Amazon will control nearly half of US e-commerce sales this year
Amazon says 238 cities want to be the home of its new headquarters. FBN's Stuart Varney with more.
Amazon (NASDAQ:AMZN) has tightened its stranglehold on the e-commerce business.
New research shows that Amazon will control 44% of all online sales in the U.S. this year, according to eMarketer data cited by Recode. That’s an increase from Amazon’s market share of 38% in 2016. Amazon’s online sales are on pace to grow 32% to $196.8 billion in 2017, including third-party listings.
Amazon is far and away the leader in e-commerce sales. The closest competitor is eBay (NASDAQ:EBAY), which is projected to hold a 6.8% share of the market this year. Apple (NASDAQ:AAPL) and Walmart (NYSE:WMT) are bound for third place at 3.6%. Home Depot (NYSE:HD), Best Buy (NYSE:BBY) and Macy’s (NYSE:M) round out the top seven retailers online.
Online shopping still accounts for a small share of the overall U.S. retail industry, though it’s growing quickly. E-commerce sales will jump 15.8% in 2017, and Amazon is responsible for nearly 4% of retail sales, eMarketer says.
Amazon shares rose 1% to $975.90 on Tuesday, extending its gains to 30.1% on the year.