2023 Online Retail Report
Store Shopping Revival Was Short-Lived and Survey Shows Consumers Prefer AI-Driven Personalization
July 10, 2023DownloadsDownload Report
In the 2023 edition of this annual report, the Retail & Consumer Products practice at FTI Consulting projects U.S. online retail sales will reach $1.14 trillion in 2023, an increase of 10% from the previous year. Consistent with its pre-pandemic rate, e-commerce is estimated to capture 42% of total retail sales growth in 2023. E-commerce sales growth (year-over-year) is expected to moderate to 10% or less in the coming years, and annual online sales growth through 2025 is expected to double the rate of store-based sales growth.
In addition, in this year’s report, the findings of a new survey detailing consumer interest and concerns surrounding AI-driven shopping personalization indicate that roughly 80% of shoppers believe personalization can enhance their online shopping experience, with 75% of those surveyed saying they would be “very interested” in receiving personalized product offers and advertisements.