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Crucial eCommerce Statistics You Cannot Afford To NOT Know
It is quite obvious that the demanding customers in today’s tech-savvy and competition-rich world are more likely to switch to competitors if they have a poor experience with a business. However, there is no excuse for a profit-driven business to fail to deliver individualized and exceptional experiences given the quantum of data gathered by them at every point of the customer journey.
Data is available and gathered through the mobile app usage of customers, buying patterns, visits on social media and other networks, purchase behavior, digital clicks, and more — all of which contribute to data fingerprints that are completely unique to their owners. By using advanced analytics, companies can make efficient and better use of the customer and user experience data of their customers, leading to improved loyalty and higher satisfaction in the short as well as the long run.
However, not all data is created equal. The worst thing is that a big majority of the statistics touted on the internet can be best classified as outdated or at least wildly inaccurate. If that is not all, it can be extremely difficult for everyone to analyze and interpret strategic insights even if relevant, accurate statistics are made available.
In this post, we will access latest eCommerce statistics and the best strategies to make profits and run a profitable online business.
Statistic #1: There Were 1.66 Billion Global Digital Buyers in 2017
In 2017, the number of global digital buyers was 1.66 billion and the number is expected to rise to over 2.14 billion by 2021.
Cumulative data indicates a staggering 276.9 in worldwide eCommerce sales from 2017 to 2021.
Truly, the shadow of global ecommerce in today’s world looms too large to ignore!
Statistic #2: Domestic Shoppers Are Now Looking Beyond The Borders
Today, going global does not necessarily and primarily require a global presence. More and more online shoppers today are increasingly looking ahead of their country’s geographical borders for purchases. In fact, overseas purchases were in the majority on all but one continent: North America.
There is no requirement for opening and managing multiple storefronts for each location or even establishing international warehousing and order fulfillment stores.
In today’s business environment, you can start testing foreign and global markets by simply prioritizing social media or online advertising abroad. This only requires a comprehensive yet simplified international approach to Product Listing Ads, Facebook, Google Ads, and Instagram via geographic targeting.
Statistic #3: Men Spend 68 percent More Online Than Women
Believe it or not, men spend $220 per transaction on an average than $151 on an average per transaction for women. The most interesting thing is that men don’t shop more than women but they just spend more per transaction. While women tend to purchase more of lower-priced items like food and cosmetics, men are more likely to purchase higher-priced items like electronics and luxury products. Surprisingly, men tend to be efficient with their online shopping preferences and patterns that mean they usually buy more in bulk for saving time.
As the store owner, you can increase the conversions by providing package deals and related products to the male audience. By doing this, you encourage pre-buyers to go through more products sold by you and related to the products added by them to the shopping cart. Offering related products or complimentary items during the process of checkout makes it easy and meaningful for customers without gender discrimination to promptly add items without having to adjust or abandon their shopping cart to make a search for more products.
Statistic #4: There Are More Than 254 Million Active PayPal Accounts in The World
In 2017, there were more than 220 million active PayPal accounts and the count grew to more than 254 million in 2018 that demonstrates a 15 percent year-on-year growth. Prospects can easily purchase products online with PayPal without having to pull out their debit and credit cards that significantly simplifies the entire checkout and purchase processes. And we all know that the easier and quicker a prospect can proceed with and complete the checkout, the more are the chances of them to finally complete their purchase.
However, this surely does not mean that credit card payments are dead but it does mean that it makes sense to offer multiple payment options to customers as that reduce cart abandonment and increase conversion rates.
According to a survey of the preferred payment methods of global online shoppers as of March 2017, 42 percent of online shoppers worldwide stated that they preferred to pay via credit card.
Statistic #5: E-Commerce Sales Accounted For 11.9 percent of All Retail Sales Worldwide In 2018
In today’s cutthroat business environment that is dominated by online shopping, it does make sense to understand significance of the fact that more than a tenth of all retail sales are made on the internet. Currently, online shopping has become more popular than ever and it is estimated that eCommerce sales will reach 17.5 percent of retail sales worldwide by 2021. What does this mean for say the owner of a Shopify dropshipping owner? More and huge potential to increase leads, conversions, traffic, sales, and profits and the most importantly a wonderful opportunity to create better online and user experience — areas where most online stores fall short.
Statistic #6: Smartphones Accounted For 61 Percent Of Retail Site Visits Worldwide In Q3 2018
In today’s world of Smartphones, mobile commerce is slowly but steadily and confidently gaining up on desktop. Today, mobiles are the preferred devices for browsing online while desktops now only account for 30 percent of online retail visits. But, desktops still rule the world even today when it comes to order completions. This is simply because the purchase habits and preferences of customers are sporadic and they often hop between devices and channels. Therefore, you must evaluate the idea of synchronizing the user journey between multiple devices if you are really serious about optimizing conversions.