JP Morgan (New York) released research Friday concluding Amazon (Seattle) is currently on track to overtake Walmart (Bentonville, Ark.) by 2022 as the largest retailer in the U.S., CNBC reports.
According to the company’s findings, Amazon’s gross merchandise volume (GMV) grew “significantly” quicker between 2014 and 2020 than both U.S. e-commerce and U.S. adjusted retail sales. JP Morgan says Amazon’s GMV grew 41 percent year over year to $316 billion in 2020, and Walmart’s GMV is estimated to have grown by 10 percent year over year to $439 billion, also in 2020.
Christopher Horvers and Dog Anmuth, analysts at JP Morgan, said Friday: “Based on current estimates, we believe Amazon could surpass Walmart to become the largest U.S. retailer in 2022.”
A few things driving Amazon’s top-line growth, also according to JP Morgan, includes grocery and apparel as well as third-party seller sales.