The future of small business can be tough to see as things seems to shift on a daily basis. What has come to the forefront over the past year is the rise of ecommerce across all industries and professions. There has been some recently released data from Statista, and published at Ecommerce Guide, that reveals the future juggernaut that just may be ecommerce. The following is taken directly from that published research:
- With e-retail sales accounting for 14.1% of all retail sales worldwide, ecommerce continues to grow at a speedy rate despite global economic uncertainty. What’s more, Statista forecasts that these figures will keep growing and reach 22% in 2023.
- Experts predict that retail ecommerce sales will reach $4.13 trillion in 2020. Online shoppers make purchases via mobile more often than on PC. Free shipping is the most important factor for consumers when choosing a retailer. The average shopping cart abandonment rate is around 68.8%.
- The fastest growing ecommerce market in the world is China.
- Experts predict that retail ecommerce sales will reach $4.13 trillion in 2020.
- It is expected that mobile commerce will take a market share of ecommerce of 72.9% by 2021.
- Most online customers prefer to pay with credit cards.
- Around 51% of online shoppers conduct purchases via their smartphones.
- Free shipping is the most important factor for consumers when deciding from which retailer to make a purchase. The second most important factor is the ease of shipping return followed by the cost of return.
- From 1,888 interviewed U.S online consumers, around 40% said that the reason why they didn’t make a purchase was because it wouldn’t arrive on time. Around 20% of them reported that they didn’t order a product because the delivery date was not precise.
- Around 77% of interviewed participants said that they have ordered a purchase to a store for pickup. Around 13% of participants had their items shipped to an Amazon locker.
- 75% of interviewed participants said that they have purchased a product on Amazon. Around 55% of them bought products from other marketplaces.
- 68% of interviewed participants said that they check whether a product is available in a local brick-and-mortar shop.
- 1 in 4 companies is selling items via Facebook.
- Online shoppers think that social media platforms benefit their purchasing decisions.
- Around 40% of retailers are using social media platforms to generate sales.
- Around 30% of interviewed participants said that if they like a product they would order it through social media platforms.
- The average shopping cart abandonment rate is around 68.8%.
- Around 50% of participants said that the number one reason for abandonment during check out is the high costs.
- Online shoppers are more likely to abandon their shopping cart if businesses require them to make an account.
- Around 21% of online shoppers decided to abandon their shopping cart because the process was too complicated.
- Ecommerce websites can see an increase of 35.26% in conversion rate if they have good checkout design.
-Written by Kevin Sawyer