Online shopping has become an essential part of modern retail businesses as more consumers choose it over traditional brick-and-mortar stores. eCommerce has grown significantly in recent years and shows no signs of slowing down. Staying up to date on the latest trends and statistics in the eCommerce industry is essential if you are a business owner or marketer.
In this blog post, we'll provide you with top 10 eCommerce statistics you need to know to make informed decisions about your online business. Stay ahead of your competition with these statistics on online shopping behaviors and mobile commerce trends. If you're just getting started in eCommerce or have been doing it for a while, read on to discover the latest eCommerce statistics you won't want to miss.
1) This year, 2.64 billion people will purchase goods and services online
According to recent studies, the number of online shoppers worldwide is increasing rapidly. In 2023, it is estimated that 2.14 billion people will purchase goods and services online, which is a significant increase from the previous year. This is due to the increasing adoption of digital technologies and the convenience of online shopping.
The eCommerce industry has become a global phenomenon, and businesses of all sizes are taking advantage of the opportunities that it provides. Online shopping has become an integral part of people's lives, and the trend is expected to continue in the years to come. As more consumers turn to online shopping, businesses need to adapt to these changing trends and provide a seamless shopping experience to their customers.
In addition to the increasing number of online shoppers, the average amount spent per online transaction is also on the rise. Consumers are now more comfortable making high-value purchases online, which was previously reserved for traditional brick-and-mortar stores. This trend is driven by the increasing trust in online payments and the convenience of shopping from home.
2) In the US, eCommerce accounts for approximately 14.8% of total retail sales
Ecommerce has been growing rapidly in the United States, with a significant number of consumers opting for online shopping. In 2022, eCommerce accounted for approximately 14.8% of total retail sales in the country. This figure has been steadily increasing in recent years, and eCommerce is expected to continue to grow in the coming years.
US eCommerce is growing for a variety of reasons. Convenience is one of the major factors attracting consumers since online shopping allows consumers to avoid the hassle of traveling to physical stores. Additionally, eCommerce platforms offer a greater variety of products than brick-and-mortar stores, providing consumers with more options. Also, online shoppers can compare prices, look for discounts, and read reviews before purchasing.
Another factor driving the growth of eCommerce in the US is the increasing number of online retailers. The eCommerce industry has low barriers to entry, allowing businesses of all sizes to establish an online presence and sell their products to a global audience. This has led to increased competition among online retailers, leading to better pricing and more attractive deals for consumers.
Additionally, technological advances and digital infrastructure have enabled online shopping to become faster, more efficient, and more secure. In recent years, fast and reliable internet connections have made it easier for consumers to shop online at any time and from anywhere. As for the customers, they are also changing. The number of mobile devices used for browsing the internet is growing rapidly all over the world, so the share of traffic from mobile devices is getting bigger.
3) The most popular product categories purchased online include electronics, clothing and footwear, and health and beauty products
A growing number of consumers are turning to eCommerce platforms to buy a wide range of products online, as online shopping has become increasingly popular in recent years. There are some product categories that are more popular than others among consumers who purchase products from various categories online.
Research has shown online shoppers most often purchase electronics, clothing, footwear, and health and beauty products. Due to the availability of a wide variety of products, competitive prices, and the convenience of shopping from home, consumers often prefer to purchase electronics online. Smartphones, laptops, and other electronic gadgets fall into this category.
Clothing and footwear are popular categories for online shoppers as well. This is because of the availability of a wide range of styles, sizes, and colors, as well as the ability to compare prices and styles across different retailers. Clothing and footwear can also be purchased online without the need to try them on physically, as many online retailers offer free returns and exchanges.
Online shoppers also enjoy health and beauty products. Due to the availability of a wider range of products, lower prices, and the ease of comparing products and brands, consumers prefer purchasing these products online. Personal care, skincare, and makeup products fall into this category.
4) Mobile commerce accounts for approximately 60% of total eCommerce traffic and is expected to continue growing
In recent years, mobile commerce has experienced significant growth and has become a major force in the eCommerce industry.
According to research, mobile commerce accounts for approximately 60% of total eCommerce traffic, which highlights the growing importance of mobile devices in the online shopping landscape. A number of factors are contributing to this trend, including the increased use of smartphones and tablets, the availability of mobile-friendly websites and apps, and the convenience of shopping on the go. By 2025, mobile ecommerce is projected to make up 10.4% of all retail sales in the US from both online and offline sources.
Additionally, the COVID-19 pandemic has accelerated the shift toward mobile commerce as more people have stayed at home and shopped online through their mobile devices. As a result, businesses are increasingly focusing on optimizing their mobile commerce offerings to meet the changing needs of consumers.
5) Amazon is the largest eCommerce retailer in the world
Amazon, alongside JD.com, are among the world's largest eCommerce retailers. They have made significant investments in their eCommerce platforms.
With a market share of over 38%, Amazon is the largest eCommerce retailer in the world. In order to gain this dominance, Amazon offers a wide range of products, competitive pricing, fast delivery, and a seamless customer experience. As part of its efforts to provide personalized product recommendations to its customers, Amazon has also invested in artificial intelligence and machine learning.
Over 32% of China's eCommerce market is dominated by JD.com, which offers a wide range of products, fast and reliable shipping, and a high level of customer service. As part of its commitment to the timely delivery of products to its customers, JD.com has also invested heavily in logistics and supply chain management.
6) Customer reviews and product recommendations influence consumers' purchasing decisions by 50%
Online purchase decisions are heavily influenced by customer reviews and product recommendations. Making informed purchase decisions today requires consumers to rely heavily on social proof, and two of the most important sources of social proof are customer reviews and product recommendations.
It is important to read customer reviews to learn about the quality of a product, the customer service provided by the company, and the shopping experience. According to studies, consumers are more likely to purchase a product with a high number of positive reviews as they view this as an indication of the quality of the product and the level of customer service offered by the company.
Product recommendations, on the other hand, can come from a variety of sources such as friends, family, influencers, or the eCommerce platform itself. Based on a consumer's browsing and purchasing history, recommendations provide consumers with a curated selection of products likely to meet their needs.
7) For 9 out of 10 consumers, free shipping is a top factor that drives online sales, followed by fast shipping and delivery times
In recent years, free shipping has become a significant driver of online sales, as more consumers expect to receive free shipping when purchasing online. Studies have shown that free shipping can significantly influence a consumer's decision to purchase a product online.
The value of free shipping lies in the fact that it helps to reduce the overall cost of purchases for consumers. Even if the product's actual price remains the same, consumers are more likely to purchase if they perceive the total cost to be lower.
Online purchases can also be influenced by fast shipping and delivery times. Businesses that are able to meet consumers' expectations are more likely to win over customers today, as they expect to receive their products quickly and efficiently.
8) Personalized experiences, such as product recommendations and targeted marketing, have been shown to increase customer loyalty and repeat purchases
Personalized experiences are becoming increasingly important in eCommerce as businesses strive to build customer loyalty and make repeat purchases. The goal of personalization is to provide customers with an engaging and customized shopping experience based on their individual needs and preferences.
Customers are more likely to repeat purchases and remain loyal if they have a personalized experience. Customers who feel their preferences and needs are respected and addressed are more likely to return for future purchases and develop a sense of loyalty to the business.
Additionally, personalized experiences can help businesses attract new customers as well as drive customer loyalty. Businesses can differentiate themselves from their competitors by offering a more personalized shopping experience that differentiates them from their competitors.
9) >60% of shoppers say online video has given them ideas or inspiration for their purchase
eCommerce businesses are increasingly using video content to engage and inspire their shoppers. Video content is being used by businesses to showcase their products and services in new and creative ways, thanks to platforms such as YouTube, Instagram, and TikTok.
More than 60% of shoppers say online videos have given them ideas or inspiration for their purchases, according to a Google study. Video content is one of the key benefits of video content. Businesses can use video content to demonstrate the features and benefits of their products as well as show how they can be used in real-world situations.
Adding video content to a product can help to build trust and credibility with shoppers, which is why shoppers are more likely to purchase it when they feel that the product meets their needs. In order to build a positive reputation with their customers, businesses can demonstrate their products in action and provide valuable information and insights.
10) 69.99% of online shopping carts are abandoned
Most of the time, customers will add items to their shopping carts, but in more than 70% of the cases, they will not complete the transaction. As a result, they leave the website without making any sort of purchase.
There are several reasons why online shopping carts are abandoned, such as unexpected shipping costs, complicated checkout processes, technical difficulties, a lack of trust in the website or seller, and many more. In addition to storing items for future consideration, some shoppers may also use their shopping carts as a way to compare prices on other sites or to save items for later consideration.
Regardless of the reason for the abandonment, this research shows how important it is to optimize the online shopping experience to increase conversion rates as well as reduce cart abandonment rates. To increase the likelihood of shoppers completing their purchases, online retailers can employ various strategies such as providing free shipping, simplifying the checkout process, improving website security, and providing excellent customer service.
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