Is US E-Commerce profitable in 2022?

14 Jul 2022 By PAYCEC

Yes, it is. A whopping 77% of US eCommerce retailers anticipate significant growth in 2022. According to a recent survey of 600 of the largest eCommerce retailers in the United States. Despite the decline in growth rates, e-commerce sales in the US market reached $357 billion in 2022, accounting for 34.6 percent of all online sales.

Additional information: Digital payment trends in the list of US states

The e-commerce business in the United States has a lot of room for expansion, especially through app-based sales. As online shopping and mobile e-commerce enable new methods to shop for and buy goods and services, e-commerce continues to revolutionize the retail environment in the United States, and consumer confidence remains relatively high. E-commerce is predicted to rise at double-digit rates every year until 2021.

The Consumer Spending of the 50 United States

According to the below statistics, as digital wallets expand, sales are driven by cards and credit.

• Card payments, the most common method of online payment, are expected to remain stable between now and 2023, while digital wallets gain in popularity. The popularity of cards may be explained by the fact that the United States is a country that prefers to buy now and pay later. Credit card usage outnumbers debit card usage, with 2.14 credit cards per capita compared to 1.48 debit cards per capita.
• Consumers, on the other hand, are often concerned about storing their credit card information with retailers for fear of identity theft.
• Smartphone adoption is really high. It has one of the highest rates in the world, at 84 percent. Accepting a diverse selection of smartphone-optimized payment solutions is becoming increasingly important as mobile commerce grows. When it comes to e-commerce apps, Apple's iOS and Android are approximately split 50:50.

The eCommerce payments trends and forecasted payment split of 50 United States list