Amazon is expected to have crossed $119 billion in U.S. e-commerce sales last year, but Walmart was the fastest grower at nearly 45%, according to Internet Retailer projections.

With 2018 in the books, retailers are finalizing their numbers and gearing up to report their annual earnings. Internet Retailer did some analysis to forecast year-end U.S. e-commerce figures for the top 10 merchants ranked in the most recent edition of our Top 1000.

Despite Walmart Inc.’s acquisition spree, Inc. is still expected to have blown its competitor out of the water with $119.53 billion in U.S. web sales in 2018, according to Internet Retailer projections. The figure captures the sales of Amazon-owned products and commissions from third-party sellers on the marketplace but excludes revenue from physical stores and the Amazon Web Services business. Amazon, No. 1 in the 2018 Internet Retailer Top 1000, likely raked in more than seven times the amount of online sales of Walmart (No. 3) last year.

Taking into account the historical sales and estimated growth for recently acquired companies—plus-size apparel shop Eloquii Design Inc. (No. 816), intimates retailer Bare Necessities (No. 303) and artwork seller (No. 137)—Internet Retailer forecasts that Walmart’s domestic e-commerce segment hit $16.67 billion in 2018.

Internet Retailer’s early estimates peg Walmart as the fastest-growing online merchant in 2018 in the group of 10 retailers analyzed. Its U.S. e-commerce sales jumped 44.9% last year, up from $11.50 billion in 2017 and fueled by late-year acquisitions, whose sales for the entire calendar year have been attributed to Walmart. By comparison, Internet Retailer’s projections show Amazon’s 2018 domestic web sales grew 26.9% from $94.17 billion the prior year.


This would mean both retail giants outpaced the cumulative 2018 online sales growth for the top 10 retailers, which Internet Retailer estimates was 23.4%. That would bring collective e-commerce sales for the group to $193.20 billion in 2018, up from $156.61 billion the year before. The median growth for the retailers analyzed was 16.0%. The struggling office supplies chain Staples Inc. (No. 5) was the only top 10 retailer to register a decline in online sales last year, according to Internet Retailer’s analysis.

After analyzing retail numbers released by the U.S. Department of Commerce, Internet Retailer expects overall e-commerce to have hit $518.52 billion last year, up 15.3% from 2017. This means the top 10 retailers grew faster than the overall market and accounted for 37.3% of total online sales in 2018. Amazon alone took a 23.1% share of e-commerce last year, according to Internet Retailer.

The group of top 10 ranked merchants also accounted for more than half of all e-commerce growth last year, Internet Retailer projects. Amazon was the biggest difference maker with more than a third of the pie.