E-commerce growth continues to experience pre-COVID pandemic levels. The latest data from the US Census Bureau shows that e-commerce sales for the second quarter of this year reached $291.6 billion (adjusted for seasonal variation).
That’s a slight increase of 1.3% from the previous quarter. Year-on-year (YoY), e-commerce increased by 6.7%. While online shopping is slowing down, it is still growing, and more people still prefer online shopping.
The slowdown in growth is not a cause for alarm but rather a signal that the market is maturing.
The latest data released by the bureau shows shoppers are still spending their dollars in the retail and e-commerce sectors. After years of rapid growth fueled by the pandemic and its aftermath, this is starting to normalize.
Quick facts: US e-commerce market Q2 2024
- Retail e-commerce sales for Q2 2024 – $291.6 billion (seasonally adjusted).
- Quarterly e-commerce growth is up by 1.3%.
- Total retail sales for Q2 2024 are $1,826.9 billion.
- Total retail sales for Q2 2024 increased by 0.5% compared to the first quarter.
- YoY e-commerce growth is up by 6.7%.
The lessons to be learned here are that there is still a shift toward online shopping and the e-commerce market is still growing.
Is the pandemic surge over?
Businesses are now grappling with what industry insiders call the “normalization” of the industry. PYMNTS reports that it’s even dipping below historical averages.
In Australia, the Australian Retailers Association (ARA) has found that despite the wave of economic pressure, businesses are still showing resilience.
ARA research has found that nearly 70% of retailers seek innovative ways to acquire new business. More than half are focused on encouraging customer loyalty. 30% want to improve online engagement with customers as a priority.
Volatility in retail sales
Retail experts expect the volatility to continue in the retail sector for the coming months.
For logistics companies, staying agile and adaptable despite unpredictability is key. It helps them pivot quickly and respond to customer demand.
The success of this so-called ‘new era’ of normalizing will depend on how entrepreneurs and logistics professionals adapt.
Industry experts say businesses can remain competitive by understanding the trends driving this normalization and adjusting strategies accordingly.
Share this article
About the author
Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
