Even if you have a limited amount to invest in your business, eCommerce is all set to help you in establishing your business. Due to the wide popularity and growth of eCommerce, consumers are enormously relying on the benefits of online shopping.
We estimate that 95% of purchases will be done online mode by the end of 2040. Ecommerce is thus, opening doors to the enormous world of online shopping and gives countless entrepreneurs a platform to work on.
The eCommerce market is growing at a rapid rate as in 2017, $2.3 trillion eCommerce sales escalated, all thanks to the online shoppers. The numbers are expected to get double to 4.5 trillion by the end of 2023. 10% of the retail sales are covered by online shopping in the US alone, which is expected to grow at a year-on-year rate of at least 15% rapidly.
Suppose you know the eCommerce statistics and all the facts, including demographics, order value, shopping behavior, and shopping cart abandonment. Such trends help us understand the deeper aspects of the updates about the eCommerce market and what future it holds.
2.05 billion global digital buyers will join the eCommerce in 2023
With an estimated worldwide population of 7.7 billion people, nearly 25% of the total world population, and eCommerce are all set to rule in 2023. These online shoppers have invested in and loved retail eCommerce sales. The number is expected to increase to 2.14 billion online shoppers by the end of 2023.
The most attractive fact about the numbers rising in the eCommerce field is that with a massive crowd of online shoppers, it is the best time to invest and start an online store to boost your business with the increased order value.
Ecommerce sales will constitute 15.5 % of retail sales
Ecommerce is taking over the platform as it is becoming an essential part of worldwide our online commerce. It is increasing that the experts believe it will escalate the percentage of sales retail worldwide to up to 17.5 percent by the end of 2023.
Ecommerce sites are expanding and spreading in every direction and becoming an essential part of the customer experience worldwide, especially in the US online field. This trend holds so many new opportunities for the upcoming entrepreneurs to establish and boost their business in this field via google.
More than half of the small businesses do not have a website in America
There are so many businesses that are yet to mark their place on the growing eCommerce platform. This is an opportunity for new and existing entrepreneurs as they have a chance to establish their business and generate new customers. Businesses in America are more of an offline affair than online. Thus, E-Commerce can be easily established and will rise for a hassle-free online business establishment.
Although businesses without online stores need to establish themselves on a social platform like Google, otherwise, they will be left out in the dust.
Online stores are open for customers 24 hours of a day
As per eCommerce statistics reports, the customers’ main attraction towards the online store is because they are open 24/7 so they can make a purchase late at night or early in the morning whenever they want. These customers also get a chance to compare all the prices of the products and then invest their money accordingly with satisfaction.
This helps the buyers save time and energy as they can buy products at their ease from where they want without going out. The main strength of the eCommerce sites lies in its convenience. So the online retailers should make sure to build the customer’s shopping experience for their comfort.
The buyers will find the shopping process simple and easy. The eCommerce stats also include fast shipping and free hassle returns to deliver the appropriate customer service. To make the shopping process more comfortable and convenient for your buyers, you can take the store to them instead of attracting the customers to visit your shopping website.
65% of shoppers compare prices on their mobile devices while in a physical store
This eCommerce statistic brings along excellent news for the business platform. The online store can sore the heights and be in the customers’ eyes even without paying any cost of maintenance like in a physical store. This means that businesses with the proper establishment on social media platforms deliver products to their customers at lower prices.
More than 60% of shoppers prefer comparing prices online on their phones than on the physical stores.
It is precisely where the entrepreneurs can take advantage of the shoppers who are comparing the prices online as they provide us with lower prices with product comparisons. You can advertise your website and products where these shoppers who want to compare them will see them.
You can get your merchandise or products that appear in the shopping search result on Google. Google is the largest search engine and the most favorite site for shoppers to compare prices.
Ecommerce Statistics #6: 81% of consumers search the product online before making a purchase
The most attractive part of the online social media platform is that it provides its users a wide variety of results to compare prices and make the right choice. The ability to do research online is the main reason people prefer the online store option.
Websites also deliver shoppers with a detailed and accurate product description that can answer all the questions in the buyers’ minds. If they do not find their answers online, customer service is there to assist the shoppers by answering their questions.
Your product pages must include all the product images and a high-quality description of the product and its specifications. All this information helps in generating and earning the interest and trust of the shoppers.
81% of buyers go with the advice of friends over business
It is more likely for 81% of shoppers to trust their friends and family over the advice of other businesses. As we all trust our friends and family over the other fields and they know exactly what’s best for you. Unlike the companies that have some alternate motive hidden behind the promotion of their product, their profit.
This may not be counted as a selfish but psychological phenomenon and is generally referred to as social proof. To gain new customers, one must harness their power of social proof to generate rapid growth in sales.
There are a wide variety of ways through which such businesses say can take some advantage of the ultimate social proof. For instance, one can indulge in influencer marketing or showcase positive reviews and some testimonials to earn the buyers’ trust.
80% of people end their business with a company due to poor customer experience
The real lesson of social skills, which holds true in all cases, is that trust is tough to build and can easily be lost. After having a bad experience with a particular company, it is quite understandable that the consumers will hesitate to buy products from that company.
If you are not attentive enough to notice and correct the poor experience delivered to the customer, it will slowly result in your business’s death. But recovering the customer’s interest in time can help lead the business growth with the help of repetitive purchases.
You should always an incredible experience to your customers from the start to the finish of the customer’s time at your store through your services. If all this is done appropriately, including live chat and listening to what consumers say or people say, then the customers will look forward to purchasing from your store in the future.
Remember: Consumers will be able to trust a company where contact can be easily made
As we all know, relationships are essential in eCommerce businesses. If we ponder, people never easily invest and build their trust in any company. Consumers can trust the people who run the company.
In simple terms, a brand represents the thoughts, values, and promises of the people standing behind the companies to deliver the best experience. Studies have shown that consumers will be able to trust a business that is open and quite honest about any negative news on the web or such events.
The takeaway is to build strong relationships with online shoppers and deliver hands-on customer service as your priority. Your customer service desk should be easily accessible. As we all know, healthy relationships are the key to building trust, which will help you enhance the conversion rate and the retention of your buyers.
2.86% of website visits can convert into a purchase
All the people that visit this eCommerce are not likely to make a purchase. Studies show that only 1 in 34 visitors of this website will make a purchase on the average conversion eCommerce sites. So as you see, there are a lot of opportunities that are missed.
If you have an eCommerce website with conversion rates of 2 percent, you can double the sales by increasing the conversion rates to up to 4%. In simple terms, by increasing your store’s conversion rates, you can have an enormous rise in your profits.
In order to attain a place on the eCommerce website, one must strive to accomplish a high conversion rate and work consistently to keep on increasing its efficiency. There are at least one or more ways to achieve this.
Using a catchy description and pictures can improve the user’s interest in the product. Not only this, once you try a few products, you will also get an idea of the idea
69% of shopping carts have been eliminated
As per a recent Statistica report, the cart abandonment rate at the statistics on e-commerce is 69%. You must have invested the right amount of time in convincing people to visit your website through Facebook advertising and often to retarget. Such internet users even visit your website and choose the products they like to add to the shopping carts, but they are always a click away from making a purchase.
The cart abandonment rate is enormous, and to lower the abandonment rate, one must optimize the checkout process. You do not want to spend your time making your users’ purchasing decisions, only for them to leave the shopping cart.
Why is there an unexpected rise in the price that leads to 69.57% abandoned carts?
You obviously cannot blame the users. The users are done with their mobile shopping research on your product and have decided to buy it. After undergoing all the processes, they now have to take a look at the extra cost of shipping and taxes.
Such complicated processes at mobile commerce sites also end up forcing the customers to create individual accounts are also a major turn off. There are email marketing companies that lower the product prices only to add extra taxes, in the end, to make up for it. But all this will only lead to a higher abandoned cart, which is not suitable for eCommerce companies.
To avoid this, one must not hit the users with unexpected fees while the checkout process is taking place and do not force them to create an account. It would help if you focused on making the process fast, easy, and relatively short. You can also consider raising your prices so as to free shipping to consumers.
Abandoned cart emails have an average open rate of 45%
The average email marketing open rate for e-commerce statistics is nearly 15.66 percent. This is entirely understood when you consider the buyer’s intentions to shop online when they add your products to their cart on their mobile devices.
To avoid this, make sure that you an email marketing campaign so that you can automatically follow such abandoned carts. It can make up for a vast difference in email marketing for your online retailers. Not only this, it will help in easing the customer experience which will add some extra credits to your brand value.
67.2% of digital sales happen through a mobile device
The e-commerce stats show that these numbers will rise to 72.9 percent by the end of 2023. So you can expect most of your customers to access your website through their mobile devices. To ensure sufficient eCommerce traffic, your website should be optimized for viewing on a mobile device and optimization for black Friday.
These days, in your rescue, most of the website’s themes are designed to be optimized on the mobile device. But it is still crucial to select a theme that will work effectively OK on any mobile.
It would help if you also made it a point to view your website on several mobile phones to ensure that it appears excellent regardless of how the consumers will access it.
How Social media and online shoppers are influencing each other
Social media is given rise to online shopping’s other mode of excellence. It includes social media networking aspects, which involve groups and companies, along with recommendations and discussions. Social media has become a source to sell products and shop us online by online shoppers for b2b businesses.
Brands are studying and taking initiatives as they have discovered that the people don’t need to look for products, but rather these merchandises need to reach the users. All this can be achieved through highly focused target market share and social media by a source of b2b businesses.
The average eCommerce field has introduced various trends on google and other sites to emerge the users. For instance, group shopping was introduced by sites like Groupon and LivingSocial. These sites have a next-level returns policy, and they also provide their users with discounts in bulk. Thus the integration of social media with eCommerce has been a b2b sales project and has boosted b2b eCommerce sales to shop online.
When you begin to understand the demographics of the eCommerce is being used and all the trends that are soaring in places like the United States and on Google. All this adds to the increased revenue for all these companies. It makes it easy for us to provide b2c sales via google or other websites, and hence tapping on the multi-trillion-dollar eCommerce space can be achieved through social media or other sources.
Even most of the US online users in the United States are highly dependent on shopping via their mobile phones so that you can get an idea of the increasing demand and rise of the online platform. When all these key statistics are applied correctly, one can expect rapid growth in eCommerce.
Companies should accept the change and adapt themselves to the eCommerce platform as this field is escalating, and you don’t want to struggle in the coming years to make a place in this field. So it would help if you hurried and get started with the online platform to yield enormously from it as your order value will increase.