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Shopping through online retailers or visiting a physical store – this is the choice that every consumer is faced with when making a purchase decision.
The leading factors in this decision may depend on how much time you have and where you end up getting the best value, but the decision ultimately comes down to practicality.
Blame it on Amazon Prime, but consumers now need faster access to the products and services they want. I can testify to that too.
Many of us have shifted this trend to online shopping. This option offers many benefits:
- You got out of bed,
- You can choose to deliver the next day,
- You have access to more product information and
- You may have a more personalized shopping experience.
Unless you live under rocks, you know that the e-commerce industry and online shopping are growing fast.
But have you ever worried about how many people there are actually online shopping – or what does the behavior in various verticals look like?
So look at high level online sales.
In the United States alone, e-commerce sales are expected to exceed $ 740 billion by 2023.
The growth of online shopping is the result of many factors, such as
- Increased use of smartphones and shopping via mobile devices,
- Social media and social trade,
- Transformative technology,
- Internet markets i
- The way shopping behaves has changed from generation to generation – Baby Boomers in Millennials in Gen Z.
Not to mention all the perkets we talked about earlier.
For this reason, staying on top of e-commerce trends can help you build advanced strategies to help you set the success of e-commerce in the near and distant future.
5 Basic Online Shopping Statistics
Whether you own an online store or want to start a scalable small business, understanding how an online user store is key to your business model strategy.
You can find thousands of e-commerce statistics on the web, but here are five top statistics you need to know.
1. High shipping costs are the first reason to leave the cart.
Although there is a great demand for fast delivery, high consumption costs money. A U.S. study of customers over the age of 18 found that high shipping costs were the main reason for leaving shopping carts online.
2. Amazon is the leading mobile shopping app online.
Believing it has seen an increase in strategies for direct shoppers, a September 2019 survey found that the most popular online shopping app is Amazon. This statistic tells us that mobile commerce, especially the use of mobile applications, is particularly important in developing an online sales strategy. In addition, retailers should consider including Amazon and Walmart in their multi-channel strategy.
3. 43% of global customers research products online through social media.
With the introduction of more social commerce tools – like Instagram payments – the industry has also seen an increase in the power of social media in customer awareness and purchasing decisions.
4. Clothing is the leading internet vertical.
59% of U.S. customers purchased clothing online between Q2 2018 and Q2 2019. As books, movies, music and games, footwear and consumer electronics lagged behind.
5. Direct site, email and SEO are the best sources of traffic.
Success in e-commerce is more than a beautiful website – you need a healthy amount of traffic in your online store. A recent Statistic survey found that direct page, email and SEO are the leading traffic drivers.
E-commerce is growing day by day
The number of e-commerce pages is growing. Clearly, starting an online business can help overall retail sales by providing potential customers with a more convenient way to buy and interact with brands.
So look at the e-commerce market in numbers.
E-commerce will account for 22% of global retail sales by 2023.
22% of global retail sales will be thanks to e-commerce by 2023. Giving context to this growth, 14.1% of global retail sales were e-commerce purchases in 2019.
The growing number of e-commerce websites is definitely a factor in this holistic number. However, there are many other e-commerce trends, in addition to those mentioned earlier, that ignore this growth:
- The rise of mobile e-commerce,
- Increased application of omnichannel strategies and
- An overall shift in shopping trends – like power of influence and social channels (nodding his head on Instagram).
Q2 2019 already had a growth of 4.2% compared to the first quarter.
Taking a closer look at e-commerce growth, U.S. e-commerce is growing exponentially on a quarterly basis. Although seasonal fluctuations are always something to consider, these statistics prove that there is continuous growth in the e-commerce market.
By 2023, U.S. e-commerce revenue will be $ 740B!
As mentioned in the introduction, not only will e-commerce purchases increase in the United States, but so will revenue. With over 70% revenue growth since 2019, these statistics tell us that more consumers are looking to make more online purchasing decisions.
With higher revenue comes an increased average order value – allowing legacy products to be declared online. For example, the furniture brand DTC Burrow has already begun the transformation of the furniture industry with its approach to headless trade.
E-commerce accounts for close to 11% of all U.S. retail sales.
11% may initially feel petty if you consider how much the topic of e-commerce has become in recent years. This statistic is a sign of good health as the share of e-commerce sales continues to grow in the retail space. You can expect that percentage to increase exponentially in the years to come.
Amazon, Google and Facebook remain some of the largest online companies (not just for e-commerce).
With little surprise, companies like Amazon, Google and Facebook still have an advantage in the world of the internet. Although they do not traditionally offer retail solutions, these companies focus on more innovation in the commercial space. As we have seen nationwide strategies become increasingly difficult growing companies, leading online companies are seizing the opportunity to become leaders in the world of commerce.
Meet online shoppers
No consumer is equalized. But understanding consumer behavior online can help you create a digital strategy for your business.
Over 75% of people shop online at least once a month.
As the need for comfort becomes more pronounced for consumers, it makes sense to buy over 75% of them online at least once a month. When creating an e-commerce strategy, think about how you can take advantage of these statistics.
Customers buy more entertainment online than anything else.
Gen Z and Millennials have let us know that shopping experiences are becoming more favorable. According to these statistics, books, movies and games are the categories with the most settings to buy online. This is another reason why well-known brands like Spotify, Netflix and Disney + are becoming increasingly popular among consumers.
Windows OS takes the lead for most orders.
Understanding the technology that consumers use to order on your website is crucial. Windows OS continues to take the lead as the technology most used by customers to place online orders. When designing for UX or a store, keep in mind how that experience looks and feels in Windows OS.
Average customer conversion rates range from 2.7% to 3.2%.
In B2C e-commerce, average conversion rates ranged between 2.7% and 3.2% between late 2018 and early 2019. The highest peak, 3.2%, occurred during Q4, a popular time for holiday shopping.
How customers pay online
Now that the most popular customer behavior has been covered, it’s time to look at how they pay. Payment processing via e-commerce has experienced a lot of innovation since its introduction. So take a look at the payment landscape in e-commerce today.
The main mobile payment platform is WeChat Pay.
WeChat Pay, part of WeChat which is one of the most popular messaging platforms in China, ranks first on the mobile payment platform worldwide. The payment platform allows users to pay in Chinese yen (CNY) and transactions are settled in foreign currency.
94% of Chinese users use mobile payments, while only 45% of Americans want to.
Since WeChat Pay is the world leader in mobile payment platforms, it makes sense that 94% of Chinese users use mobile payment. More importantly, only 45% of Americans view mobile transactions. Although the gap is significant, the U.S. is starting to record growth in mobile payments.
Americans favor PayPal over any other digital wallet
When it comes to US online payment options – PayPal takes the cake at 89%. Between owning Venm, a simple app, credit card options and more, PayPal has made online payments easier and more convenient for consumers.
Get ready for the holidays
You are preparing an e-commerce strategy without taking into account the preparations for the holiday season. The holiday season is usually the retail season with the highest revenue of the year – both online and offline.
Average order values (AOVs) range around $ 140 from Thanksgiving – Cyber Monday!
The average order value of $ 140 between Thanksgiving for Cyber Monday is definitely a statistic that will get you excited. The holiday season also sees a high average order value of around $ 132. These signals that launching seasonal promotions and marketing can have a strong return on investment.
Conversion rates peaked at 6.1% during Thanksgiving – Cyber Monday!
If you need another reason to believe the holiday season is a revenue driver, read this: conversion rates peaked at 6.1% on the desktop between Thanksgiving and Cyber Monday. 3.2% for smartphones and 5.5% for tablets. Throughout the holiday season, the conversion rate peaks at 4.7%.
Most purchases will be made on desktops, tablets and mobile devices.
Although we are seeing an increase in mobile purchases, the desktop remains the best device for buying holiday seasons. The desktop is followed by the purchase of tablets, then mobile devices.
42% of holiday shoppers research online and shop online, while 23% will shop in-store.
When it comes to holiday shopping, many consumers do research before buying a product. However, in a recent study, most consumers interviewed surveys and internal online reviews, while only 23% bought products in-store.
Best time to start an e-commerce store? Now
The e-commerce industry is booming like never before. Online shopping is on the rise, especially as consumers are hungry for more benefits – meaning fast and free delivery and a customized user experience. If you are entertained by the idea of selling online, there has never been a better time to join the market.
Growing demand for online shopping.
More and more customers are searching and buying products online. Find your niche, choose your product and build a customer base. Read more about how to sell online in 2020 in our guide.
No coding required for construction and growth.
Do you know HTML poorly or how to encode? Not a problem. With technology like BigCommerce making web design as easy as possible, you can store your dreams without the need for coding.
Data available to refine growth and sales growth.
All of the above data is taken for free online, which means that traders and sellers can use this data to find which buyers and which sectors will be the most profitable.
New customers come online every day.
Much of the world has access to the internet, but a solid survival rate. With the growth of internet connectivity, you can be sure that customers will pop up all over the world to find products like yours.
We are seeing an increase in online shopping worldwide. When creating an online business, it is important to understand how your customers are behaving and how consumers around the world are behaving.