from 2015 to 2016. The total amount spent online grew from USD 61 billion in the Q1 of 2015 to USD 68 billion in Q1 2016. Finally, these customers are transacting more frequently, as the number of online transactions has risen by 115 million from 2015 to 2016.
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