United States E-Commerce Payment Markets, 2022-2023 & 2028: Industry Trends, Share, Growth, Impact of Inflation, Opportunities, Company Analysis - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 10, 2023--
The “United States E-Commerce Payment Market Global Forecast 2023-2027, Industry Trends, Share, Growth, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
United States E-commerce Payment Market is expected to grow to US$ 1,970.01 Billion in 2028, from US$ 875.20 Billion in 2022
It has the second-largest online purchasing power behind China. The United States remains a world leader in E-commerce due to its historical strength in financial services, information technology, telecommunications, and transportation, as well as the vast size, diversity, and dynamism of the U.S. economy.
Shopping through a mobile device has become common among the United States’ online population. According to our research findings, mobile apps are the leading channel for online grocery shopping, with nearly 80 percent of shoppers making purchases through apps in 2021.
In addition, the average value of U.S. online shopping orders is generally higher on desktop than mobile devices. As a result, mobile commerce is fast becoming consumers’ preferred shopping channel. However, the Daily use of apps for an online shop is getting more decisive year after year, with app-based sales accounting for more than half of all mobile e-commerce transactions.
USA’s E-commerce Payment Market is projected to grow at a CAGR of 14.49% from 2023-2028
Over the past years, the United States fastest-growing categories for e-commerce sales were Travel, Consumers Electronic, Clothes and Apparel, Household goods, Health and Beauty, and Others.
Groceries & Household goods cumulatively grew more sales than since 2021. In addition, food and beverage e-commerce grew 170%; more Americans are heading towards websites to place grocery orders in 2021, according to the publisher. However, apparel was one of the categories of e-commerce to grow slower than the other industry average.
Online Users and Penetration have stabilized in the last few years
Historically, digital’s share of retail sales through all channels has grown incrementally. Penetration numbers increased as consumers became more comfortable making purchases online and retailers improved their fulfillment operations.
Among the most prominent online markets, the United States placed third with over 307 million internet users nationwide in 2022. The United States is the global home of technological innovation and the home hub of the world’s internet companies. More than 90 percent of people have access to the internet in the U.S., and many people can no longer imagine a life without the internet.
Payment Method Analysis
Over the past decades, USA Cards Online payment methods have been dominant and used for all e-commerce transactions since 2020. The success of online payments can be seen as regards longstanding familiarity with the payment method. Credit and debit card penetration in the USA is among the highest globally.
In addition, the ubiquity of cards (debit & credit) has made them more enablers of digital wallets with smartphones in the U.S. Cards can potentially extend the benefits by seamlessly integrating personalized financing offers and loyalty programs.
Payments through a generational lens, digital Americans that have grown up with access to high-speed internet and smartphones seem to have the highest comfort level with setting up and regularly using card-enabled digital wallets. In addition, it appears that U.S. people are adapting to the new landscape, with over half of merchants likely to accept digital wallet payments within the next few years, including popular digital wallet providers like Apple Pay, PayPal, and Google Pay.
The shifting in the digital landscape and online transaction dynamics remain keen to drive the E-commerce payment market in the United States. At the same time, ensuring listed items are in stock and cyber security threats continue to evolve rapidly and will Challenge market growth.
In 2021, Walmart topped the ranking of shopping apps with the most active monthly users, while Second place went to Amazon’s app, with a monthly mobile audience of 98 million.
Amazon takes up the majority of the U.S. e-commerce market, and it is worth noting that its market share is gradually declining. This may mean that there is scope for smaller brands to stake their claim on the U.S. market, although the safest option is still to join the mega-platform as a seller and take advantage of its reach and infrastructure.
- PayPal Holdings
- Amazon Pay
- JPMorgan Chase Bank
- Bank of America
- Wells Fargo
- HSBC Holdings plc’s
- Citi Group
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
5. United States E-Commerce Payment Market
6. Market Share - US E-Commerce Payment Analysis
6.1 By Category
7. Category Market Analysis - US E-Commerce Payment
7.1 Travel Market
7.2 Consumer Electronics Market
7.3 Clothing, Apparel and Accessories Market
7.4 Household Goods Market
7.5 Health and Beauty Market
7.6 Groceries Market
7.7 Others Market
8. Payment Method Market
8.1 Credit Card
8.2 Digital/Mobile Wallet
8.3 Debit Card
8.4 Charge & Deferred Debit Card
8.5 Bank Transfer
8.6 Cash on Delivery
8.7 Buy Now Pay Later
For more information about this report visit https://www.researchandmarkets.com/r/606dci
View source version on businesswire.com:https://www.businesswire.com/news/home/20230110005768/en/
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INDUSTRY KEYWORD: TECHNOLOGY PAYMENTS
SOURCE: Research and Markets
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PUB: 01/10/2023 10:22 AM/DISC: 01/10/2023 10:21 AM