US eCommerce Q1 sales rise, but penetration is flat

Time for some numbers. Q1 eCommerce sales hit $253.1 billion, a jump from the year-earlier quarter but below Q4’s record levels (source: US Dept of Commerce). And eCommerce penetration (i.e. the share of dollars consumers could potentially spend online) rose one-half of a percentage point in the first quarter of 2023. What does this actually mean? Well, the figures actually suggest 2023 could be another record-setting year for retail. While the record online sales spikes of the pandemic have faded, quarterly eCommerce sales have continued to grow, albeit at a slower pace. Read the full article here.