When you own an e-commerce business, it is imperative that you are updated with the latest industry trends.
That’s because it lets you know where your market is leading.
Not to mention that it lets us find opportunities for growth.
That said, here are 20 online shopping stats that you can leverage this holiday and beyond:
- E-Commerce Shopping Statistics
- 1. In 2019, global e-retail sales amounted to $3.53 trillion and are projected to grow up to $6.54 trillion US dollars in 2022
- 2. There are 1.92 billion digital buyers online
- 3. 76% of U.S. consumers shop online
- 4. There are almost 271 million online shoppers in U.S.
- 5. There will be more than 300 million U.S. online shoppers in 2023
- 6. USA has the highest average revenue per online shopper ($1,804)
- 7. Having a social presence can boost your sales by 32%
- 8. 53% of online shoppers abandon the cart because of unexpected additional costs
- 9. Checkout optimization can help you recover as much as $260 billion.
- 10. By 2040, it is expected that 95% of purchases will be via e-commerce.
- 11. An average online store owner expects to have their products shipped to their customers within 14 days.
- 12. Price is the #1 consideration for millennials in the UK.
- 13. 4 out of 5 Millennials buy from Amazon.
- 14. 56% of Millennials prefer to read customer reviews.
- 15. Around 30% of consumers would post their product feedback online
- Amazon Shopping Statistics
- Customer Shopping Statistics
- 19. Baby Boomers are likely to buy up to 17% more expensive products
- 20. Gen X makes about 3 online transactions more comparing to baby boomers and millennials
- 21. Millennials are 30% more likely to buy directly from a retailer.
- 22. Men spend 46% more per transaction.
- 23. African and Middle Eastern consumers are most likely to make imported online purchases.
- Customer Retention Stats
E-Commerce Shopping Statistics
Now that you have an overview of who your target customers are, it is time to know what makes them add to cart and checkout or abandon it.
1. In 2019, global e-retail sales amounted to $3.53 trillion and are projected to grow up to $6.54 trillion US dollars in 2022
According to Statista, in 2019 retail e-commerce sales worldwide amounted to $3.53 trillion. And if that isn’t enough projections show that global e-retail sales are going to grow to up to $6.5 trillion in 2023.
2. There are 1.92 billion digital buyers online
With the rise of e-commerce, it’s only natural that the number of online shoppers worldwide rises along with it. Currently, the number of digital buyers is at 1.92 billion. That makes 25.6% of the 7.5 billion people in the world.
3. 76% of U.S. consumers shop online
A 2019 poll by Marist College and National Public Radio (NPR) shows that 76% of all United States adults shop online. Looking closer at the frequency the online shopping stats show 25% of those who shop online do so at least once a month, and 16% shop online at least once a week.
4. There are almost 271 million online shoppers in U.S.
In 2018, the U.S. had 271.1 million online shoppers.
5. There will be more than 300 million U.S. online shoppers in 2023
The number of online shoppers is expected to reach more than 300 million by 2023.
6. USA has the highest average revenue per online shopper ($1,804)
According to Invesp, the countries with the leading average eCommerce revenue per shoppers are: USA ($1,804), UK ($1,629), Sweden ($1,446), France ($1,228), Germany ($1,064), Japan ($968), Spain ($849), China ($626), Russia ($396), and Brazil ($350).
|Country||Average Revenue per Online Shopper|
When it comes to e-commerce, social media is not just a source of traffic. Data shows that online stores with at least one social media profile (Facebook or Twitter) have 32% more sales than those that do not have a social presence.
8. 53% of online shoppers abandon the cart because of unexpected additional costs
More than half of US online shoppers (58.6%) have abandoned their carts because they are “just browsing” or “not yet ready to buy.” This is followed by extra costs like tax and shipping fees. That said, you can reduce cart abandonment by charging these fees upfront.
9. Checkout optimization can help you recover as much as $260 billion.
A large-scale e-commerce website can boost its conversion rate up to 32.6% by simply optimizing its checkout design and process. This can be translated to $260 billion worth of orders which you can recover by improving the checkout process.
10. By 2040, it is expected that 95% of purchases will be via e-commerce.
The US Department of Commerce estimated that consumers spent more than $500 billion online in 2018, up to 14.2% from 2017. That said, it is expected 95% of purchases will be made through e-commerce by 2040.
11. An average online store owner expects to have their products shipped to their customers within 14 days.
Most eCommerce platform owners expect that their customers will receive the products within two weeks. This includes processing orders, packing, dispatching, and shipping the products. If it takes longer than that, you should take a look at how your business is functioning.
12. Price is the #1 consideration for millennials in the UK.
When it comes to online retail, price is the number one consideration for UK millennials. In fact, 41% of price-savvy millennials are very likely to check various websites or apps to see where they can get the best price for a product.
13. 4 out of 5 Millennials buy from Amazon.
In relation to the previous point, it appears that promos and discounts can drive sales among Millennials. According to a 2017 Yes Lifecycle Marketing survey, 55% of their Millennial respondents choose to buy from Amazon for its Prime benefits and to take advantage of exclusive offers.
14. 56% of Millennials prefer to read customer reviews.
More than half of Millennial online shoppers are very likely (56%) to read customer reviews before making a purchase. In addition, they use their mobile devices when making product research, and use their desktop or laptop to make a purchase online.
15. Around 30% of consumers would post their product feedback online
Around 30% of online consumers posted feedback about a product online, with nearly half of Asian consumers are more likely to do so. In relation to this, 92% of online feedback is positive. However, this can be influenced by trends such as sharing their latest purchases with their peers, which is a result of subtle social media competition.
Amazon Shopping Statistics
16. 63% of Americans say they’ve purchased an item through Amazon
Amazon looms large in the behavior of online buyers. 63% of Americans say they have bought an item through Amazon.
17. 47% of Americans bought their first item on Amazon
According to the study made by Marist College, 47% of Americans did their first purchase on Amazon.
18. 100 million people worldwide, including 75 million Americans, pay for Amazon Prime.
In 2018, Amazon said more than 100 million people around the world pay for its Prime subscription, which in May went up to $119 from $99 a year in the U.S.
Customer Shopping Statistics
You would be surprised to know that e-commerce crosses generations and locations.
So whether you are targeting millennials or their parents, there are some informative stats that you can use as a guide in making your online business grow.
19. Baby Boomers are likely to buy up to 17% more expensive products
People born between 1946 and 1965 are likely to buy healthcare products, wine, household goods, and appliances. In relation to this, they spend an average of $203 per transaction, compared to other generations of online shoppers.
20. Gen X makes about 3 online transactions more comparing to baby boomers and millennials
People born between 1966 and 1981 make an average of 19 transactions per year compared to other age groups. This is despite the common belief that online shopping is driven by younger and more tech-savvy generation.
21. Millennials are 30% more likely to buy directly from a retailer.
Millennials are 30% more likely to buy straight from retailers than an online retailer like Amazon, Alibaba, or Taobao.
22. Men spend 46% more per transaction.
Although both men and women shop with equal frequencies, it appears that the former spend more. On average, men spend $220 per transaction compared to women at $151. This can be due to the fact that male consumers are likely to buy products with high price points like luxury goods or electronic devices.
23. African and Middle Eastern consumers are most likely to make imported online purchases.
There is a worldwide rise in cross-border online shopping, with consumers from Africa and the Middle East are most likely to make online purchases from other regions. This is particularly true in UAE, wherein 58% of online purchases are imported. In addition, cross-border online shopping is the highest among Millennials.
Customer Retention Stats
Did you know that it is five more affordable to keep a customer than to attract a new one? If you want to save from customer acquisition, you might as well focus on personalization and improving your customer service.
24. Consumers prefer being treated as unique and valued individuals.
Although consumers value speed in service, they also prefer personalization. Being treated as an individual is valued at 59%, which is 6 points higher than valuing speed of resolution (53%).
25. 77% of customers are ready to pay more for good customer service.
Although 77% of customers are likely to pay more for good customer service, doing so is not exclusive to them.
26. 92% of customers stop purchasing after facing poor customer service
Consumers value a company that provides exceptional customer service. In fact, 92% of them would stop purchasing from a business after having experienced poor customer service thrice or less.
27. 265 of consumers will switch to other businesses because of poor customer experience.
While paying more for good customer service crosses generations of consumers, they are also willing to walk away from a company if not treated well. In fact, 26% of them will switch to another business after having just one bad customer experience.
Understanding who your customers are, as well as how you can provide them with positive e-commerce experience, can help you pinpoint trends and opportunities to boost your e-commerce revenue. Not to mention that it gives you an insight on how you can make your business grow.
Twenty years from now, it is expected that almost all consumer purchases will be done online. Add to that the fact that as technology advances, you are given the capacity to products and services overseas.
So if you have a brick-and-mortar store, and you would like to maintain its success, there is no better time to delve into e-commerce but now. Otherwise, you will continue to struggle to keep up and get ahead of the competition.
That is if your retail business is able to survive. Worse, your competition will eat your peace of the customer pie and you will have nothing for yourself.
You do not have to experience that. It is about time that you adapt to the evolving and increasingly mobile-dependent consumer behavior.