Together, Millennials and Gen Xers now represent a larger population than the generations that preceded them, 1 and these consumers are so accustomed to the convenience and speed of online shopping that they are now looking online to purchase boats, homes, and even cars.
Today, 76% of car buyers are open to buying completely online 2 and 64% of car buyers want to handle more of their purchase online compared to the last time they purchased a vehicle.3 Consumer satisfaction with car buying has increased with digitization, reaching an all-time high of 72% in 2020, up from 60% in 2019.4 New form retailers are realizing greater than 100% annual revenue growth.5
In 2021, U.S. eCommerce sales totaled $933B 6 and are projected to grow 23.6% by 2025.8
By 2025, global auto eCommerce sales are expected to reach 25% of total eCommerce sales.8