Online selling or eCommerce is fast becoming a norm. Many businesses are getting on the bandwagon and opening up their enterprises for online selling. If you are still unsure about what online selling can do for your business, here are a few statistics to show you.
1. Number of Global Online Buyers is Rising
The number of global online buyers is increasing every year. It is expected to reach over 2.14 billion in 2021, having increased from 1.66 billion in 2016. That means a lot of potential buyers and a time for a tap-in. Online shopping will become more pervasive over time, as countries are focusing on globalizing.
It is becoming popular because of convenience and competitive prices. Also, digital businesses are trying to simulate the physical shopping experience. They ensure that the product descriptions and imagery give sufficient information about the product.
2. E-Commerce is Taking Over Retail Sales
E-Commerce sales seized 14.1 percent of global retail sales in 2019. It is over one-tenth of the total retail sales and is projected to hit the 17.5 percent mark by 2021. These sales are expected to constitute 95 percent of the overall sales by 2040.
This is why more and more businesses are starting to launch mobile friendly websites or app. E-commerce sales are slowly taking over and are a great prospect for new entrepreneurs. If you are not partaking in online selling, you are missing out on a large chunk of sales.
3. Mobile Shoppers are Increasing
People love to buy things from the comfort of their homes and a market that is just a tap away. That is why over half of the consumers buy more on cell phones rather than visiting the store. If you are selling online without catering to the needs of mobile users, you are ignoring a large customer base.
In the last quarter of 2018, orders from desktop equaled those from smartphones. The amount of mobile-based commerce is projected to increase. Online sellers are already witnessing over 50 percent traffic from mobile users.
4. Better Customer Experience
Online shopping is becoming popular due to its unique features. One study found that 54 percent of consumers prefer online shopping because they are able to compare the products’ price. 46 percent of online shoppers find it price-effective, time-saving, and convenient.
But not all online shopping experiences have these traits. You need to work on your product and customer service to ensure these three.
5. Online Payment Methods are Becoming Popular
Digital wallet options like PayPal and Apple Pay are becoming quite popular because of the expedient transactions. The mobile wallet payments are projected to reach $500 billion by the year-end from $75 billion in 2016. They are projected to grow by 80 percent in the next few years.
Another report states that mobile payments will be the second-most popular payment method by 2020. The first one will still be the debit cards.
6. Frequency of Online Purchases
According to a report, over 75 percent shoppers make an online purchase at least once a month. Owing to the growing online buying as well as speedy yet economical shipping, online purchases are becoming frequent.
Geographically, Asia is leading in eCommerce sales while the US and Western Europe come after it. Moreover, 95 percent of online shopping decisions are taken subconsciously.
7. Research Precedes Online Purchases
While the distrust regarding online buying has declined, people still prefer to conduct research before buying something online. 81 percent of the shoppers research online before conducting a transaction. In fact, many people go online shopping because they are able to research before buying anything.
According to a report, 43 percent of the world’s online shoppers research through social networks before making a decision. Social media is playing a significant role in promoting eCommerce. Many businesses have set up shops on social media platforms, especially small companies.
8. Majority of Online Purchases Belong to Fashion
Fashion has remained the most popular category for online buying since 2018. A survey in 64 countries found that 61 percent of online buyers purchase products related to fashion. 59 percent of the participants were interested in travel-related items. Other popular categories include books and music, event tickets, and IT and mobile.
Now that we are done with the statistics, there is another worth-mentioning fact here. Half of the small businesses do not have a website. It means they are not even getting the optimal benefits of offline purchases. The trend of looking up a store’s website before actually a visit there is growing among the consumers.