From physical newspapers to e-news and paperback storybooks to Kindle, we are shifting to online platforms as technology advances, and shopping is no exception. With the growth and success of digital marketing, the eCommerce industry has come into existence. This industry is expanding like never before.
Nowadays, people shop online more than they used to purchase inside a brick-and-mortar store.
Retail online purchases have picked up, and online sales have risen in the last few decades. Internet accessibility, social media influencers worldwide, and fast speed and convenience have led internet users to indulge in online purchases instead of visiting faraway brick-and-mortar stores, leaving their comfortable space.
New features and businesses always show up the other day, tempting customers to buy online products and generate eCommerce revenue. People are shopping for products online, which has increased the number of online retailers and competition.
If you are planning to begin your eCommerce site and set foot in the bustling world of online sales, you need to understand the process and data that goes into the making. Listed below are the top online shopping statistics you need to know to excel and get to the top position in eCommerce sales.
Top 10 online shopping statistics for 2023
If you have got an online store and want to expand it so that it reaches many people in a short period, you need to apply these ten magical online shopping statistics. These statistics for online shopping will earn you brownie points and attract massive traffic to your site.
So, use these eCommerce statistics in your online store and provide a memorable shopping experience for your customers.
How many people shop 0nline?
A survey conducted by Statista in 2018 shows that 1.8 billion people worldwide are online shoppers. Another data from Statista revealed that the revenue collected from the online retail industry was $2. 8 Trillion.
There is a steady increase in the business, and it is expected that by 2023, the eCommerce business will reach its peak. Out of the entire consumers, it is estimated that 300 customers would be from the United States alone.
With this expansion rate, eCommerce sites will not slow down soon, which is good news for retailers and the buyers. The main factor responsible for this online shopping spree is the quality of shopping experience and services provided.
The retail websites are putting their best efforts to provide shoppers with a good customer experience that they would find at a store while shopping in person. Detailed product information and relevant images and videos are available on the sites that help people make an eligible purchase online.
How to use it?
If you want to outshine others and make your name in the market, you must target the correct audience and focus on their needs. This statistic of online shopping tells you the significance of digital presence to enhance your businesses’ quality and expand it in a better way.
Shopping starts online
Shoppers say that they start their shopping journey online and then either move to the stores or purchase online. The primary eCommerce platforms for every customer is either Google or Amazon from where they start their research and then visit the stores.
Statistics about online shopping stress more on all the brands’ online presence because the consumers’ chances to find their preferred brands effortlessly increase.
Suppose you have a digital presence and start providing good services to online shoppers from the initial stage. In that case, your business will more likely attract customers and generate revenue from your store. Though there is tough competition between online shopping brands, you should not lose hope.
Statistics of online shopping show that small business owners may get a higher % conversion rate of 30% shortly. This conversion rate interprets how fast online marketplaces are evolving and what a huge difference it can make in a short time.
How to use it?
Experts say that to grow your businesses and make a big name, you need to understand your customer’s requirements and shopping behavior. This requirement can be general or gender-specific, and you need to customize your online sales.
Take a look at what your customers are more inclined to. Ecommerce reviews reveal that the percentage difference between both the genders is significantly less. Male shoppers amount to 68%, while female shoppers are 72%.
Male shoppers are likely to buy online, digital gadgets or furniture, whereas female shoppers indulge in grocery sales or clothing purchases. Hence, optimize your eCommerce store more consumer-friendly to increase your retail sales.
Mobile shopping for your consumers
Mobile shopping form another topic for online shoppers’ statistics as mobile devices are easy to access and provide you the ease to shop online. Almost half the online shoppers are purchasing using their mobile devices like smartphones, tablets, etc. and not visiting any store.
The easy access to shopping while sitting in the comfort of your home is provided by mobile shopping. This convenience adds up to the popularity of shopping online rather than visiting the physical market.
Mobile shopping is on the rise, which is why you should make your online store more mobile device friendly so that people can shop online while on the move. You will be surprised to know that 67% of online shoppers prefer a mobile device like smartphones to have fun while window shopping and exploring new brands and small businesses with top-notch products.
How to use it?
In the race, eCommerce sales through smartphones and other small devices are catching up the pace and on the way to outrun desktop shopping soon. The majority of the customers purchase on the go, and smartphones are the best devices. If you want to make your brand name big, make sure you design a mobile-friendly eCommerce store besides focusing on SEO.
Try to give them a better shopping and comparison experience because the consumers look forward to comparing the products before investing in one. That may increase the possibilities of their visits to your store. To attract your customers, build a mobile user-friendly online shopping store.
The biggest online marketplace worldwide
The next one in the list of stats for online shopping is the biggest marketplace for shopping online. Taobao, a Chinese eCommerce market, holds the top place in the online market. Tmall is second, while Amazon is in third place in the eCommerce businesses.
Every person makes a purchase online at least once a month, and most of the shoppers say that they prefer either eBay, Alibaba, or Amazon to make online purchases.
These three eCommerce stores combine to form 50% of the entire web sales made by retailers. This vast contribution made by them results from the widespread success of this business throughout the world. The conversion rates are higher, and they provide quality customer service to be at the number one position. That is why these online shopping statistics landed in our article.
How to use it?
In an online marketplace, the transactions are made at the marketplace, but the products are supplied by a third-party. So when you are shopping online and order the desired products, you make payment at these marketplaces like Amazon, eBay, etc. where this transaction is processed. After successfully processing it, the order is forwarded to the party supplying it, and there it gets fulfilled.
Customers are more allured to these marketplaces because they find different varieties and products to choose from. This abundance of other items is due to the sourcing by different sellers.
The popular online payment method
The online shopper statistics are incomplete without the inclusion of an online payment method. While customizing your eCommerce shop, you need to check if your consumers can use the payment option provided on your site, or are they going to fumble?
An online purchase is incomplete without payment. To ease the process and help your customers, you need to design a more straightforward checkout process.
Around 42% of the online shoppers throughout the world confirmed that they prefer E-wallets more while purchasing products in the marketplace. Credit and debit cards are second and third in the position, which indicates how popular e-wallets are.
It makes the transaction easier for both the shopper and the retailers without causing any inconvenience. The most common ones comprise GooglePay, PayPal, Apple Pay, Samsung Pay, and many more.
How to use it?
These online shopping statistics is beneficial as you can customize your payment options according to your target audience. You should use the method your audience is comfortable with so that they can effortlessly checkout.
This ease of payment also helps retain your customers because if they find the checkout method difficult in other stores, they will stick to your brand.
Shopping cart abandonment online shopping statistics
Online shoppers have the benefit of comparing the prices by switching tabs instead of walking around using their legs and getting tired. The process is faster, and you have a virtual shopping cart to stack up all the chosen products while shopping online.
Still, a number of times, you will find that many of your consumers are abandoning their carts and leaving your service forever. The main reason for cart abandonment is the sky touching costs of the products.
The average rate of customers moving to other online sites is 68%, which leads to a considerable revenue loss each year worth $3 Billion. Online shoppers also don’t hang on the site if they find higher shipping costs or need to create an account before making the payment.
The more hassle-free and affordable the process is, the more the audience will get attracted to your sales. This is the most efficient strategy that many top retailers use to make their name in this industry.
How to use it?
To reduce the abandonment of your carts, surprise the shoppers with exciting deals and offers. Social media influencer marketing helps a lot as they influence their audience to visit your shop and purchase products.
Make sure that you allure the consumers and let them know why they should purchase different items from you. You can take the help of marketing skills and advertise your offers on social media so that everyone gets to know about your deals.
Remember, to grow your business, you need to attract the audience and offer them what they want. You should strike their weak points so that they get intrigued and buy the things sold by you.
Easy return policy and retargeting ads are other methods that you can bring to use. With fewer investments, you can achieve higher conversion rates and attract more people to make your brand name famous.
Technology and online shopping statistics
While shopping, your consumers might come across some queries, and since it is not an in-person shopping stop, they need someone to respond to their questions as soon as possible.
Here, technology plays a significant role and helps you get an edge over your competitors. You might have seen that many websites have a Call To Action (CTA) button at the bottom of the product pages that enable you to reach them whenever you need some help.
How to use it?
Similarly, you can add a chatbot at the bottom of all the product pages so that whenever people visit your site and browse through the products, they can get their queries resolved regarding individual products. A chatbot stays active all the time, helping people round the clock.
Statistics show that 60% of the consumers’ used chatbots for their rescue, and most of them were millennials. The speed and convenience that a chatbot offers are unbeatable. Besides, you can also include voice search options as this helps people speak the name of the product to find it out instead of typing it.
People at this time look forward to minimalistic movements and work. They want to put everything to work by just speaking and refrain from moving. By including technology in your virtual shop, you can gather a large number of people as they will find it easier to shop online by just calling out the name.
Black Friday and Cyber Monday statistics
Sale! Sale! Sale! Use this four-letter word besides art and graphics and flash them throughout the Internet and behold to see the magic. Shoppers will emerge from all corners of the world, and your revenue will increase by many folds.
If people find quality items at a lower price than others, they are driven to that site. This strategy works well, and so many retailers have come up with the idea of Black Friday and Cyber Monday sale schemes, which makes the shoppers set out for a day-long shopping spree.
These crazy sales days invite more people to your store, and your inbox gets loaded with reviews from the consumers along with a massive amount of revenue. It is estimated from the previous data that around 174 million people shopped on these days in a year.
People find it very difficult to visit a shop and purchase items standing in long queues, the sales these days increase by many folds on online platforms.
How to use it?
BigCommerce states that social media plays a significant role in attracting people in huge numbers to your sites these days, and influencer marketing reaches its peak. The more you advertise, the more shoppers you get.
It is a barter trade but on the better side where both the parties are benefitted. So, if you want to make your shop well-known, bring out some outstanding sales ideas and get started.
Online shopping statistics’ Future
The Millennials are the oldest members of online shopping or Generation Z (Gen Z) who are now gaining consciousness and learning about how things work on the Internet but have no pennies of their own to spend.
They are the Internet’s legacy holders, and to stay relevant and resourceful, the traders need to understand their requirements and needs. Since they contribute to this industry in the future, their desires have to be kept in mind.
Currently, a child spends more time on gadgets than playing outside with friends, and some parents state that their kids have started influencing their purchasing decisions. It is estimated that soon, GenZ will be responsible for 40% of all the virtual shopping.
How to use it?
With this data in hand, you can get a rough idea of the direction in which this generation will be advancing. The future of online purchases is technology-driven, and it will witness the sales of technology equipped products. Future shoppers will spend time and money to buy smartphones, virtually assisting gadgets, etc. So, be prepared for the future and its challenges.
Impact of Coronavirus (Covid-19)
2020 has been a year when people have been locked for months in their house. Social life has disappeared, and so has employment. The Internet has been the center of migration, either for entertainment or business.
Thanks to Covid-19, which has made an enormous difference. Shoppers state that online shopping was at its peak in this crisis period when they were locked inside and had no access to the outside world.
Everyone had to depend on internet services, whether for food, groceries, payments, or medication. If this situation were not there, the online shopping statistics would never be including these statistics and showing it to you. Since everything benefits, the sales increased during this period rather than decreasing.
When compared to the sales on any typical day, it was found that shoppers opted for online shopping more and visited different sites to buy the essentials and keep themselves entertained.
How to use it?
42% of the shoppers ordered their groceries and medicines through these sites and paid them using suitable payment methods, preferably E-wallets. This medium helped people a lot, and now they have resolved to opt for online purchases even after this situation ends.
Thanks to digital marketing and online shopping, every individual could sustain this difficult period and make the best out of it. New avenues opened, and people got entertained and explored their hidden sides to bring out the better versions of themselves. The boundaries and country borders divided everyone, but the Internet united each of them.