Although the origins of eCommerce date back to the late 1970s, this industry has really come into its own in the 21st century. And now, the experts predict eCommerce to become an $8 Trillion global market.
People can now shop for anything from daily groceries to even automobiles, from the comfort of their homes. That means a significant economic growth and reshaped traditional retail landscapes. The growth of eCommerce has been nothing short of phenomenal.
But how does this translate into numbers? And why do people need to hire the best eCommerce developers to leverage the industry success into their favor? We’ll find out through this blog.
Popular eCommerce Statistics
Let’s translate the success of eCommerce into some real, comprehensible numbers.
General eCommerce Statistics
Global eCommerce Market
The global eCommerce market is expected to reach $8 Trillion by 2027, growing at a CAGR of 7.8%. This significant growth is driven by factors such as increasing internet penetration, the rise of smartphones, and advancements in digital payment technologies.
Total eCommerce Sites Around the World
There are estimated to be 26.5 million eCommerce websites worldwide, catering to a diverse range of products and services. This vast number of online stores offers consumers a wide variety of options to choose from, meeting their specific needs and preferences.
Total eCommerce Shoppers
There are over 2.71 billion online shoppers worldwide, which is around 33% of the world population. This number has recently increased dramatically. The surge in online shoppers is a testament to the convenience, accessibility, and affordability that eCommerce offers.
Biggest eCommerce Market Share
Amazon holds the largest share of the global eCommerce market, followed by Alibaba and Flipkart. The eCommerce market share can be attributed to factors such as strong infrastructure, a large consumer base, and favorable government policies.
Online Shopping Behavior Statistics
How the eCommerce Shopping Journeys Begins
Over 44% of the buyers start their eCommerce shopping journey through search engines, while 14% begin on social media. This indicates that these platforms are the most popular starting points for online shopping journeys, likely due to their user-friendly interfaces and extensive product catalogs.
Average Cart Abandonment Rate
The average cart abandonment rate in the eCommerce industry is 70.19%, indicating a significant number of shoppers fail to complete their purchases. This is a major challenge for eCommerce businesses, as it represents lost revenue opportunities.
Customers Look for Reviews When Online Shopping
Over 54% of the consumers read at least 4 product reviews to make informed purchasing decisions. This trend has led to the rise of review platforms and the importance of online reputation management for eCommerce businesses.
Sustainable eCommerce
Around 42% of consumers are more likely to purchase from brands that prioritize sustainability and ethical practices. This growing trend reflects a shift towards conscious consumption and a desire for products that have a positive impact on the environment and society.
Preference of Online Shopping to In-store Shopping
Over 56% of customers prefer online shopping over in-store shopping due to convenience, wider selection, and competitive pricing. The ability to shop from the comfort of their homes, compare prices easily, and access a vast range of products are key factors driving this preference.
Mobile Commerce Statistics
Global eCommerce mobile shoppers
eCommerce purchases are made on mobile devices account for over 60% of the total eCommerce sales. It highlights the growing popularity of mCommerce. This trend is fueled by the widespread adoption of smartphones and the increasing availability of mobile-optimized websites and apps.
Global Mobile Commerce Sales
Global mobile commerce sales is expected to reach over $3.4 Trillion in 2027, demonstrating significant growth from previous years. This impressive figure underscores the increasing reliance on mobile devices for online shopping and the opportunities for businesses to tap into the mobile market.
Mobile Commerce Conversion Rates
The conversion rates with mobile commerce stands at around 2.89%, which is not much lower than desktop conversion rates. That indicates mobile shoppers are highly likely to complete their purchases. This can be attributed to factors such as the convenience of mobile shopping and the optimized user experience provided by mobile-friendly websites and apps.
Voice shopping Sales
Voice shopping sales are expected to reach $30 Billion, driven by the increasing adoption of voice-activated devices. This emerging trend offers new possibilities for eCommerce businesses to engage with customers through voice-based interactions and personalized recommendations.
Top Mobile Commerce Platform
Amazon is the most popular mobile commerce platform, followed by Walmart and Flipkart. These platforms provide businesses with the tools and infrastructure needed to create seamless mobile shopping experiences and reach a wider audience of mobile users.
Social Commerce Statistics
Global social commerce market
The global social commerce market reached $1.2 Trillion in 2023, growing at a CAGR of 30.7%. This rapid growth is driven by the increasing integration of social media platforms with eCommerce features. And there’s the ability of social commerce to leverage the power of social connections and influencers.
Preferred Social Platforms for eCommerce
Instagram, Facebook, and Pinterest are the most popular social platforms for eCommerce, offering features like shoppable posts and live streaming. These platforms provide businesses with opportunities to showcase their products, engage with customers, and drive sales directly within the social media environment.
Top Shopped Products Through Social Commerce
Clothing & apparel, health & wellness products, and personal care products are top-selling on social commerce platforms. These categories often appeal to the younger demographic that is more active on social media and is more likely to make impulse purchases.
eCommerce Marketing Statistics
Top eCommerce Marketing strategy
PPC is the most effective eCommerce marketing strategy, followed by social media marketing and SEO (organic search). These strategies have proven to be successful in driving traffic, increasing conversions, and building brand awareness in the eCommerce space.
Personalized Email Marketing
Personalized email marketing campaigns have an open rate of around 29% and click-through rate of 41%, which is outstanding. Tailoring email content to individual customer preferences and behaviors can significantly improve engagement and drive sales.
Video Marketing for eCommerce
Over 90% of the businesses use videos as marketing tools on product pages of their eCommerce websites. That makes video marketing a valuable tool for eCommerce businesses. Videos can help customers better understand products, visualize their use, and build trust in the brand.
If you need help with leveraging these eCommerce statistics to your advantage, our professional eCommerce services will be suitable.
Future of eCommerce: Top Trends to Watch
The eCommerce landscape is evolving rapidly, driven by technological advancements and changing consumer preferences. Here are some key trends shaping the future of online shopping:
- Personalized Shopping Experiences: AI algorithms will analyze customer data to offer highly personalized product recommendations, increasing customer satisfaction and conversion rates.
- Enhanced Customer Service: AI-powered chatbots and virtual assistants will provide 24/7 support, answering customer queries and resolving issues efficiently.
- Immersive Shopping Experiences: AR and VR technologies will allow customers to visualize products in their own spaces, providing a more realistic and engaging shopping experience.
- Try-Before-You-Buy: Virtual fitting rooms and product try-ons will eliminate the need for physical stores, reducing returns and improving customer satisfaction.
- Hands-free Shopping: Voice-activated shopping will become more prevalent, allowing customers to place orders using natural language commands.
- Integration with Smart Home Devices: Voice assistants like Alexa and Google Assistant will be integrated with eCommerce platforms, streamlining the shopping process.
- Shoppable Social Media Posts: Social media integration will continue to offer eCommerce features, allowing users to directly purchase products from their social feeds.
- Influencer Marketing: Influencers marketing will play a crucial role in driving sales. That is through the influencers’ social media channels, leveraging their followers’ trust and loyalty.
- Ethical Consumption: Consumers will increasingly demand sustainable and ethical products, leading to a rise in eco-friendly eCommerce practices.
- Transparent Supply Chains: Businesses will need to provide transparency about their sourcing and production processes to meet consumer expectations.
- Buy Online, Pick Up In-Store (BOPIS): This model offers convenience to customers by allowing them to purchase online and pick up their orders at a physical store.
eCommerce businesses that embrace these trends and adapt to the changing needs of consumers will succeed in the competitive market. If you need help with that, hire our eCommerce development experts.
FAQs on eCommerce Statistics
What are the top eCommerce markets in the world?
The top eCommerce markets in the world are typically characterized by high internet penetration, a large population, and strong economic growth. Some of the leading eCommerce markets include:
– China
– United States
– United Kingdom
– Japan
– India
What factors influence consumers’ purchasing decisions online?
Several factors influence consumers’ purchasing decisions online, including:
Product Information
– Price
– Convenience
– Trust and Reputation
– Shipping and Returns
What is the impact of social media on eCommerce?
Social media has a significant impact on eCommerce, influencing consumer behavior and driving sales. Some of the key impacts of social media on eCommerce include:
– Product Discovery
– Influencer Marketing
– Customer Engagement
– Social Proof
– Mobile Commerce
So, Where does eCommerce Stand?
From its humble beginnings to its current dominance, eCommerce has experienced remarkable growth. That is driven by technological advancements, increased internet penetration, and changing consumer preferences.
The future of eCommerce is promising, with emerging technologies like AI and AR/VR poised to further enhance the online shopping experience. Overall, eCommerce is a dynamic and rapidly evolving field with immense potential.
If you want to make the most of the rapid growth of eCommerce, have a chat with our experts today!
