E-commerce has been on a steady incline in its size and expanse for the past 20 years. More than 250 million Americans, according to Statista’s Digital Market Outlook, will make an online purchase this year. That might seem like a large number. But taking into account all commerce, just how big is e-commerce?
According to data regularly published by the U.S. Census Bureau, the impact of e-commerce, on total retail sales in the United States, is smaller than you might think. In Q1 of 2020, online shopping accounted for just 11.8 percent of total retail sales (excl. food services) on a seasonally adjusted basis. This was the highest share on record – until COVID-19 hit the U.S.
The pandemic accelerated the switch to online retail at an unprecedented rate. With stay-at-home orders in place and store closures, millions of Americans turned to shop online. This resulted in a 4.3 point jump in the online portion of total retail sales. E-commerce sales amounted to $212 billion in the three months ending in June, which is equivalent to 16.1 percent of total retail sales. That’s up from just 10.8 percent in Q2 2019 and from 7.2 percent five years ago, illustrating the size of the latest jump.
Considering the current importance of online retail, 16 percent might not seem like much. But understand that total retail sales include motor vehicles and parts dealers, gas stations, and grocery stores where e-commerce still plays a small part. Clothing and footwear are seeing considerably higher online purchases.
Do you want to vet a business opportunity? Is there an anticipated commercial dispute? Is a second legal opinion warranted? Grab 15 minutes with me and I will work with you to understand your situation and provide my thoughts based upon successfully representing business owners for almost 25 years. You will receive a confirmation with a Teams Meeting invitation after you pick a time for our discussion. You can also reach out to me at email@example.com.
ABOUT MIKE MERCURIO
Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.
Whatever and wherever your industry, Offit Kurman is the better way to protect your business, preserve your family’s wealth, and resolve your most challenging legal conflicts. At Offit Kurman, we distinguish ourselves by the quality and breadth of our legal services—as well as our unique operational structure, which encourages a culture of collaboration and entrepreneurialism. The same approach that makes our firm attractive to legal practitioners also gives clients access to experienced counsel in every area of the law.
Find out why Offit Kurman is The Better Way to protect your business, your assets and your family by connecting via our Blog, Facebook, Twitter, Instagram, YouTube, and LinkedIn pages. You can also sign up to receive LawMatters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
DELAWARE | MARYLAND | NEW JERSEY | NEW YORK | NORTH CAROLINA | PENNSYLVANIA | VIRGINIA | WASHINGTON, DC