E-commerce has never been bigger in the US: E-commerce now reflects a record 16.6% of total US retail sales. Put simply, nearly $1 out of every $6 spent in US retail is now online. By comparison, it was just 0.8% in Q1 2000, meaning activity has surged by over 20x since 2000. In Q4 2025, online sales surged to a record $365.2 billion. As a result, total US e-commerce sales for the full year 2025 were estimated at a record $1.23 trillion, up +5.4% from 2024. Online shopping is replacing brick-and-mortar.(The Kobeissi Letter)