Checking on Retail Sales & The E-Commerce Mix

Aug 8, 2023 | Corporate Insights, No Bull Economics

Aggregate advanced retail sales (including e-commerce) growth flatlined during 2Q23 & while government data for e-commerce sales performance by itself is unavailable during this period, Amazon’s performance during its recently released 2Q23 report looks solid. 

Retail Sales Are Normalizing

  • The post-covid retail sales bump driven by consumers returning to brick-and-mortar shopping has diminished, restoring the market to “normal”.
  • Resultantly, we see a recent decline in retail sales as consumers have been shifting their spending to services & experiences and away from goods.  
Ecom Retail Sales Graph
  • As part of this return to normal, we see Amazon’s online sales growth rebounding from 2022 lows as consumers even out their in-store/online shopping mix back to pre-covid levels.
  • Notably, this rebalancing is helped by Amazon’s service improvements, delivering 1.8B units to U.S. Prime members the same or next day during the quarter, up nearly 4x from 2019 levels.
  • Also, Amazon is growing its selection of everyday essentials, increasing the basket size & frequency in which consumers shop with Amazon.
Amazon Sales Chart
Amazon Stock Performance
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