E-commerce Statistics and their associated facts

E-commerce Statistics and their associated facts
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    Oct 20, 2020

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  • Online services and the retail industry are rapidly growing with very overwhelming stats. All these sell/buy experiences are often carried out through the internet world. This blog aims to have a look at several ecommerce statistics followed by the due opinion-based comments on each statistical figure. Let’s get started.

    Global digital buyers are predicted to go beyond the highest limits of 2.05 billion in 2020.

    Opinion: The figures are too overwhelming and cover almost 30% of the world population. This ever-growing culture can be a threat to those businesses which have not yet tapped into the internet world for hacking more growth. 

    This awesome figure is too impressive for entrepreneurial mindsets to tap into the data-driven business ideas. The data-driven business idea can simply be told as an idea that is pursued by analyzing and interpreting different analytical trends. 

    The ecommerce trend-analysts predict it to rise up to 2.14 billion by 2021.

    Note: A data-driven business-idea is 50% lesser likely to flop than a business which doesn’t do so.

    In 2020, the ecommerce statistics tell that total-retail sales would be 15.5 % of global ecommerce sales. In 2021, the retail-share is expected to rise up to 17.5%.

    Opinion: Among all the industries selling products/services, the retails share gets a bigger chunk. Upcoming two-year stats tell that the stats will optimally be growing in the e-retailing sectors. 

    The brick and mortar stores should switch their operations online to keep them rapidly growing. Most of the stores like Walmart.com switched their operations online as well. More to say, there is much space for entrepreneurs to launch dive into electronic retail businesses. The data-driven marketing strategy will optimally help you to engage with your potential customers. 

    Being specific to the e-retail ventures, the best thing to talk about is that they have space to grow over multiple channels like social media, search engine, and email marketing. Very few businesses are there which can strategize their marketing over all the platforms. 

    About 50% of the businesses even don’t have their website.

    Opinion: These statistics are also optimistic and pessimistic at the same time. Optimistic in the sense that the tech-entrepreneurs have much space to grow their businesses. As it is a matter of doing or die for businesses to make them present online. Otherwise, such businesses have even a threat to lose their existence if replaced by a strong competitor. 

    85% of online buyers research online before they go shopping 

    Opinion: Google has eased the lives of the people. Before buying anything online, people like to find the product reviews or search for the best things in a particular category. For example, I intend to buy a phone and I put a query on Google to show some products for the query, “best phones under 500$”. Like me, there will be many people querying the same on search engines. 

    Here arise two types of grabbing potential audiences on the search engine through paid and search engine optimization. You will run data-driven SEO campaigns or PPC to grow traffic to your e-platform. 

    According to statistics, more than 3 billion queries are coming on Google every day. Many of those queries also have core buyer-intent. The sellers who strive to stay ahead in the top Google rankings happen to make more sales than those who don’t make effort to grow in the search engine. 

    80 percent of B2B, B2C ecommerce activities stop due to bad customer experience

    Opinion: The statistics are too disappointing as e-commerce businesses don’t pay heed to the customers' experiences. In this regard, the e-businesses must think that the customer experience must be well-compliant with customer needs. 

    There are several kinds of distractions on ecommerce platforms that they can’t pursue with more sales. A few things are not blamable like people look for reviews on the products before they buy. The new stores which have recently launched their products can’t get much response due not to having reviews on their products.

    This is one of the reasons but there are several reasons which don’t match with the conversion goals of a particular e-platform. Here, you can get a detailed understanding of conversion rate optimization to improve your ecommerce experience in the customer's sense and search engine. 

    Companies that provide their official contact list on their websites are more likely to grab customers’ trust.

    Opinion: These practices can be applied on any platform as it is a research-based fact. This practice will ultimately help you to grab more trust from your potential customers and will generate more leads this way. 

    Keep the focus on the quality researches for CRO as Google always trains its artificially intelligent algorithm to be rank those pages high that have maximum navigability. It means if you have provided the contact lists of your company personnel on your website, it will build your company’s trust and optimizes your relevant pages in search engines as well.  

    On average, 2.86% of visitors actually convert for sales. 

    Opinion: This research tells that every visitor after 34 visitors become a customer. In physical stores, this ratio is quite good. So, optimizing your platforms for more conversions best in the favor of the consumers can ultimately help you to generate more conversions. 

    Convertible UI/UX designs that fulfill the best user experience, can be an option to convert more sales to your platform. 

    69% of shopping carts are abandoned 

    Opinion: These ecommerce statistics are too disappointing and there is a dire need for platforms to consider the better CTA, appropriate navigation, and responsive designs. There is a need to find a reason why people quit after they have filled their carts. There can be several other reasons like bad load time, high delivery charges, a non-customer-centric policy like check-before-use, warranty of the product.

    If an e-business is facing such kind of issues, it must review its selling policies and customer support over its platform.

    The unexpected extra cost is the number one reason behind the people quit their carts.

    Opinion: When it is about e-tailing business, people quit their carts just because of the extra charges. Like high delivery charges can be said as the most prominent reason that contributes to these statistics. In the face of these hurdles, the governments must play their part to counter such behaviors. 

    Like states must optimize the state-owned couriers’ services at a lower cost so that the ecommerce experiences may get a higher response and the statistics regarding cart abandoning may get reduced to a minimum. 

    Emails associated with the carts abandoned have an average of 45% of an open rate for follow-up emails.

    Opinion: This ecommerce statistic gives you maximum opportunity to know why a particular customer abandoned the cart. By getting 45% of the total response helps you to perform predictive analysis of why people are quitting their carts. Apart from extra delivery charges, you will ultimately come to know the other reasons behind cart abandonment activity. 

    52% of online retailers have omnichannel capabilities 

    Opinion: The omnichannel capabilities of an online store optimizes the trust-level of a brand. Like a brand should have a presence over fakebook, Instagram, web, and android app. In return, this practice grabs people’s trust and more brand awareness. 

    So, every online retailer must fetch their operation to all the available platforms where they even have a little to sell. 

    Mobile ecommerce was estimated to be 67.2% of total ecommerce in 2019.

    Opinion: The statistics are too overwhelming and every ecommerce business must look into the opportunities associated with mobile phones. What could be related opportunities? An online retailer that lacks a Facebook shop, should immediately manage an e-store on Facebook and Instagram. 

    To meet the best results from search engines, your site must be well-compliant with the worthy requirements regarding your website’s design and other SEO practices. 

    According to these statistics, users who have a negative experience on a mobile website are 62% lesser likely to make purchases with that store. 

    Longer load time increases the load time. 

    Opinion: This practice is most often referred to be if you go shopping for something physically, you have two shops in the queue. You go to the first one and it is loaded with customers. To get yourself entertained more speedily, you will go to the next one which is rush-free. 

    The same is the case with a website. The higher the load time, the more the escape/bounce rate. To meet this issue, a website should not have heavy images that are hindering it to load speedily. There are more practices known to be technical SEO of the websites to optimize its load time. 

    Younger people have more tendency to buy online than older ones.

    Opinion: It is an important factor for social media marketers to set the target audience accordingly. This is a natural thought that you will do marketing for what you are going to get a better response. In terms of low budget and high reach, you must target the younger people in your marketing strategy.

    Final word 

    These are a few ecommerce statistics along with the due opinion aligned with each. These statistics can help any online business to speed up its reach accordingly. Each statistic will give you an overview of your business like where you stand at a particular moment and what you need to improve the things for achieving more milestones in your business.