Target’s increased focus on building its ecommerce business looks like it’s working. The big-box retailer, which previously ranked 11th in U.S. e-commerce market share, has now surpassed three competitors to move into 8th place. This year, Target’s ecommerce business will jump 24.0% to $8.34 billion; its share of the total U.S. e-commerce market will grow to 1.2%, up from 1.1% in 2019, according to eMarketer.
“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 in a statement. “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.”
Some retailers in the top 10 list are losing share. eMarketer predicts that both eBay and Apple will see their shares of the U.S. e-commerce market drop slightly in 2020. Meanwhile, Amazon’s share will grow to 38.7%, up from 37.3% in 2019.
Additionally, eMarketer estimates that Amazon will capture a 4.6% share of total retail sales (online and offline) in the U.S. this year.