Target’s focus on building up its e-commerce business is paying off, bumping it up from eleventh place to eighth among the top US retailers selling online.
The new ranking is according to eMarketer, which said the big-box retailer has now surpassed three competitors to become No. 8. In 2020, Target will inch past Costco, while Macy’s and Qurate Retail Group will both see their shares of the total US e-commerce market decline this year. Target’s share of the total US e-commerce market will grow to 1.2%, up from 1.1% in 2019, according to the report, and its e-commerce business will jump 24.0% to $8.34 billion.
“At a time when brick-and-mortar stores are struggling to keep up with the fast-changing retail landscape, Target seems to have hit the bullseye,” eMarketer forecasting analyst Cindy Liu said. “Store renovations and expanding same-day fulfillment options, such as in-store pickup, drive-up and delivery with Shipt, are paying off. Target has found a way to use its stores to fulfill online orders while keeping up with customer demands for convenience and speed.”
Amazon however, still leads the pack, projected to capture 38.7% of the e-commerce market, up from 37.3% in 2019. Amazon’s closest competitor, Walmart, is expected to have a 5.3% share. In total, eMarketer projects that Amazon will capture 4.6% of total retail sales, both online and offline.
Click here for the full eMarketer article “Target Cracks Top 10 US Ecommerce Ranking.”