In the current scenario, when we match the leading players of the eCommerce space against the leaders of offline businesses, we can’t comprehensively see the future of retail.
Walmart still matches Amazon in retail sales. However, as per the research by JPMorgan, Amazon is right on track to surpass Walmart as the biggest USA retailer in 2022. Amazon’s GMV in 2020 mounted 41 percent year by year to around $316 billion, while Walmart’s GMV has grown merely 10 percent to $439 billion.
So, it is somewhat a matter of time that Amazon’s total retail sales overdo that of Walmart’s. Does this scenario mean eCommerce will encompass physical retail soon? Right, it is not clear.
On the other hand, Alibaba acquiring physical supermarkets and Target buying out an online delivery platform appears a further collision of business strategies. So, is omnichannel retail, comprising both online and physical, to be the future of retail?
Understanding where the marketplace is moving ahead will assist you in making the most out of online business. At Techtic, being the topmost eCommerce development company, we will discuss the most modern statistics applicable to the growing markets and the current digital industry to further assist you out with enabling advanced eCommerce development services.
What are the Significant and Critical eCommerce Statistics for 2022?
Being a top Magento and Shopify development company, we will give you a clear idea of how other organizations are leveraging eCommerce solutions and what you can expect from online shopping through statistics. So that as an online business owner, you can effectively fine-tune your strategies and tactics subsequently.
It would be best if you put significant effort and time into optimizing your eCommerce stores through eCommerce development services. As you can observe in the statistics below, consumers have a certain level of anticipation and expectations related to their online shopping experiences. So, optimizing your online store is the need of the hour. Let us explore the crucial statistics which can help and drive you with your eCommerce website optimization.
The eCommerce Optimization Statistics
Around 93 percent of end-customers consider visual appearance as a significant deciding factor in their online shopping decisions (By Magebit).
Around 72 percent of end-consumers are more comfortable with videos than text when getting branded marketing insights (By Retail Dive).
The USA digital shoppers better prefer stuff from eCommerce portals are consumer reviews (69 percent), product pictures (78 percent), and product-based comparisons (46 percent) (By BigCommerce).
Around 38 percent of end customers said they would leave an online store if they felt that its layout was unappealing (By Adobe).
Approximately 93 percent of consumers are likely to make repeat purchases with online companies that provide exceptional customer services. (By HubSpot Research).
Around 50 percent of customers say they would switch to a new brand after one bad experience. (By Zendesk).
If the service is outstanding, 78 percent of consumers will transact with a company even after an error. (By Salesforce Research).
On the other hand, with precise online store optimization, you also have to contemplate the perks you offer to your consumers. This may include free shipping, better product return policies, and effortless payment procedures, which would increase eCommerce conversions.
The eCommerce Conversion Statistics
Approximately 63 percent of customers say that straight delivery to their home is the topmost buying steerer to purchase products online (By Statista).
Around 45 percent of online shoppers are improbable to buy again from an eCommerce website that delivers a product late (By Clutch).
Around 75 percent of online shoppers expect chargeless shipping even on product orders below $50 (By NRF).
Approximately 65 percent of online shoppers check free shipping timelines prior to adding more products to their cart (By NRF).
About 54 percent of digital shoppers are more likely to buy abandoned products if they were provided at a discounted pricing in the future (By Jilt).
Enhancing checkout procedures can boost sales conversion rates by 35.26 percent (By Baymard Institute).
Around 35 percent of Google item searches are turned into digital transactions within five days (By Optinmonster).
2)The eCommerce Delivery Statistics
Are you speculating how the eCommerce industry will flourish? And how will the existing marketplace scenarios and delivery trends would unfold in the coming time? That is what we wanted to find out through our statistics and present to you below.
When matching digital shoppers’ country-wise, Italian (78%) and Spanish (73%) customers are most likely to add another item to their online order to reach out to the free delivery verge (By Sendcloud).
Providing free shipping and delivery has proven to boost average order volume (AOV) by around 97 percent (By Nosto).
Around 54 percent of online shoppers consider the straightforward delivery process as one of the topmost contributors to an optimistic consumer experience (By eMarketer).
Approximately 18 percent of online shoppers consider slow delivery as one of the top reasons for shopping cart abandonment (By Baymard Institute).
68 percent of the USA online shoppers stated they didn’t make a purchase more than 50% of the time if the company didn’t provide free shipping and delivery (Digital Commerce 360).
Distributing your product inventory has reduced delivery costs by 25 percent and facilitated 13 percent savings on online orders (By Nosto).
Merely 15 percent of the USA customers are please about the online delivery pace (By ReadyCloud).
3)The eCommerce Marketplace Statistics
The key reason the eCommerce industry is thriving is because of increasing consumer demand and an easily accessible eCommerce marketplace. With 59 percent of the people having access to the internet across the globe, consumers feel that digital shopping is a handier preference than going outside to buy products from a physical store.
Around 92 billion of the anticipated global digital purchasers were there in 2019, and it is predicted to reach out to 2.14 billion by the end of 2021 (By Statista).
The global retail eCommerce sales are estimated to reach out $4.9 trillion by the end of 2021 (By Shopify).
72 percent of women shop online matched to 68 percent of men shoppers (By Optinmonster).
B2B eCommerce transactions are anticipated to be $7.66 trillion with respect to gross merchandise volume (By Statista).
The number 1 motive for people to shop digitally is to leverage the free shipping choice provided by online stores (By Oberlo).
8 out of 10 USA citizens now shop digitally (By Spendmenot).
Of the digital shoppers in the USA, 16 percent buy products weekly, and 25 percent shop monthly (By NPR).
4)Digital & Social Media eCommerce Statistics
With over 3.6 billion people on digital and social media, getting your company into the different marketplaces would be much simpler. There are adequate opportunities to integrate eCommerce solutions with social media platforms to modernize your workflow.
Social media posts that have 40 or fewer characters earn 86 percent more interactions than posts with more characters (By Influencer Marketing Hub).
Social media posts with attractive images generate 180 percent more interactions (By Venngage).
Social media endorsements encourage 23 percent of customers (By Blazon).
The eCommerce portals with an effective social media presence get 32 percent more sales opportunities (By BigCommerce).
30 percent of digital shoppers are more likely to buy products utilizing a social media network (By BigCommerce).
Around 93 percent of customers say that digital reviews influence their buying decisions (By BrightLocal).
4 million businesses use Instagram Stories advertisement on a monthly basis (By Instagram).
5)The B2B eCommerce Statistics
The worldwide B2B eCommerce market size was treasured at USD 6.64 trillion in 2020 and is anticipated to boost at a CAGR of 18.7 percent from 2021 to 2028. Let’s explore more B2B eCommerce statistics.
Currently, 73 percent of millennials are contributing to the B2B buying progression (By Forrester).
B2B buyer conducts nearly 12 online searches prior to buying from a particular brand on an eCommerce website (By Business2Community).
By 2022, it is anticipated that 25 percent of companies will launch AR, and the other 70% will try it in the eCommerce space (By Dealsinsight).
Merely 23 percent of B2B retailers with an eCommerce channel deal with fax orders (By Disruptiveadvertising).
Around 50 percent of B2B companies choose to blog as a promotional strategy, while 40 percent opt for email newsletters for promoting eCommerce products. (By Financesonline).
Around 80 percent of B2B buying decisions depend on a purchaser’s customer experience, and merely 20 percent is based on the product pricing (By Bluecorona).
Around 74 percent of B2B buyers research at least half of their work purchases digitally (By Forrester)
6)The Mcommerce Statistics
The increasing smartphone utilization has highly impacted the progress of eCommerce as it enables people to make purchases through mobile wherever they may be prompt. Let’s explore the Mcommerce statistics.
Around 79 percent of end-customers choose to utilize mobile shopping applications while at home instead of on the go (By Visual Objects)
Approximately 56 percent of North American customers leverage their smartphones for digital shopping (By Marketing Dive)
Around 65 percent of online shoppers make product pricing comparisons in their smartphones while digital shopping in an offline store (By Oberlo).
Mobile commerce sales are anticipated to make 53.9 percent of online sales in 2021 (By Statista).
Around 71 percent of in-store shoppers say their smartphones have turned more vital to them when facilitating research and for improved in-store experience (By SimiCart).
Approximately 50.81 percent of worldwide site traffic in the 3rd quarter of 2020 came from mobile phones (By Statista).
85% of end-customers said they had purchased gifts digitally through their mobile phones (By Marketing Dive).
7)The eCommerce Issues Statistics
While eCommerce has unquestionably turned into one of the most prevalent approaches to sell products, it is still what we consider to be a mounting industry and has its own set of issues. Let’s explore these challenges in the form of statistics.
At least 30 percent of products bought by eCommerce stores are returned (By Invesp).
Around 48 percent of digital shoppers go straight to an extensive and popular eCommerce portal (By Oberlo).
5 percent of end-customers who are 35 years old and more choose to shop at offline stores, while 45 percent between 18 to 34 years of age shop at offline stores (By Forbes).
A specific return policy is significant as 50 percent of digital shoppers stated a negative experience with an eCommerce store (By eMarketer).
The facility to touch an item prior to buying it is the top reason why the USA customers still do shopping at offline stores (By BigCommerce).
Merely 2.58 percent of online visits to eCommerce websites are converted into buying of products (By Statista).
Around 69.57 percent of all shopping carts are left unattended (By Statista).
8)Future of eCommerce Statistics
The eCommerce industry is multiplying because of an anticipated boost and the arrival of 2020’s consequence on commerce. More offline retailers are switching to online selling, while business owners are rapidly commencing new eCommerce ventures. Let’s explore the future statistics of the eCommerce space.
By 2022, eCommerce revenues will boost to $6.54 trillion, with a remarkable upsurge from $3.53 trillion in the year 2019 (By Statista).
Around 75 percent of the USA households will have intelligent speakers by 2025 (By Voicebot)
Voice commerce sales are projected to reach around $40 billion by 2022 (By Wordstream).
In a survey conducted by Harvard Business Review, 73 percent of participants stated they utilize numerous channels during their complete shopping journey (By HBR).
Digital sellers will spend around $7.3 billion on Artificial Intelligence by the year 2022 (By Juniperresearch)
Around 65 percent of customers say they would purchase items from brands that are promoters of sustainability (By HBR).
Over 120,000 online stores will be leveraging AR technologies to provide consumers with a superior purchasing experience by 2022 (By ABI Research).
9)Industry-specific eCommerce Statistics
With digital revolution, intensifying globalization, and deviations in consumer spending behaviors eCommerce has projected different industries into the middle of profound shifts. Here are some of the industry-specific eCommerce statistics.
The CAGR of the fashion eCommerce industry is anticipated to be 3.3 percent between 2017 and 2024 (By Statista).
In the worldwide marketplace, the footwear business domain will boost to $530.3 billion in 2027 from $365.5 billion in the year 2022 (By Statista).
The worldwide consumer electronics eCommerce marketplace is anticipated to increase from $310.23 billion in 2020 to $343.34 billion in the year 2021 at a CAGR of 10.7 percent (By The Business Research Company).
In 2019, the value of online sales of pharma products and beauty items was 50.4 billion USA dollars (By Statista).
The online sales of FMCG products are expected to be 10 percent of entire FMCG sales globally (By Statista).
The worldwide food & beverages eCommerce marketplace is predicted to grow from $25.36 billion in 2020 to $31.25 billion in the year 2021 at a CAGR of around 23.2 percent. (By The Business Research Company).
The eCommerce platform market had an assessed value of 5.1 USA dollars in the year 2018 and is estimated to nurture to nearly 6.3 billion US dollars by 2023. As a leading Shopify and Magento development company, we will further explore more eCommerce platform-specific statistics.
Squarespace was the topmost eCommerce platform in 2021, with a global market share of around 23.51 percent (By Statista).
WooCommerce platform ranked second worldwide with a market share of 23.43 percent (By Statista).
Shopify has more than 2.1 million day-to-day active online users (By Fundera).
Magento powers 1.2 percent of website portals on the internet (By Websitebuilder).
In 2019, the revenue of BigCommerce increased to 112.103 million, gaining 21 percent from 2018’s revenue outcomes (By ConnectPOS).
Volusion’s merchants have gained $28 billion in total sales, advancing them ahead of their competitors (By Tooltester).
The purchases of the Kibo eCommerce platform upsurged 86 percent worldwide from 2019 to 2020 (By Aithority).
How can these eCommerce Statistics Shape your Online Business?
These statistics suggest that the eCommerce business is quickly transforming and reshaping. This business model has the competence to locate your business venture for both local and global growth. It also enables you to enhance the shopping experience for end-customers as it delivers them with the preference to buy whatever they want, whenever they want, with merely some clicks.
Another significant takeaway from the information that we have accumulated is that while eCommerce is maturing, it is not meant to substitute offline stores. Both the selling ways and approaches offer diverse experiences for all types of shoppers. Instead, businesses should see this as a striding stone on their journey towards growing their company and enlightening the competitiveness of their company’s brand with a mix of strategies.
Forthcoming Trends of eCommerce Business in 2022
While sales and revenue statistics are undoubtedly showcasing an extremely optimistic potential, as a leading eCommerce development company, we are also eager about the eCommerce trends that will assist shape this up. The following trends are assuredly going to make your business game plan successful:
Distinct strategies targeting and focusing on first-time purchasers
Tailored and attractive packaging would undeniably pick up
Omnichannel strategy is going to become more prevalent
Voice shopping would also advance and get better acceptance
Headless eCommerce will endure cultivating
Green consumerism is another wanted variation
Drone delivery is the more rapid and eco-friendly solution
Wrapping Up: What is the Next Thing for eCommerce?
Our statistics provide several insights into the present and upcoming state of the eCommerce space. What stands out above all is the possible benefits of giving constructive and consumer-centric user experiences.
In the current scenario, online shoppers expect suppleness, accessibility, and swiftness in shopping. For eCommerce retailers, that means providing an extensive range of shipping and delivery preferences so that you cater to as many consumers’ demands as possible.
As a leading eCommerce Development Company, Techtic lets you deliver the best eCommerce experiences with extensive digital solutions, security measures, cloud services, and business scalability. You can get in touch with us today for highly proficient and professional eCommerce development services.
Nisarg Mehta, CEO & Chairman of Techtic Solutions, is the vision of the company. Nisarg is active in operations in his daily routine as he is one of the key decision makers in terms of technological advancements of the company. He is a friendly leader with hardworking, motivating, visionary and passionate personality.