2021
9
US Evolutions in eCommerce Market Report 2021
2022-01-14T03:08:29+00:00
OX1046355
3695
146800
[{"name":"eCommerce","url":"https:\/\/store.mintel.com\/industries\/retail\/ecommerce"}]
Report
en_GB
“The pandemic has permanently changed how consumers interact with technology, with the lines between physical and virtual spaces becoming increasingly blurred. The continued reliance on technology and the escalation in…

US Evolutions in eCommerce Market Report 2021

£ 3,695 (Excl.Tax)

Report Summary

“The pandemic has permanently changed how consumers interact with technology, with the lines between physical and virtual spaces becoming increasingly blurred. The continued reliance on technology and the escalation in online shopping activity has driven innovation and the advancement of newer forms such as augmented and virtual reality and digital-only items, like NFTs. As the next normal evolves, brands and retailers must do the same as consumers seek out new ways to immerse themselves and find enjoyment in virtual spaces.”
– Brittany Steiger, Senior Analyst – Retail & eCommerce

This Report looks at the following areas:

  • The impact of COVID-19 on consumer behavior and the ecommerce market
  • Consumer familiarity and usage of various digital technologies
  • How technology can improve online shopping
  • The evolution of NFTs and digital-only product forms

Table of Contents

  1. Overview

    • What you need to know
      • This Report looks at the following areas
        • Definitions
          • Market context
            • Economic and other assumptions
              • COVID-19: US context
              • Executive Summary

                  • Top takeaways
                    • Market overview
                      • Figure 1: Total US retail ecommerce sales and forecast, at current prices, 2016-26
                      • Figure 2: Total US retail sales and forecast, ecommerce shares and ecommerce shares of total retail sales, at current prices, 2016-26
                    • Impact of COVID-19 on ecommerce and emerging technology
                      • Figure 3: Short-, medium- and long-term impact of COVID-19 on ecommerce and emerging technology, December 2021
                    • Opportunities and challenges
                      • Continued ecommerce growth expected; but digital divide and learning curves still exist
                        • Lean on technology to break down common barriers
                          • Elevate ecommerce with “phygital experiences”
                            • Innovation sees new forms of technology on the rise
                              • Privacy and antitrust will remain concerns as “big tech” will continue to dominate headlines
                              • The Market – Key Takeaways

                                • Steady growth ahead for ecommerce
                                  • Concerns around the pandemic and economy at large impact consumer behavior
                                    • The next normal continues to evolve
                                      • Continued focus on caring for the environment
                                      • Market Size and Forecast

                                        • Stabilization of ecommerce market following rapid growth in 2020
                                          • Figure 3: Total US retail ecommerce sales and forecast, at current prices, 2016-26
                                          • Figure 4: Total US retail sales and forecast, ecommerce shares and ecommerce share of total retail sales, at current prices, 2016-26
                                        • Evolutions in ecommerce
                                        • Market Factors

                                          • Resurgence of COVID-19 continues to impact the state of the economy and consumer behavior
                                            • Figure 5: Consumer Sentiment Index, 2007-21
                                            • Figure 6: Disposable personal income change from previous period, 2007-2021
                                          • Innovation sparks consumer interest in new technology, but concerns over privacy and security persist
                                            • Automation and artificial intelligence have transformed ecommerce
                                              • The impact of technology and ecommerce on the climate
                                              • Companies and Brands – Key Takeaways

                                                • Bringing virtual worlds to life
                                                  • NFTs are the next big thing
                                                    • Social commerce makes shopping an event again
                                                    • Competitive Strategies

                                                      • Brands create shoppable virtual worlds
                                                        • Figure 7: Etsy launches shoppable virtual experience – The Etsy House, 2021
                                                        • Figure 8: Charlotte Tilbury’s Virtual Beauty Gifting Wonderland, 2021
                                                      • Nike leaps into the metaverse
                                                        • Figure 9: Nike + RTFKT Announcement, 2021
                                                      • Snapchat Lenses create “phygital” experiences with virtual try-on
                                                        • Figure 10: Snapchat promotes AR offering through Arcadia, 2021
                                                      • 3D placement tools make consumers feel right at home when shopping for home furnishings
                                                        • Figure 11: Evolving furniture design with Joybird, Marxent and Pinterest, 2021
                                                      • Brands experiment with NFTs
                                                        • Figure 12: Adidas; American Eagle promote NFT Collections, 2021
                                                    • Market Opportunities

                                                      • NFTs will be all the rage
                                                        • Elevating ecommerce with augmented reality
                                                          • Lean into social commerce to re-create familiar experiences
                                                          • The Consumer – Key Takeaways

                                                            • Consumers are still shopping online while stores reopen, as omnichannel shopping becomes the norm
                                                              • Technology helps ease common online shopping woes
                                                                • Consumers are excited to learn about next-gen tech
                                                                  • Elevated online experiences are becoming a must-have
                                                                    • Social commerce will only get more popular
                                                                      • Looking ahead: consumers expect more from ecommerce journey
                                                                        • The future is now: NFTs and digital items
                                                                        • Consumers’ Evolving eCommerce Journey

                                                                          • Online shopping frequency still higher than pre-pandemic levels
                                                                            • Figure 13: Online shopping frequency last 12 months, 2021
                                                                          • Younger consumers shop online more frequently, but older generations are catching up
                                                                              • Figure 14: Online shopping frequency last 12 months, by generation, 2021
                                                                            • Consumers look for convenience and seamless omnichannel experiences
                                                                                • Figure 15: Importance of key elements when shopping online, 2021
                                                                              • The importance of key elements varies by generation; but play a role for all
                                                                                  • Figure 16: Importance of key elements when shopping online, by generation, 2021
                                                                                • Millennials and Gen Z want a personalized journey
                                                                                    • Figure 17: Hawthorne, personalized Gift Giving Quiz, 2021
                                                                                  • Parents turn to ecommerce for household management
                                                                                    • Figure 18: Online shopping frequency, by parental status, 2021
                                                                                    • Figure 19: Importance of key elements when shopping online, by rank and age of children in household, 2021
                                                                                  • Hispanic consumers are all about smartphones and mobile tech
                                                                                    • Figure 20: Devices used to shop online, by age and Hispanic origin, 2021
                                                                                    • Figure 21: Importance of key elements when shopping online, by race and Hispanic origin, 2021
                                                                                    • Figure 22: Treslúce Beauty + Becky G, “Noche de Posadas”, 2021
                                                                                • Barriers to Shopping Online

                                                                                  • Consumers have multiple concerns when shopping online
                                                                                    • Figure 23: Barriers to shopping online, 2021
                                                                                  • Returns are a hassle
                                                                                    • Overcoming last-mile concerns through seamless order tracking and fulfillment
                                                                                      • Figure 24: Amazon shipping notifications, 2021
                                                                                    • Genuine transparency is critical
                                                                                      • Older consumers need an assist to overcome barriers
                                                                                        • Figure 25: Barriers to shopping online, by generation, 2021
                                                                                      • Gen Z concerned about hidden costs
                                                                                        • Figure 26: Klarna, No Hidden Fees, 2021
                                                                                    • Enhancing the Shopping Journey with Tech

                                                                                      • Consumers see opportunity to improve various areas through tech
                                                                                        • Figure 27: Improving the online shopping process with technology, 2021
                                                                                        • Figure 28: Harrod’s + Dior, “Atelier of Dreams”, 2021
                                                                                      • Improving online shopping from multicultural perspectives
                                                                                        • Figure 29: Improving the online shopping process with technology, by race and Hispanic origin, 2021
                                                                                      • Some categories need more improvement than others
                                                                                          • Figure 30: Categories with opportunity for improvement, 2021
                                                                                        • Younger generations have higher expectations for improvement
                                                                                          • Figure 31: Categories with opportunity for improvement, by generation, 2021
                                                                                      • Emerging Tech: Usage and Interest

                                                                                        • New forms of technology are still a novelty – for now
                                                                                            • Figure 32: Usage and interest in emerging technologies, 2021
                                                                                            • Figure 33: Ikea leverages AR to help consumers “escape the clutter”, 2021
                                                                                          • Older generations are eager to learn about new forms of technology
                                                                                            • Figure 34: Interest in using emerging technologies, by generation, 2021
                                                                                          • Males most interested in new forms of technology
                                                                                            • Figure 35: Interest in using emerging technologies, by gender, 2021
                                                                                        • Consumer Attitudes Toward Online Shopping

                                                                                          • Desired features of online shopping
                                                                                            • Product comparison and discovery
                                                                                              • Figure 36: Attitudes toward shopping online – Brand/retailer comparison, by generation, 2021
                                                                                            • Conscious consumerism
                                                                                                • Figure 37: Attitudes toward shopping online – Ethical shopping options, by generation, 2021
                                                                                                • Figure 38: Macy’s Highlights small business/black-owned brand Soap Distillery, 2021
                                                                                              • Live customer service strongly preferred
                                                                                                  • Figure 39: Attitudes toward shopping online – Customer service preference, by generation, 2021
                                                                                                • Social elements of online shopping
                                                                                                    • Figure 40: Attitudes toward shopping online – Social aspects, 2021
                                                                                                  • Gen Z and Millennials crave engagement and drive social commerce
                                                                                                    • Figure 41: Attitudes toward shopping online – Social aspects, by generation, 2021
                                                                                                    • Figure 42: Ulta Social Commerce on TikTok, 2021
                                                                                                • Future of Online Shopping

                                                                                                  • Looking ahead: What Consumers Want
                                                                                                    • Figure 43: Desired features in future online shopping, 2021
                                                                                                  • Fast delivery
                                                                                                    • Figure 44: Desired features in future online shopping – Delivery methods, by generation, 2021
                                                                                                  • More environmentally friendly shopping options
                                                                                                    • Figure 45: Desired features in future online shopping – Environmentally friendly options, by generation, 2021
                                                                                                  • Tools to manage their budget
                                                                                                    • Figure 46: Desired features in future online shopping – Budget tools, by generation 2021
                                                                                                  • Gen Z and Millennials shape the future of ecommerce
                                                                                                    • Support budget-conscious Gen Z with BNPL
                                                                                                      • Figure 47: Desired features in future online shopping – Budget tools, by age and household income, 2021
                                                                                                    • Drone Deliveries
                                                                                                      • Figure 48: Desired features in future online shopping – New delivery methods, by generation, 2021
                                                                                                      • Figure 49: Walmart + Droneup Drone Delivery, 2021
                                                                                                    • Shop from anywhere
                                                                                                      • Figure 50: Desired features in future online shopping – Shopping offerings, by generation, 2021
                                                                                                    • Cryptocurrency
                                                                                                      • Figure 51: Desired features in future online shopping – Cryptocurrency, by generation, 2021
                                                                                                  • New Reality: NFTs and the Metaverse

                                                                                                    • NFT ownership driven by curiosity and exclusivity
                                                                                                      • Figure 52: NFT ownership and interest, 2021
                                                                                                      • Figure 53: NFT Purchase Drivers, 2021
                                                                                                    • Who’s buying NFTs and why
                                                                                                      • Figure 54: NFT ownership and interest, by generation, 2021
                                                                                                      • Figure 55: NFT purchase drivers, by generation, 2021
                                                                                                      • Figure 56: NFT ownership and interest, by gender and by gender and age, 2021
                                                                                                    • Most consumers don’t know what NFTs are yet … but they will
                                                                                                      • Figure 57: Attitudes toward NFTs, 2021
                                                                                                    • Interest in NFTs skews younger, diverse and male
                                                                                                      • Figure 58: Interest in NFTs, by generation and by race and Hispanic origin, 2021
                                                                                                    • Black consumers are excited about NFTs
                                                                                                      • Figure 59: NFT ownership and interest, by race and Hispanic origin, 2021
                                                                                                      • Figure 60: Black NFT Art, 2021
                                                                                                    • Entertainment and clothing are top categories for digital-only items
                                                                                                      • Figure 61: Category interest in digital-only offerings, by gender, 2021
                                                                                                      • Figure 62: The Matrix + Nifty, The Matrix Avatars, 2021
                                                                                                      • Figure 63: DressX, digital fashion, 2021
                                                                                                  • Appendix – Data Sources and Abbreviations

                                                                                                    • Data sources
                                                                                                      • Sales data
                                                                                                        • Forecast
                                                                                                          • Consumer survey data
                                                                                                            • Abbreviations and terms
                                                                                                              • Abbreviations
                                                                                                              • Appendix – The Consumer

                                                                                                                  • Figure 64: Online shopping frequency last 12 months, by race and Hispanic origin, 2021
                                                                                                                  • Figure 65: Attitudes toward shopping online, features of online shopping, 2021
                                                                                                                  • Figure 66: Desired features in future online shopping, by generation, 2021

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