Latest figures from the Department of Commerce show that the slowest growth in e-commerce sales was recorded during the last quarter of 2023. This is in comparison to the previous quarter and 2022’s last quarter. In the third quarter of 2023, growth in ecommerce sales stood at 7.8% while that of 2022’s last quarter was 7.7%.
On a positive note, Q4 sales in the United States hit $324.8 billion, according to an analysis conducted by Digital Commerce 360. This figure represented more than 7% growth when compared with figures from the last quarter of 2022. Data from the department shows that food-service and retail sales made up roughly 15.5% of total sales in last year’s final quarter.
The department noted that unadjusted figures show ecommerce sales made up 17.1% of total sales, which stood at $1.1 trillion. In addition, analysis found that total retail sales recorded in the last quarter of 2023 hit almost $1.4 trillion. Of this figure, ecommerce sales in the country made up about 23%.
In a statement, Digital Commerce 360 senior analyst and research data manager James Risley stated that ecommerce sales growth recorded in each quarter of 2023 was steady. He noted that the last quarter finished off a steady year for ecommerce growth as buying trends observed after the pandemic continued to normalize.
Risley explained that growth in spending remained low because consumers were confused and frustrated by the economy’s outlook. Despite this, he added, holiday spending and online shopping deals propped up growth in ecommerce and allowed the year to end on a strong note.
The figures also show that ecommerce sales in the country grew at a faster pace in comparison to total sales; while total retail sales grew by 3.5%, online sales grew 7.2% year over year. In the report, Digital Commerce noted that quarter 4 saw the slowest growth in ecommerce sales since 2008 during the Great Recession, which caused a more than 6% dip in online sales.
Conversely, the total growth in retail sales increase stood at 3.5% in Q4 2023, from the 3.2% recorded the prior quarter. Despite the increase, the 3.5% is still lower than the 5% growth in retail sales recorded in 2022’s quarter three.
In addition, the analysis determined that a new high was also observed in the online penetration of total sales. Ecommerce penetration in the United States demonstrates the share of funds customers can possibly spend online.
Entities such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) that have an interest in healthcare ecommerce could take encouragement from the growing online sales. This trend offers growth opportunities for operators in the online sales space.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
About BioMedWire
BioMedWire (“BMW”) is a specialized communications platform with a focus on the latest developments in the Biotechnology (BioTech), Biomedical Sciences (BioMed) and Life Sciences sectors. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled recognition and brand awareness.
BMW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from BioMedWire, “Biotech” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.BioMedWire.com
Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: https://www.BioMedWire.com/Disclaimer
BioMedWire
San Francisco, CA
www.BioMedWire.com
415.949.5050 Office
Editor@BioMedWire.com
BioMedWire is powered by IBN
Scientists and public health experts are warning that climate change is accelerating the rate at which infectious…
Glioblastoma multiforme (GBM) is the deadliest type of brain cancer and patients usually die within 15 months…
The company has appointed antibody therapeutics specialist Dr. Christoph Erkel as Chief Scientific Officer. The…
Regentis is advancing GelrinC through a pivotal stage of development, with key catalysts including U.S.…
For a long time, scientists have wondered why many individuals that have several risk factors linked to cancer development never…
Earth Science Tech, through its specialized subsidiaries, has created a vertically integrated healthcare platform that…