Introduction
Everything that we do is gradually shifting online, from how we network to how we acquire our news. The same goes for shopping.
Shopping has always been a mood, and you’d be surprised to learn that many people go shopping all day long. The pandemic that struck us and the experience that businesses are able to offer to their clients are two reasons why internet shopping has increased so much over the years.
You can develop a strategic plan for your eCommerce firm by understanding the data that underpins online commerce. Why don’t we start now?
General statistics
Online sales are increasing so quickly that they will almost reach $4 trillion globally in 2020.
Additionally, we anticipate 300 million online buyers in the US alone in 2023.
The global penetration rate of digital consumers as of 2018 is 47.3%.
When examining statistics by gender, we find that 72% of shoppers are women while 68% are men, which is a rather little difference.
What men and women buy when they shop is the fundamental distinction.
Women typically shop for things like food and clothing whereas men typically buy heavy-duty products like furniture and computers.
Online purchasing has grown tremendously, and it doesn’t appear that this trend will soon slow down. Whether you’re an internet buyer or vendor, this is fantastic news for you. Online purchasing is increasingly popular for a variety of reasons, including ease and affordable rates. If you own an online store, you are surely aware of how challenging it can be to stand out in the face of increasing competition.
Because of this, it’s crucial to select your target market with care and make an attempt to concentrate on your clients.
Statistics for eCommerce Stores
If you’re just getting started with eCommerce store optimization and believe the stronger competition has little possibility of beating you, think again.
Small merchants may soon have mobile conversion rates that are up to 30% greater than those of larger retailers. Additionally, now is a perfect moment to start your eCommerce business if you haven’t already.
According to estimates, there will be 1.92 billion digital consumers in 2019 and eCommerce sales will make up 14.1% of all retail sales globally.
The next number shouldn’t surprise you given how quickly online buying is expanding generally. eCommerce retail purchases are anticipated to increase from 14.1% to 22% in 2023.
Consumers Shop via Mobile
The popularity of mobile shopping is no secret.
You cannot afford to neglect mobile consumers or mobile buying if you want to run a successful e-commerce company.
Mobile devices are being used by consumers throughout the entire buying process, including a variety of online shopping activities.
Without a question, consumer behaviour is shifting toward mobile.
In light of this, there are several things that you as a store owner may do to ensure that you consider mobile while you’re working on your company.
Make sure your store has a user-friendly mobile app or mobile website that clients can utilise as a starting point.
Even if consumers don’t complete the transaction on their mobile devices, you should make an effort to give them a relaxing and delightful experience.
You need to make sure you design a shopping experience that your clients will enjoy.
Online Shopping and Technology Statistics
There are some trends that started in 2018 and remained prevalent in 2019. One of them is a chatbot. In the previous year, 60% of customers used chatbots to find answers.
And the favourite help medium for Millennials is a chat box. The major reason chatbots are so well-liked is that consumers usually consider quickness while looking for an answer.
It only takes 11 minutes for customers to become impatient and hang up while on the phone waiting to talk with a customer service representative. In contrast, a chatbot will reply in a short amount of time.
The number of people shopping online, especially for groceries, has surged as a result of the severe lockdown measures that are being implemented by nations throughout the world in an effort to stop the virus’ spread. A recent study found that in March 2020, 42% of US citizens made at least weekly online grocery purchases (GeekWire, 2020).
From just 22 percent two years ago, this is a significant gain.
Daily grocery sales online have more than doubled. But this isn’t just a short-term boost. It’s also causing a change in perspective. More than half of consumers who shop for groceries online say they will be more likely to do so even after the outbreak.
How Often Do People Shop Online?
The ability and duty to facilitate client decision-making rests with online firms.
This can be accomplished by optimising digital commerce experiences that give customers the data they need to make quicker decisions.
Through a multi-step commerce experience, brands may do this. We are already aware that consumers shop online, but how frequently?
62% of online shoppers make at least one monthly purchase (Episerver, 2019).
Additionally, 3 percent and 26% of online customers, respectively, claim to make one daily and weekly online purchases.
With so many individuals constantly buying online or looking for things to buy online, consumers are left feeling undecided.
In addition to the fact that they acknowledge investing time in research, the same study reveals that consumers are feeling overloaded by the choices available to them when surfing.
Due to the overwhelming number of alternatives, nearly half of online shoppers (46%) have given up on making a purchase.
The Future of Online Shopping Statistics (Gen Z)
Despite the fact that the oldest members of Generation Z are only now reaching adulthood, their purchasing power is nothing to laugh at.
To remain relevant, marketers must comprehend the particular requirements and spending preferences of this generation.
The estimated purchasing power of the post-1998 generation is $44 billion.
Currently, 93% of parents claim that their Gen Z child has an impact on household budget. And this generation will control 40% of all consumer spending in only a few years.95% of this generation owns a smartphone, which they use for at least 10 hours a day.
As a result, they are 2X as likely than millennials to shop on mobile devices.
They primarily watch YouTube videos and scroll through Instagram. Unexpectedly, teen Facebook usage has plummeted, dropping from 71% in 2014 to 51% in 2018. Instagram is the favoured channel for following brands.
However, 85% of Gen Z users of either of these social media sites use social media to learn about new products.
Conclusion
To sum up, there’s no denying that internet shopping is developing swiftly and that it will continue to do so in the years to come.
Businesses cannot afford to neglect their internet presence if they want to remain viable in the current competitive environment. You can better comprehend your market if you keep in mind these statistics about internet shopping.
After that, you may begin optimising your online store to generate the most revenue.
