Ecommerce is a rapidly growing industry that has changed the way people shop and sell online. Ecommerce offers many benefits for consumers, such as convenience, variety, and lower prices.
It also offers many opportunities for businesses, such as reaching new markets, increasing sales, and reducing costs. Check out the exciting cloud discount code.
To help you stay on top of the latest developments and trends in this dynamic sector, here are 30 top Ecommerce statistics that you should know.
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1. More Than 20% Of Retail Purchases Are Expected to Be Online in 2023
Gone are the days when shoppers spent the whole day browsing through different shops at the local mall. Nowadays, customers usually interact with businesses online, particularly if the company has a social media presence.
As entrepreneurs seek to start new businesses with minimal expenses, renting physical retail space is no longer a priority. The emphasis is now on establishing an online presence that can attract digital sales. Code-free website builders have made this achievable with a low entry barrier.
2. The Number of Retail Purchases Taking Place Online May Go Up to 24% By 2026
Nowadays, online shopping is undeniably popular. However, what will it be like in the coming years? Studies reveal that it’s not just a passing trend. Consumers are expected to keep using the Internet for their retail needs. As such, transitioning to Ecommerce is not just a fleeting trend but a wise long-term investment, particularly if you aim to expand your business.
3. By the End of 2023, Ecommerce Sales May Grow More Than 10%
It is projected that 20.8% of retail purchases will be made online by 2023, which means Ecommerce sales are also expected to grow. This presents an excellent opportunity for businesses to increase their sales and revenue. Whether you aim to increase sales by a small margin or expand your business significantly, Ecommerce can be a valuable tool to achieve your goals.
4. The Global Ecommerce Market May Exceed $6 Trillion in 2023 & Cross $8 Trillion by 2026
Ecommerce has a major advantage in that it allows you to sell your products and services to customers worldwide.
As long as your website is accessible, potential customers can purchase from anywhere, even if they are on the opposite side of the planet. If you only operate locally or nationally, adopting this strategy can help your brand become globally recognized and experience unprecedented growth.
Source – Forbes Advisor
5. The U.S. Ecommerce Market Alone Is Expected to Total Over $1.1 Trillion by the End of This Year
The global Ecommerce market is predicted to grow, and the same can be said for the U.S. Ecommerce market. This is advantageous for businesses seeking to reach customers across the nation. Even if your business is based in one state, you can sell your products or services to customers in other states. Ecommerce is a convenient and cost-effective way to increase your U.S. sales.
6. China Leads the Global Ecommerce Market
China became the most penetrated Ecommerce market in the world in 2022, with almost half of its retail sales being conducted online. The UK and South Korea followed, with over 36 percent and 32 percent of their retail sales occurring online, respectively.
7. Singapore’s Ecommerce Market Is Expected to Exhibit the Largest Growth, Followed by Indonesia and Argentina, Respectively
According to projections made in June 2022, the Ecommerce market is expected to experience significant growth in Asia, Australia, and the Americas. Singapore and Indonesia are predicted to have the most substantial growth, with the former expected to increase online sales by 36 percent and the latter by 34 percent. Additionally, the Argentine e-retail market is projected to grow by over 25 percent, surpassing all other American countries.
8. In 2023, 16.4% Of Retail Purchases in the U.S. Are Expected to Be Online
Selling your products online, whether they are T-shirts, furniture, supplements, or anything else, is worth considering. Many customers in the United States prefer to shop online instead of visiting physical stores. This is because it fits in with their busy schedules and offers them a high level of convenience that is hard to resist.
9. China Is Expected to Lead Footwear Ecommerce With a Revenue of $43.67 Billion Is 2023
According to the latest forecast, China is expected to be the top earner in the Ecommerce footwear market, generating a whopping $43.67 billion by 2023. The United States and Germany are also set to make significant revenue, with $30.93 billion and $6.17 billion, respectively. These figures highlight the importance of these markets and the potential for growth in the coming years.
10. Brazil Will Rank First in Retail Ecommerce Development Between 2023 and 2027
Recent industry calculations show Brazil is expected to have the highest retail Ecommerce development among 20 countries globally from 2023 to 2027, with a compound annual growth rate of 14.6 percent. Argentina and Turkey are also rapidly growing Ecommerce markets with a CAGR of over 14 percent. The global retail Ecommerce CAGR is estimated to be 11.3 percent during this period.
Source – Statista
11. Amazon Has the Highest Market Share Among Ecommerce Companies, Accounting For 37.8% Of Ecommerce Sales in the U.S
Amazon is a household name, just like Kleenex and ChapStick. When customers have a need for a specific product, they often hop on Amazon to search for its options and make a purchase. This international Ecommerce company and online marketplace lead the way in Ecommerce sales, so it only makes sense to utilize it. Right behind Amazon are Walmart, Apple, eBay, and Target.
12. Alibaba Group Was the Largest Ecommerce Retailer Worldwide in 2022
In 2022, Alibaba Group was the top-ranking global Ecommerce retailer, earning about 780 billion U.S. dollars in annual online sales. Amazon came second, with roughly 690 billion U.S. dollars in online sales. But analysts predict that Amazon will surpass Alibaba by 2027, with projected yearly online sales exceeding 1.2 trillion U.S. dollars.
13. The Three Most-Visited Ecommerce Websites Are Walmart, eBay, and Aliexpress
When it comes to Ecommerce websites, Walmart, eBay, and AliExpress are the most popular Ecommerce websites. As of December 2022, Walmart.com had the highest monthly visits, with 854.9 million. eBay.com came in second with 669.5 million, followed closely by AliExpress.com with 651.9 million visits. Other frequently visited Ecommerce sites include Etsy.com, Samsung.com, PlayStation.com, and BestBuy.com.
14. As Many as 57% Of Online Shoppers Have Admitted to Shopping Internationally
If customers are unable to find a suitable local or national business, they tend to explore options abroad rather than give up. This highlights the potential of Ecommerce in transforming your business into a global organization. With this, you are not limited to catering to customers only in your area.
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15. 48% Of Online Shoppers Abandon Their Cart Because of Additional Costs, Such as Taxes, Fees, and Shipping Charges
Before adding Ecommerce to your business, it’s important to understand what might discourage customers. According to a recent survey, nearly 50% of online shoppers are put off by additional fees like shipping and taxes during checkout. Other factors that can deter customers include:
- Mandatory account creation
- Slow shipping
- Concerns about website privacy
- A lengthy or complicated checkout process
Consider sending your regular visitors abandoned cart emails to improve your conversion rates.
Source: Forbes Advisor
16. 79% Of Shoppers Shop Online at Least Once a Month
Many customers (79%) shop online regularly, often monthly, as it has become a natural part of their routine. They rely on the Internet for all their purchases, regardless of what they seek.
17. Online Shopping Cart Abandonment Rate Is Higher on Mobile Devices – 84% On Mobile Devices and 72% On Desktops
Online shopping can be done through desktop or mobile devices, giving customers flexibility. However, failing to optimize your website for mobile devices can negatively impact your Ecommerce business.
Research shows that many online shoppers abandon their carts when using their phones or tablets. To avoid losing sales, ensuring that your online shopping and checkout experience is user-friendly and straightforward is crucial.
18. Social Commerce Sales Are Expected to Reach Around $2.9 Trillion by 2026
In 2022, social media platforms generated approximately 992 billion U.S. dollars in global sales. This trend is expected to continue, making online purchases through social media even more prevalent.
19. In 2022, Nearly 90% Of the Internet Users in Thailand Contributed to Social Commerce Sales
Social commerce is becoming increasingly popular worldwide, but some countries are more enthusiastic about it than others. Thailand is currently the leader in social shopping, with almost 90% of its internet users purchasing through social networks in 2022. India is next, with an estimated 86% of their internet users engaging in social buying.
20. 7 in 10 Consumers Engage in Live Shopping in Thailand, India, and China
In recent years, live commerce has become increasingly popular. It is expected to grow as companies use live streaming for marketing and promotional purposes. Facebook was the top social network platform for purchasing products during live-streaming events in 2022.
21. 55% Of Millennials Have Made a Purchase on Social Media
When considering integrating social media into your Ecommerce strategy, keeping your target audience in mind is important. In 2021, over 50% of social media users aged between 18 to 24 in the United States have made at least one online purchase through social media. This indicates that social media commerce is the most successful among younger generations.
22. Facebook Tops the List of Most Popular Social Media Platforms for Social Commerce
Even though many social media platforms are available these days, not all of them are suitable for selling your products or services online. Research indicates over 90 million social commerce buyers in the United States in 2021. You should consider that around 51% of people who responded to a survey prefer to use Facebook for online purchases.
23. Social Media Influence Has Led 40% Of Users to Make a Purchase
Social media often creates a sense of pressure to keep up with others, leading people to buy things they may not have otherwise considered. The most effective products in this regard are clothing, accessories, health and beauty items, food and drinks, event tickets, and vacation experiences.
24. As Many as 49% Of Social Commerce Shoppers’ Purchases Were Impacted by Influencers
Social media influencers are frequent users of social media who have established a reputation for their expertise and knowledge in a particular area. Nearly half of those who shop through social media have been influenced to purchase a product based on the content shared by these influencers. Surprisingly, a significant proportion of teenagers, 70%, trust influencers more than mainstream celebrities, and 86% of women rely on social media for purchasing guidance.
25. 91% Of Internet Users Make Purchases on Their Smartphones
Most of the people around us have a massive reliance on our smartphones. They often use their phones whenever they want to make an online purchase. It is crucial to provide a smooth shopping experience on a desktop, but it’s even more critical to ensure that your website appears and functions well on mobile devices. You can also invest in application development services for a better presence on smartphones.
26. Mobile Commerce Sales Will Hit $415.93 Billion Mark in 2023
Mobile commerce sales in 2023 are projected to reach $415.93 billion, making up 6% of all retail sales. However, the growth rate is expected to decrease to 9.9%, marking the first time it has fallen below 10%.
27. Tablet M-Commerce Sales May Cross $54 Billion by 2026
While smartphones are commonly used for online shopping, tablets have also been popular. In 2022, tablet Ecommerce sales were recorded at $61.08 billion, which is expected to decrease to $54.01 billion by 2026. This decline is probably due to the decreasing popularity of tablets and the improvement of the mobile shopping experience by Ecommerce retailers.
28. With a Market Share of 39 Percent, Woocommerce Is Expected to Be the Leading Ecommerce Software Platform in 2023
In 2023, the most widely used Ecommerce software platform globally was WooCommerce, accounting for 39% of the market share. Squarespace Online Stores and Woo Themes followed in second and third place, with market shares of 14.95% and 14.67%, respectively.
29. Ecommerce Fraud May Result in a Loss of $48 Billion in 2023
Unfortunately, Ecommerce fraud continues to be a prevalent issue. According to estimates, online retailers may lose up to $48 billion to Ecommerce fraud by 2023. It is important to prioritize fraud prevention measures to safeguard your sales and customers. This can include regular security audits, implementing an Address Verification Service (AVS), and using Hypertext Transfer Protocol Secure (HTTPS) to secure your website.
30. The Ecommerce Fraud Detection and Prevention Markets Are Expected to Cross $69 Billion by 2025
As more people shop online, retailers work hard to prevent Ecommerce fraud. Research shows that the market for fraud prevention in Ecommerce is expected to grow from $28 billion to $69 billion by 2025.
These are some of the most important Ecommerce statistics that you should know to stay ahead of the competition and grow your online business in 2023.
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Online shopping is expected to rise in popularity worldwide by 2023 due to its convenience and variety.
Here is a summary of the Ecommerce trends these statistics point to:
- Mobile Ecommerce is a major factor contributing to the growth of Ecommerce globally, with an increasing number of people using their smartphones to shop.
- A new trend called “social commerce” is also emerging, combining social media and online shopping.
- Emerging markets like Southeast Asia, Africa, and Latin America are diversifying the Ecommerce landscape and driving growth.
- Amazon, Alibaba, and eBay are currently the industry leaders, but the future of Ecommerce may be more diverse with the rise of omnichannel shopping.
- Data security and privacy remain crucial as the number of transactions increases, highlighting the importance of robust safety measures in the digital commerce space.
Q1. Is Ecommerce a success or failure?
Ecommerce businesses have a variable success rate, with an estimated 80%-90% failure rate. Thorough research and planning are crucial to mitigate risks and improve the chances of success.
Q2. Which Ecommerce type is the most successful?
The Business to Consumer (B2C) model is widely recognized as the most popular Ecommerce business approach, known for its relatively shorter sales cycle. B2C businesses often leverage technology such as mobile applications and retargeting advertisements to establish connections with their desired customer base.
Q3. What is the percentage of success in Ecommerce?
On average, only 10% of online businesses manage to achieve success, with the majority experiencing failure within the initial 120 days. This can be attributed to the fact that online businesses should not anticipate immediate profitability during the early stages of their establishment.
Disclaimer: This content was submitted by our valued guest contributor through our Write for Us page.
|Preety Kashyap is an accomplished marketing consultant at Seasia Infotech with a deep affinity for staying at the forefront of technology advancements and software updates. Her strategic mindset and creative prowess enable her to design innovative marketing campaigns that drive success for businesses. With expertise in market research, branding, and digital marketing, Preety has proven instrumental in helping numerous clients achieve their goals and foster sustainable growth for their businesses.
Abdul is a tech-savvy, coffee-fueled, and creatively driven marketer who loves keeping up with the latest software updates and tech gadgets. He's also a skilled technical writer who can explain complex concepts simply for a broad audience. Abdul enjoys sharing his knowledge of the Cloud industry through user manuals, documentation, and blog posts.