Online retailers set new sales records for the holiday shopping season this year, and the party is set to continue in 2011. As reported by TechCrunch, a new forecast from J.P Morgan projects global e-commerce revenue will grow to $680 billion this year, up 18.9 percent compared with 2010 results. Online retail in the U.S. alone will grow 13.2 percent to $187 billion this year, according to J.P. Morgan.

High growth partly reflects the fact that e-commerce still represents a relatively small portion of overall consumer spending – online sales accounted for less than 4 percent of total retail spending in the U.S. in 2009. But J.P. Morgan senior analyst Imran Kahn writes that mobile commerce is expected to continue to take a bigger bite out of brick and mortar store revenues in coming years. The future for the e-commerce sector as a whole continues to be bright. J.P. Morgan predicts that global e-commerce revenue will grow at an annual average rate of 19.4 percent over the next three years, hitting $963 billion by 2013.