46 Awesome Ecommerce Statistics & CRO Hacks

46 Awesome Ecommerce Statistics & CRO Hacks






46 Awesome Ecommerce Statistics & CRO Hacks Convenience is adored by consumers. Due to this fact and the ease of access provided by the internet today, eCommerce has become popular among consumers all over the world. Given that there are 4.6 billion active internet users worldwide, eCommerce has become essential for both large and small enterprises.

Where is eCommerce going, though? How is the current market? View the eCommerce statistics below to get a snapshot of the situation right now and a glimpse into the industry’s future.

Important Ecommerce Facts & Statistics

Contents

  • In 2020, more than a quarter of the world’s population made an online purchase.
  • China currently has the largest eCommerce market, with annual online sales of $672 billion.
  • The most widely used form of payment worldwide is credit cards.
  • The typical consumer uses their smartphone for more than 5 hours every day.
  • In 2022, voice shopping will most certainly surpass $40 billion.
  • By 2021, overall eCommerce retail sales will amount to $4.9 trillion.
  • According to statistics on e-commerce growth, US revenue is expected to reach $479 billion by 2022.
  • By 2023, the market for mobile payments will reach $4.5 trillion.
  • The US will earn $25 billion from live stream shopping in 2023.
  • From now on, having an omnichannel brand presence is essential.

Statistical Overview of the Electronic Commerce Industry for the Year 2022

One in four people on Earth made an internet purchase that year.

(Source: Statista)

There were predicted to be 2.05 billion internet buyers in 2020 before any global lockdowns began. This figure is likely much greater, though, because of the Covid-19 pandemic’s impact on traditional retail.

In particular, projections indicate that by 2021’s close, there will be a total of at least 2.14 billion people who have shopped online.

How much of your business do you do online? In 2020, 17% of all retail sales were made via electronic commerce platforms.

(Source: The Wall Street Journal)

GroupM forecasted that by 2020, the share of global GDP attributable to eCommerce sales will reach 17%, or $3.9 trillion. GroupM estimates that by 2024, the number will have increased by 25%, to $7 trillion. Furthermore, by 2027, the total amount might exceed $10 trillion worldwide.

Covid caused a shift in 2020’s eCommerce data because people stayed home instead of going out to shop.

3.69% of U.S. citizens have shopped online.

(Source: OptinMonster)

To no one’s surprise, 69% of Americans have shopped online, with 25% doing so on a weekly or more frequent basis. Almost 60% of their online purchases were apparel, and 47% made their first purchase on Amazon.

The number of people who shop online is huge, but not just in the United States. In 2021, the United States is expected to have the highest eCommerce revenue per shopper at $1,804, followed by the United Kingdom at $1,629 and Sweden at $1,446.

4.As of this moment, the worldwide e-commerce conversion rate is 2.5%.

(Source: VWO)

What we call the “conversion rate” is the proportion of site visitors who become paying customers. The correct application of this tool is what makes it so useful for gauging the success of an online store.

Recent data from the eCommerce industry shows that the overall conversion rate for eCommerce on all devices is 2.5% worldwide. Naturally, the conversion rate varies from business to business; however, Amazon boasts the highest at 13%.

5. The average American buyer will spend $922 on a single product.

(Source: BigCommerce / Astra)

According to KPMG’s Global Online Consumer Report, males are more likely to make large purchases than females. Surprised? Indeed, so were we. While this may be the case, online shopping data speaks the truth. Men typically spend $220 each purchase, while women often spend $151. Despite having similar purchasing habits, males were more likely to purchase high-priced items like gadgets, while women opted for more budget-friendly products like food and cosmetics, as explained in the survey.

However, a word of warning. Keep an eye out for eCommerce frauds like pagejacking and identity theft when making purchases on the web.

6.Statistics on the expansion of online shopping show that by 2020, Amazon had more than 2.4 billion visitors to its site.

(Source: Statista)

There are several reasons why Amazon will always be an eCommerce giant, and its traffic is just one of them. Not only that, but the retail giant saw a dramatic increase in revenue from $3.02 billion in 2007 to $96.15 billion in 2020. A rise of over a thousand percent!

7. With $672 billion in online sales in 2016, China is by far the largest eCommerce market.

(Source: Kinsta)

According to data on online consumers’ nationalities and origins, the United States is currently only second behind China in terms of popularity. After more than a decade of U.S. dominance, the latter is currently the largest eCommerce market worldwide.

Chinese online retail is booming, with a 35 percent annual growth rate and $672 billion in yearly sales showing no signs of slowing down anytime soon. In contrast, annual online sales in the US barely amount to $340 billion. Additionally, the growth trends in China’s eCommerce sector look to be stable.

8.the value of the international business-to-business (B2B) eCommerce market is more than five times that of the global business-to-consumer market.

(Source: Statista)

As of this year (2019), the estimated value of global B2B sales was $10.6 trillion. Asia and the Pacific (APAC) accounts for 80 percent of the global market. Amazon Business and Alibaba are the two most prominent companies in the business-to-business market today. B2B eCommerce in the US accounted for $5.8 trillion, but only accounting for 8% of total retail sales.

 46 Awesome Ecommerce Statistics & CRO Hacks

Online Shopping Fads

9.Those of what age group do the most shopping? It comes out that the largest demographics of internet shoppers are members of Generation X and Millennial.

(Source: Oberlo)

They devote a total of six hours each week. That’s 2.5 hours more than the average retirement age senior and 2 hours more than the average retirement age Baby Boomer. What kind of things do they shop for? Rather than asking what they do buy, it could be more illuminating to ask what they don’t. Since more and more content can be accessed online via streaming services, it stands to reason that physical sales of music and other forms of entertainment media will decline.

10. On average, international online purchases now account for 55% of all online sales.

(Source: FIS)

Cross-border online purchasing is already booming, and it is likely that the 2021 eCommerce trends will continue to favour it. There is evidence that more than half of all consumers throughout the world have made an online purchase in the last year. The global discretionary sales increase of 21% YoY in Q2 of 2020 was mostly attributable to the global Covid-19 epidemic.

11. Almost all customers will never return to a company after having a negative interaction with them.

(Source: SuperOffice)

A positive customer experience is essential to the success of any business that wants to keep its customers coming back. According to the data, this is true for both brick-and-mortar stores and online marketplaces, but it is especially important for the latter due to the lack of human interaction.

Three-quarters of customers will stop buying from a company after just one negative interaction, and 92% will never return after experiencing two or more.

12.In 2018, the average global cart abandonment rate was 69.80 percent.

(Source: Baymard Institute)

The Baymard Institute calculated this figure by compiling 44 separate studies and useful eCommerce statistics pertaining to cart abandonment. Apparently, consumers aren’t always ready to make a purchase, which means that the eCommerce industry can’t take all the blame when customers abandon their carts.

We can’t just ignore it, though, because most of the other reasons—such as the high prices, poor customer service, lengthy purchasing process, and high shipping costs—point directly to our business. According to data collected from abandoned carts, 73% of buyers are more likely to make a purchase if shipping costs are reduced or eliminated.

13.On the bright side, customers who abandon their carts and receive three follow-up emails have a 69% chance of making a purchase.

(Source: Oberlo)

According to the newest data on email marketing’s impact on eCommerce, sending three reminder emails to customers after they’ve abandoned a cart increases conversion rates by 69%. This is mostly due to the fact that these clients typically have strong intent to purchase to begin with.

That timely nudge is all it takes to bring them back on track, and it produces astoundingly bigger revenues than the customer’s initial buying experience.

14.Facts on online shopping show that an astounding 92.2% of customers would rather pay in their own currency.

(Source: Kinsta)

Almost everyone wants to use their local currency when shopping online, and a research by CSA Research found that one-third of consumers would abandon their shopping carts if a listing wasn’t in their home currency. Customers have grown accustomed to a certain amount of ease in today’s individualised society. And now we come to the next crucial figure:

15.Online shopping data show that customer loyalty is driven by the purchasing experience by 53%.

(Source: Gartner)

Especially given that the majority of consumers are moving toward omnichannel buying, it takes considerably more to deliver a decent experience for today’s customers. It is the responsibility of companies to ensure that they are visible and accessible to customers across all channels, whether they prefer to shop online, at a physical store, or on their mobile device.

16.Sixteen percent of respondents to a worldwide poll said credit cards are their preferred method of payment.

(Source: Shopify)

Meanwhile, research on online purchases made by Chinese and Western European consumers reveals that digital payment systems are the preferred method of payment. AliPay and WeChat Pay are the two most popular online payment methods among Chinese customers. It’s interesting to note that they aren’t just their online shopping platforms. With the widespread availability of smartphone apps for both of these payment systems, the question “cash or credit?” at the register has all but disappeared in China.

17.It’s been found that younger consumers are less likely to use credit cards while shopping online (see point 17).

(Source: KPMG)

Credit cards are the most widely accepted form of payment in the world, followed closely by PayPal. Nonetheless, there are a plethora of alternative choices available. WeChat and AliPay are the most popular mobile payment apps in Asia. In India, consumers prefer to pay with cash upon receipt of their purchases (known as “cash on delivery” or “COD”). In the meantime, no respectable Dutch online shopper would ever make a purchase from a business that didn’t accept iDeal.

Startling Mobile Commerce Data

18. It was predicted that by 2020, mobile commerce would account for nearly 50% of all eCommerce sales.

(Source: Statista)

The rapidity with which mobile has spread over the world is highlighted by this staggering number. It would not be shocking if 49.2 percent of all eCommerce sales in 2020 were made on mobile devices, as predicted in the final report. This year’s figure is considerably higher at 53.9%.

The newest mobile marketing statistics show that over 51% of shoppers use their mobile devices to do product searches online, suggesting that mCommerce will continue to rise in the coming years.

19. The percentage of mobile commerce in the US eCommerce market is over 45%.

(Source: Business Insider)

During 2019, mobile sales exceeded 25% of the total for online purchases. According to Insider Intelligence’s projections, by 2020, the US eCommerce market will be worth about $284 billion, or 45% of the current market size. According to data gathered from Covid, mCommerce is expected to increase at an even faster rate in 2021.

20.people use their phones for more than five hours a day, on average.

(Source: HubSpot)

Marketers and advertisers have taken note, allocating 51% of their money to mobile ads. However, there is a drawback to this. According to data compiled by Mcommerce, the vast majority of people who use smartphones view these advertisements as intrusive and annoying.

21.Users who have had a bad experience on a mobile site are 62% less likely to buy from that brand again.

(Source: Oberlo)

In today’s increasingly convenient and competitive marketplace, customers have come to expect instantaneous responses, personalised content, and pleasant interactions regardless of the channel through which they interact.

22.55% of online shoppers in the United States have used voice shopping at least once.

(Source: Search Engine Journal)

Voice assistants, like mobile devices, are designed to make users’ lives easier. While they are useful, their rate of uptake is slower. Those who are already utilising this technology to shop typically buy commonplace items (also known as consumer packaged goods). According to the specialists, the slow adoption rate can be attributed to shoppers’ worries about their personal information being stolen and the fact that shopping is typically a more visual experience.

23.By 2023, the global market for mobile payments is expected to reach $4.5 trillion, based on data from online shopping trends by year.

(Source: Allied Market Research)

The widespread adoption of smartphones is reflected in the 33.8% CAGR predicted between 2017 and 2023. It’s also because people are learning more about the benefits of using mobile wallets and mobile money. Mobile money is different from mobile wallets in that it charges the user’s mobile account rather than a third party.

Foresight into the Future of Online Shopping in 2021 and Beyond

24.A total of $25 billion will be made in 2023 thanks to livestream shopping events in the United States.

(Source: Shopify)

Live shopping events were first popularised and started in China. There were some follow-ups from other nations, and the United States isn’t one of them.

Live stream shopping events are expected to generate $25 billion in sales by 2023, and with Amazon and Facebook currently experimenting with live selling, it wouldn’t be surprising if this forecast comes true.

25.In 2021, the percentage of UK consumers making eCommerce purchases from abroad is predicted to fall by 7.3 percent.

(Source: Insider Intelligence eMarketer)

In the UK, 22.8 million people are estimated to have made international transactions from their homes computers in the previous year. However, forecasts indicate that the number of persons making international online purchases would fall by 7.3%, to 21.1 million, in 2021.

By 2022, this drop will be noticeable, as seen by UK eCommerce data for 2021.

26.In 2022, voice-activated purchases in the US and UK are projected to reach $40 billion.

(Source: Shopify)

Voice-activated purchasing works with more than just smartphones and smart speakers. Some home equipment, including refrigerators, also benefit from this modernization. LG’s smart fridges, for example, have an LCD panel where users can use Alexa to restock on common household items. Statistics on voice searches reveal that over half of all voice-enabled device owners make purchases using their gadgets. Voice-activated purchases might reach $40 billion by 2022, according to estimates from the retail industry.

27.About 70% of consumers anticipate a cashless and cardless society by 2030.

(Source: Beeketing)

By 2030, the vast majority of customers believe we will have completely abandoned cash and plastic. Statistics from the world of e-commerce demonstrate that at this time, the vast majority of online stores accept various forms of digital currency and payment, including PayPal, Apple Pay, Samsung Pay, and Google Play. It’s hardly surprising that the vast majority of individuals believe the rest of society will follow suit in the near future.

28.By 2021, it is predicted that online retail sales would have topped $4.9 trillion worldwide.

(Source: Statista)

There’s no doubt that the online shopping market has exploded in recent years and will continue to grow rapidly for decades to come. As of December 31st, 2021, worldwide eCommerce sales are projected to have reached $4.91 billion.

Today is, after all, a technologically advanced era. Also, because many people are still quarantined inside their homes as a result of the worldwide Covid 19 outbreak, everything is now for sale online.

29.According to forecasts of future growth, online sales will generate $479 billion in revenue by 2022.

(Source: BigCommerce)

The prediction isn’t out of the ordinary, especially considering that 69% of American customers say internet shopping is now very important to them (see #3). Toy, hobby, and do-it-yourself businesses are expected to expand the most. Despite these projections, online sales are expected to equal revenue generated by brick-and-mortar retailers, which is an unexpected finding given the hype surrounding eCommerce.

Most online stores in the United States utilise Shopify, and the most helpful Shopify applications are in the field of inventory management. The global market share for e-commerce platforms like WooCommerce and Shopify are, respectively, 22% and 15%, according to data provided by both companies.

30.If 2021 eCommerce trends are any indication, omnichannel marketing will be essential for online stores in the year 2021 and beyond.

(Source: MoEngage)

When deciding which purchasing channel to use, shoppers prioritise ease of access. Because of this, a whopping 86% of consumers shop across channels. It’s dubbed “omnichannel marketing” in the world of e-commerce, and 87% of marketers recognise its importance.

Through this form of advertising, consumers are able to shop for the same brand both in-store and online. Predictions of continued expansion in the online retail sector mean that adopting an omnichannel strategy is essential for businesses this year and beyond.

Conclusion

It’s easy to assume that younger and smaller competitors can’t make it in the eCommerce sector when giants like Amazon and Shopify dominate the industry. However, this isn’t always the case. Since internet shopping is here to stay, businesses of all sizes can benefit from this trend. As can be seen from the above eCommerce figures, there is a huge opportunity pool serving a global consumer base that is becoming more and more dependent on the ease of online buying. Success is a matter of taking the opportunity and creating your own mark on the digital economy, especially as more mobile consumers in developing nations discover the joys of eCommerce and cross-border buying.