Amazon is set to surpass Walmart as America’s biggest retailer in 2024, according to JPMorgan analysts Doug Anmuth and Bryan M. Smilek.

JPMorgan estimates show that Amazon’s gross merchandise volume will grow 11.6 per cent in 2023 to A$718.5 billion, which the analysts credit to “solid growth in under-penetrated categories, faster delivery speeds, with 2023 tracking toward Amazon’s fastest delivery speeds ever, and the Prime flywheel.”

JPMorgan estimates that Amazon Prime members will reach 300 million globally by the end of 2023, holding 42.2 per cent of the overall e-commerce market.

It also predicts that artificial intelligence will “enable Amazon other retailers to provide a more personalised customer experience” and “could enable Amazon and other retailers to leverage a breadth of customer purchase history and data and enhance personalised recommendations.”