Payment cards are the preferred payment method for e-commerce purchases in the US, collectively accounting for 56.3% share in 2023, finds the 2023 Financial Services Consumer Survey conducted by GlobalData, publishers of EPI.
GlobalData’s E-Commerce Analytics reveal that e-commerce market in the US grew by 9.8% in 2023 to reach $2trn, as an increasing number of consumers shifted from offline to online purchases. The e-commerce market is estimated to grow by 7.9% to reach $2.1trn in 2024.
The US is the second-largest e-commerce market globally behind China
The US accounted for 30.1% share in the global e-commerce market in terms of payments value in 2023, while the Chinese e-commerce market stood at $2.2trn. The UK stood at a distant third with $322.6bn in 2023. The global e-commerce landscape is unlikely to change in 2024 with China expected to retain its position at the top.
Kartik Challa, Senior Banking and Payments Analyst at GlobalData, comments: “The US e-commerce market is growing at a healthy pace. Well-developed payment infrastructure, high adoption of smartphones and internet penetration,…
