Based in Draper, Utah, Prime Corporate Services offers comprehensive financial consulting services for your business needs. Maintaining awareness of economic and industry trends, Prime Corporate Services advises business owners on e-commerce trends.
Judging by a recent report from the US Commerce Department, 2017 was a great year for e-commerce. Total retail e-commerce spending reached $453.46 billion last year, which is a 16 percent increase from the 390.99 billion recorded in 2016. The jump marked the highest increase in retail e-commerce spending since 2011. Amazon led the pack in online retail sales, followed by eBay, Walmart, and Apple.
Overall retail sales last year amounted to $4.86 trillion. Factoring in only goods that can be bought and sold online, the sales figure was $3.496 trillion. This means that e-commerce sales accounted for 13 percent of retail sales in 2017. According to Statista, this percentage will grow consistently up until 2021, due to sales being buoyed by an increasingly mobile-savvy population, advancements in digital payment systems, and high customer satisfaction rates with online retail.
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