Amazon extended its lead in the U.S. e-commerce market in the second quarter, according to JPMorgan, which cited the company’s accelerating retail growth and logistics advantages.
In an update to its U.S. e-commerce model, JPMorgan said U.S. online sales rose 5.3% year over year in the second quarter, broadly stable with the 5.6% growth seen in the first quarter.
“U.S. e-commerce penetration increased Y/Y for the 10th consecutive quarter in 2Q, up +17bps Y/Y to 21.9% of adjusted retail sales,” the analysts wrote.
Amazon’s retail business outpaced the broader market. JPMorgan said Amazon’s global first-party sales growth accelerated to 10% year over year in constant currency, compared with 6% in the prior quarter.
Third-party sales also grew 10%, up from 7% in the first quarter. Growth was “driven by outsized growth in essentials (~1/3 of units sold), record-fast SD1D delivery… and expansion of the Prime ecosystem,” JPMorgan noted.
The analysts estimate Amazon’s U.S. e-commerce share rose by more than two percentage points from a year earlier to 46.8% in the second quarter.
Looking ahead, JPMorgan projects Amazon’s market share to reach 47.4% in the third quarter and 49.2% in the fourth quarter.
“We believe Amazon (NASDAQ:AMZN) remains well-positioned as the leader in e-commerce,” they wrote, reiterating the stock as their “Best Idea.”
JPMorgan forecasts a slight deceleration in overall U.S. e-commerce growth in the second half of 2025 due to tougher comparisons and potential tariff effects, but expects penetration to keep rising.
“We continue to believe U.S. e-commerce penetration of Adj. Retail Sales could increase from ~23% in 2024 to 40%+ long term,” the bank said.
Source :
https://www.investing.com/news/stock-market-news/amazon-continues-to-gain-share-in-us-ecommerce-market-jpm-says-4204572
