With a big boost from inflation, e-commerce sales revenue in the US exceeded $1 trillion for the first time in 2022. But a far more reliable metric of its growth rate—the e-commerce share of overall retail sales—appears to be stalled between 14% and 15%.

Direct-to-consumer sales exploded during the lockdowns of the pandemic. At one point in 2020, US consumers were buying an estimated 70% of their groceries online. E-commerce sales as a percentage of total retail sales surged to a peak of 16.4% in Q2 2020, up from pre-pandemic levels that hovered around 14%.

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