Most people are faced with the choice to either walk straight to a physical store or to rather prefer shopping online from the comfort of their homes.
Some factors determine these choices, factors like time, quality, and convenience. For a large group of consumers, they prefer to go on the convenient side which has shifted a lot of focus to online shopping.
Here are some perks to subscribing to e-commerce and online shopping
- You’ll get everything done from your bed
- You get to choose when you want your item delivered
- There access to various product information
Unless you’re a caveman, you’ll immediately notice the stupendous growth rate of online shopping and the e-commerce industry in general.
Have you however wondered what and who are shopping online? Or perhaps what online shopping behavior appears like? Don’t worry much about that, this guide will help you better understand the growth rate of e-commerce across different verticals and how to tap into this advancement.
Just in the United States, sales on e-commerce have been expected to go beyond $740 billion by 2023. Because of the fast growth rate of e-commerce, smartphones shopping has incredibly increased, online marketplaces have found expression and shopping behaviors have transitioned from the primitive way to Gen Z
E-commerce Fundamental Statistics
With every passing day, e-commerce is taking the toll with fast-growing numbers. Starting an online business in this dispensation will enhance high retail sales as this will give possible consumers a more effortless way to interact and shop with brands.
Let’s run through some e-commerce statistics;
1. By 2023 E-commerce Will Make up 22% Of Retail Sales On The Globe
22% of the world’s retail sales would be grateful to e-commerce by 2023. For context, 2019 barged 14.1% of global retail sales which were all purchases from e-commerce.
This is enhanced by the increasing rate of e-commerce platforms, contributing holistically to the growth of online shopping.
2. E-commerce Boasts Of Close To 11% Of Entire Retail Sales In The United States
To some people, 11% may appear to be relatively small considering how vast the reach of e-commerce has attended in recent times.
This however is a symbol of a healthy share in e-commerce as sales will continue to grow in the retail court. You can well expect this percentage to increase exponentially in the years ahead.
3. Well Over 75% Of People Shop Online At Least Once Every Month
As the demand for convenient sales becomes intensified, it will make a lot of sense that 75 percentage of consumers will prefer to shop online at least once every month.
As a prospective e-commerce businessman, plot your sales strategy around this statistic to capitalize on the advancement of the online market.
4. A Huge 94% Of Chinese Use Mobile Payments
The As WeChat Pay platform takes the lead in the world of mobile payment, it is not absurd to realize that a stunning 94% of Chinese users make use of mobile payments.
This is more notable than America’s 45% of mobile transactions. With this huge gap, the United States is starting to realize more transactions on mobile platforms.
5. 42% of Holiday Shopping Are Researched and Carried Out Online
For holiday shopping, a large number of consumers will prefer to do their homework before purchasing for a product.
Statistics have it that 42% of holiday shoppers research and make the purchase chase online while only 23% end up walking into a physical store.
6. Google, Amazon and Facebook Are The Biggest Online Companies
This may not come with any surprises as intended to that companies like Amazon, Google and Facebook keep on taking the lead in the world other than the internet.
Although these companies do not traditionally have e-commerce solutions, they are now focusing on making innovations for commercial space.
As it is evident that the Omnichannel strategy is gaining grounds in fast-growing companies, these top-tier companies are taking advantage of it also.
The growth of e-commerce is becoming more evident in our world today as there is a lift in purchases made online.
When creating your online business, it is vital that you fully understand the behavior of your customers and generally the behavior of consumers around the globe.