According to Renub Research latest report, "United States E-Commerce Payment Market Global Forecast 2023-2027, Industry Trends, Share, Growth, Impact of Inflation, Opportunity Company Analysis" the United State E-commerce Payment Market is estimated to reach US$ 1,970.01 Billion by 2028. In terms of sales, the United States set in order as the second largest E-commerce market in the world, second only to China. The U.S. e-commerce payment market is remarkable for its high visualization and the dominance of home-grown online giants such as eBay, Apple, and Amazon, which stand as the top three e-commerce merchants in the United States. E-commerce is buying and selling products or services through various electronic channels like B2C, B2B, and C2C. Individuals can easily order different products and pay for their online purchases.
E-commerce carries to transform the retail grounds in the U.S. and plays an increasing importance in the modern economy. Since it provides a commodity way for consumers to acquire goods and services through electronic means, the internet and www are the most important. Therefore, E-commerce payment merchants develop apps capable of providing simple deals relating to seasonal and one-off discounting events. Favor with online shoppers in the U.S. The leading apps, by the number of downloads, include Amazon, Posh mark, and the sales platform Letgo. Amazon is the most popular e-retailer in the U.S., holding the largest share of online shopping revenue, also ranks ahead of the pack in terms of e-retail sales.
According to our research, Amazon significantly outperformed its U.S. competitors, generating more than US$ 375 Billion via retail E-commerce sales in 2021. In addition, coupons and online review capabilities are popular mobile e-commerce activities, and offering these functions could encourage online sales. However, consumer confidence remains relatively high as online shopping and mobile e-commerce provides new ways to shop for and buy goods and services.
Additionally, the growing movement within the e-commerce market is the increasing presence of mobile shopping, and the United States is no exception. With the rise in E-commerce further boosting trends, smartphones are unsurprisingly the most used device to buy online in the U.S. High payment process costs may seriously affect economic activity in that transactions are rendered too expensive and, consequently, reduced. Conversely, lower costs through efficient payment systems could positively impact economic growth.
Groceries & Household goods dominate the Market Share
Grocery shopping is one of the essential daily activities among consumers in the United States. With the e-commerce payment sector constantly advancing, online grocery retail has become a go-to channel for buying foodstuff for many households across the country due to internet penetration, increasing per capita, and disposable income. However, in terms of brand awareness, Walmart takes the number one spot, with over nine in ten U.S. online grocery shoppers aware of the popular grocery provider.
Online American User
Digital's payment share through all channels has grown incrementally. Penetration numbers grew as consumers became more comfortable making online purchases, and retailers improved their fulfilment operations. In 2022, among the most prominent online E-commerce markets, the United States placed third with more than 307 Million nationwide internet users. The United States is the home of global technological innovation and the hub of the world's biggest internet companies. Over 90 percent of people have internet access in the United. States and many people can no longer imagine a life without the internet.
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Cards are the most Popular Payment Methods in the U.S.
Americans have grown up with high-speed internet access, and smartphones have the highest comfort level with regularly using card-enabled digital wallets. Credit cards are widely used to pay online. The ubiquity of debit and credit cards has made an enabler of digital wallets in the U.S. with smartphones. Digital wallets can extend physical card benefits by personalized financing offers and seamlessly integrating loyalty programs. The prominent role of a payment system is to provide a way of transferring value between different parties in the economy.
However, The U.S. is now the second largest market for mobile payments, with millions of new merchants making them an option all the time. Digital wallets increased in popularity during the pandemic because they offer contactless payment. With the U.S. population currently below the age of 24, e-commerce giants and payment gate providers must be prepared to serve the needs of digital natives. As a result, U.S. merchants are adapting new landscape, with over half of polled merchants likely to accept digital wallet payments, including popular digital wallet providers like Google Pay, PayPal, and Apple Pay. In 2021, PayPal Introduced United States customers to the Next Digital Payments Era with the New PayPal App.
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Competitive Landscape:-
The market for U.S. E-Commerce Payment is divided into JP Morgan, Bank of America, Wells Fargo, HSBC Holdings plc, and Citi Group.
Category - United States E-Commerce Payment Market
1. Travel 2. Consumers Electronic 3. Clothes and Apparel 4. Household goods 5. Health and Beauty 6. Groceries 7. Others
Payment Method - United States E-Commerce Payment Market
1. Bank Transfer 2. Card (Credit and Debit) 3. Digital Wallets 4. Cash 5. Others
Digital Wallet - United States E-Commerce Payment Market
1. PayPal 2. Amazon Pay 3. Xero 4. Stripe
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