20.8% of retail purchases are expected to be made online by 2023
Gone are the days when shoppers would head to the local mall and spend the day browsing different stores. Today, the first point of contact between a customer and a company is usually online, especially if the company has a social media presence. Renting physical retail space may no longer be a top priority as entrepreneurs look to start new businesses with less effort. The focus shifts to building a web presence that can generate online sales. A no-code website builder makes this possible with a low barrier to entry.
24% of retail purchases will be made online by 2026
There is no denying that online shopping is popular these days. But what will it look like in a few years? Studies show that this is more than just a trend. Customers will continue to rely on the Internet for all their retail purchases. Turning your business into an e-commerce venture is clearly not just a fad. This is a great long-term investment, especially if you want to scale.
E-commerce sales are projected to grow by 10.4% in 2023
With 20.8% of his retail purchases projected to be made online in 2023, it’s no wonder that e-commerce sales are projected to grow as well. The more customers shop online, the more sales your business can make and the more profit you can make as a result. Whether your goal is to increase your sales by a small percentage, or you want to completely transform your business from a startup to a large organization, e-commerce can help.
The global e-commerce market is expected to reach $6.3 trillion by 2023
One of the greatest advantages of e-commerce is the ability to sell products and services to anyone from anywhere. As long as customers have access to her website, they can shop there even if they are halfway around the world. If you are currently based locally or nationally, this strategy can give your brand the global exposure it needs for unprecedented growth. By 2026, the e-commerce market is expected to total over $8.1 trillion
When we say e-commerce is not a passing fad, it’s a worthwhile long-term strategy. It is expected to capture trillions of dollars in market share in just three years. So what does this mean for your company? If you don’t jump on the online selling bandwagon now, you’ll likely be missing out on a lot of money.
US e-commerce market will exceed $1.1 trillion by 2023
As the global e-commerce market is expected to grow, so is the US e-commerce market. This is great news if you’re looking to target customers nationwide. Even if you’re based in one state, you can sell to other states nationwide. E-commerce is an easy and inexpensive way to increase your sales in the US.
In the US, 16.4% of retail purchases are expected to be made online by 2023
Whether you’re selling t-shirts, furniture, or supplements, there’s no question that your products are worth selling online. For many US customers, shopping online instead of in-store has become the norm. After all, it suits their busy lifestyles and gives them an irresistible sense of convenience.
Amazon has the highest market share among e-commerce companies, accounting for 37.8% of e-commerce sales.
Amazon is a household name, along with Kleenex and ChapStick. When customers need a particular product, they often turn to Amazon to browse and purchase options. This international e-commerce company and online marketplace is at the forefront of e-commerce sales, so it makes sense. Right behind Amazon are Walmart, Apple, eBay and Target.
Walmart, eBay and AliExpress are the most visited e-commerce websites
There are countless e-commerce sites out there, but Walmart, eBay, and AliExpress are all gaining popularity in the popular category. In December 2022, Walmart.com became the most visited e-commerce website with approximately 854.9 million monthly visits. eBay.com puts him in second place with 669.5 million visits. AliExpress.com ranked third in terms of revenue with approximately 651.9 million visits. Other frequently visited e-commerce sites include Etsy.com, Samsung.com, PlayStation.com, and BestBuy.com.
- Online Shopping Behavior Statistics
57% of online shoppers say they shop internationally
Online customers don’t give up when they can’t find a local or national business that meets their needs. Instead, more than half of them are looking abroad. In other words, e-commerce can turn your business into a global organization. You don’t have to stick to your local customers if you don’t want to.
The most common reason online shoppers abandon their carts is because of additional costs such as shipping, taxes and fees (48%).
If you’re planning to add e-commerce to your business, you need to know what keeps customers away, not what attracts them. Nearly half of online shoppers say additional charges such as shipping and taxes prevent them from continuing with their purchase at checkout. Other barriers include requiring buyers to create accounts, slow delivery times, website privacy concerns, and lengthy or complicated checkout processes.
24% of online shoppers abandon their carts because websites require account creation
You can ask online shoppers to create an account on your site, but you shouldn’t ask them to do so. Because some people will abandon your online store and look elsewhere for what they need. A user wants to checkout as a guest without the time and effort of creating a username and password.
22% abandon online purchases because shipping is too slow
When a customer orders an item online, they may not expect it to arrive at that time or day. But many of them want it as soon as possible. If your order takes weeks or months to ship, your customer may be abandoning her online shopping session on your website and relying on a competitor with faster delivery times. Ecommerce and slow delivery are mutually exclusive, so it’s important to streamline your delivery process and do everything you can to reduce the time it takes your customers to receive their orders.
79% of shoppers shop online at least once a month
Some customers shop online occasionally, but most make monthly purchases. No matter what you’re looking for, online shopping is just part of everyday life. They take it for granted that they use the internet whenever they consider a particular purchase.
Online delivery cart abandonment rate on mobile is 84%
Customers can shop online using desktop or mobile devices. This flexibility is great, but it can hurt your e-commerce business, especially if you haven’t optimized your site for mobile devices. A worrying percentage of online shoppers abandon their carts while using their mobile phones or tablets. Make sure your online shopping and checkout experience is simple and intuitive. Otherwise, you will lose sales.
Online delivery cart abandonment rate on desktop is 72%
Many people who use desktop computers to shop online also abandon their shopping carts. This highlights the importance of a well-designed, user-friendly website and a convenient checkout process. Customers don’t have the time or desire to buy online. As an online retailer, it’s your responsibility to make sure it’s easy.
- Social E-commerce statistics
$992 billion was spent on social media commerce in 2020
Social media commerce is the use of social media platforms such as Facebook and Instagram to advertise and sell products and services online. This allows your customers to make purchases while using your social media app. In 2020, e-commerce retailers took full advantage of this strategy.
Social Media Commerce Expected to Reach $2.9 Trillion by 2026
Like e-commerce, social media commerce is no fad. Studies show that it will continue to be popular and will lead to trillions of dollars in sales over the next few years. This means that e-commerce businesses without a brand presence on major social media platforms will miss out on an opportunity.
96.9 million people in the United States shop on social media
Nowadays, making online purchases on social media platforms such as Facebook and Instagram is the norm in the U.S. While 96.9 million people currently do it, this figure is expected to grow to 114.3 million social buyers—an 18% increase.
Millennials shop on social media the most—55% of people aged 18 to 24 in the United States have made a purchase on social media
In 2021, more than half of 18- to 24-year-old social media users in the U.S. placed at least one online order via social media. While these millennials make up the age group that shopped the most on social media, 25 to 34 years earn the second place spot. It’s clear that social media commerce is most effective with the younger generations.Keep your target audience in mind when trying to determine whether to implement social media in your e-commerce strategy.
China has the highest rate of social commerce shoppers—nearly 50% have purchased from social networks
Social commerce goes beyond the U.S. In fact, almost half of the online shoppers in China have used social media to make online purchases.If you’d like to move into the global market or expand your global reach, selling your products or services on social media is certainly worth exploring.
- Facebook is the most popular social media platform for social commerce transactions
There is no shortage of social media platforms these days, but not all of them are effective in selling deals online. About 51% of survey respondents said they use Facebook for online shopping. So keep this in mind when deciding which platform to use. According to research, in 2021 he will have over 90 million US social commerce shoppers.
40% make purchases inspired by social media
Social media makes many people feel like they have to keep up with Mr. and Mrs. Jones. As a result, many of our users end up making purchases that they would never have thought of without using platforms like Facebook and Instagram. Some of the most influential products on social media include clothing and accessories, health and beauty products, food and drink, event tickets, and holiday experiences.
For 49% of social commerce shoppers, influencer endorsements influenced purchases
Social media influencers are active social media users who have made a name for themselves with their expertise and knowledge of a particular topic. Nearly half of social media commerce buyers were prompted to make a purchase based on what they saw or heard from these influencers. Believe it or not, 70% of teens trust influencers more than traditional celebrities, and 86% of women use social media for buying advice.
- Mobile E-Commerce Statistics
91% make online purchases on their smartphones
Most people rely on their smartphones every day. Whether they have an Apple, Android, or other device, many people use it every time they make an online purchase. Creating a seamless shopping experience on desktop is important, but making sure your website looks and works well on mobile is even more important.
Mobile commerce sales are expected to account for his 6% of total retail sales in 2023
Mobile commerce, also known as m-commerce, is expected to reach $415.93 billion in 2023, accounting for 6% of retail sales. Nevertheless, growth is expected to slow to 9.9%. It’s the first time it’s been below double digits.
Mobile commerce will account for over $360 billion in revenue in 2021
In 2021, US M-commerce retail sales will surpass 360 billion. That number will increase to 431.4 billion in 2022. And it is expected to further increase to 511.8 billion in 2023, 604.5 billion in 2024, and 710.42 billion in 2025.
Mobile commerce revenue is expected to account for his $710 billion in commerce sales by 2025
In just two years, m-commerce sales are expected to reach $710 billion. If your site is not currently mobile-friendly, this stat should encourage you to work on it. Otherwise, you could be missing out on a great opportunity to tap into online shoppers using mobile devices to shop.
Tablet M-Commerce Revenue Expected to Reach $54.01 Billion by 2026
Smartphones are widely used for online shopping, but what about tablets? E-commerce sales from tablets will reach US$61.08 billion in 2022. Surprisingly, that number is expected to drop to $54.01 billion by 2026. This is likely due to the growing popularity of tablets and e-commerce retailers enhancing the mobile shopping experience.
- Black Friday and Cyber Monday Statistics
Online shoppers will spend $9.12 billion on Black Friday 2022
For online retailers, it’s important to increase entry fees for Black Friday. Here’s why. Black Friday 2022 saw him spend $9.12 billion. That’s more than his $5.3 billion that customers spent on Thanksgiving that same year and his $3.14 billion on Veterans Day.
Online shopper says he spent $11.3 billion on Cyber Monday 2022
Black Friday 2022 was a big day for ecommerce businesses, but Cyber Monday proved even more profitable. Customers spent his $11.3 billion on Cyber Monday, while on Black Friday he spent $9.12 billion.
87.12 million people will shop online on Black Friday in 2022
Some people still enjoy the thrill of getting up early the day after Thanksgiving to visit their favorite retailers and pick up bargains. However, many shoppers avoided the confusion and chose to shop online on Black Friday instead. As an online business, it’s important that your website (or storefront, if you have one) is in top shape for the day.
By 2022, 77 million people will shop online on Cyber Monday
Cyber Monday he has been around since 2005. But just because it’s newer than Black Friday, which became an exciting holiday in the late 1980s, doesn’t mean it should be ignored. In 2022, a record 77 million customers made online purchases on Cyber Monday, with 59% of them purchasing from his mobile device, up from 52% in 2021.