With more and more retail brick-and-mortar stores closing, from Toys-R-Us, Sports Authority, to Circuit City and more, online marketplaces are becoming the online destination for most when searching the Internet for a product. Consider:
- It is projected that retail e-commerce sales in the U.S. will reach $485 billion in 2021.
- In total, retail e-commerce sales in the U.S. totaled $322 billion in 2016.
- Every year, the average U.S. customer spends approximately $1,800 on e-commerce transactions.
While those statistics seem to tell the significant impact online marketplaces have on general U.S. purchases, it is important to look at the different reasons online marketplaces provide value different than a brick-and-mortar store.