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Amazon Could Account for Half of E-Commerce Sales by 2021
Investment banking firm Needham upped Amazon stocks from “hold” to “buy” as it predicted further online sales domination for the company in the U.S.
New York--There is seemingly no end to Amazon’s potential growth, at least according to investment banking firm Needham’s.
Needham upgraded the retail giant’s stock from “hold” to “buy” on Monday, setting its price target at $1,100.
In a note to investors, CNBC reported, Needham analyst Kerry Rice said: “We believe Amazon’s established dominance in U.S. is sustainable with Prime, mobile penetration and third-party growth.”
Needham estimated Amazon’s current share of the U.S. online retail market to be about 34 percent based on gross merchandise volume.
By 2021, the firm predicted, that number would increase 16 percent, between 2 and 4 percent each year, meaning Amazon would account for 50 percent of the country’s retail e-commerce.
Amazon Prime has been instrumental in creating customer loyalty and fueling growth. The membership program, which costs $99 per year, provides free two-day shipping on orders and other benefits.
Last year, Amazon said Prime Day, an event in which Prime members were offered special deals, was the company’s biggest sales day ever.
Needham said that 80 percent of Prime members shop on Amazon at least once a month.
Amazon’s closest competitors possess far less market share than the company. Ebay comes in second with 7.7 percent of the market share, and Wal-Mart ranks third, accounting for under 5 percent of the e-commerce market.
Amazon.com Inc. ranks No. 9 on National Jeweler’s 2016 list of $100 Million Supersellers, with an estimated $640 million in watch and jewelry sales in North America in 2015. In National Jeweler’s last State of the Majors report, published in 2012 based on 2011 financials, Amazon ranked No. 16, meaning it moved up seven spots in those four years.
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