Credit: Data Science Central
With eCommerce growing at a rate of 15% annually, a retailer will be in a better position to market their products if they have more information about their customers. Having tangible evidence on consumer shopping habits could be the breakthrough you need to remove the obstacles you experience when selling your products online and develop the best eCommerce marketing strategy for your retail businesses.
Read on for 20 Crucial eCommerce Statistics that any retailer needs to know to have the upper hand in meeting consumers’ expectations.
21.8% of the world’s population are digital buyers
People no longer have time to go shopping, and they turn to the internet because it is easy and thus providing a large target audience for your eCommerce business. Dylan Menders, the sales specialist in PotencyUp comments, that: “If your store is not optimized for online shopping, you are losing great deals to your competitors that have adopted eCommerce marketing strategies.” So, join the club, and find ways to reach your target audience and stand out from your competitors.
E-commerce sales have been projected to increase by 6.3% come the year 2021
This number is proof that eCommerce sales are expected to continue rising as the years go. With this pace, any retailer should have an eCommerce marketing strategy included in the budget.
Men spend more online than women
A study has revealed that the rate of money spent by men on online shopping is 68% higher than women. Men are known to shop for expensive items and also in bulk to save time. If your target audience is men, consider offering products that are related to what they have in their cart in the website to avoid them abandoning their purchase to look for more elsewhere.
The millennial generation shop more online than generation X and baby boomers
40% of males and 33% of females of age 18-34 in the US are comfortable buying anything online. This is not the case for generation X (born 1960 – 1981) individuals who feel uncomfortable with the idea of online purchases.
40% of online buyers in the US are repeat customers
As much as new customers are valuable to a business, they are more likely to generate the highest number of bounce rates in any website thus making repeat customers more valuable.
Unpaid search results account for 22% of online sales.
Organic search sales are the second best at driving traffic to your site and not paid searches(see next)
Search engine optimization can be the game changer
Google search and Google Adwords are the top two sources of organic traffic in eCommerce site with each driving 43% and 26% respectively. Over to you! Invest in SEO to ensure your website ranks top on these search engines hence getting more organic search traffic.
The social presence of an online store generates 32% more sales than an online store that lack a social presence.
A social media presence increases your chances of winning, keeping customers and influencing eCommerce sales.
Approximately 83% of people discover new products and services on Instagram.
You are missing a lot of conversion opportunities if you only use Instagram to catch up with friends and family.
39% of people will exit a page if it is not fast enough
Many online shoppers would like a page that load within the first 2-3 seconds and if not they return to the search results to look for faster sites. Invest in increasing your site speed so that the bounce rate on your site can reduce.
38% of people would leave a site if it is designed is ugly and unattractive
The design of your website shouldn’t be the reason why you lose potential customers to your competitors just because it’s ugly and has complex navigation.
The chances of a customer, who have had a negative experience in your site, returning to purchase again are 62% less possible.
Make your site mobile friendly.
61% of people use smartphones to visit online retail shops, and 45% of online shoppers make orders from their mobile devices.
Make your page responsive on various devices
85% of consumers don’t complete transactions in the device with which they started it on; instead, they do it on another.
Desktops have better conversion rates
Desktop accounts for 4.4% of conversion rates while mobile device accounts for 1.5 %.
65% of online shoppers use their mobile phones to compare prices while shopping physically in a store.
Provide your users with other shop’s prices adjacent to yours to reduce cart abandonment rates as they leave to compare prices elsewhere.
Availability of online shops 24/7 is the leading reason why people shop online.
Online shopping is convenient because it never closes, unlike physical shops.
The number of people who could not purchase because of the lack of return policies on products accounts for 63% of US online buyers.
When your return policy on products is easy, your online customers are more likely to make an order.
79% of US customers would be influenced to shop online if they were offered free shipping.
Consider making your shipping free or low cost if it meets a certain criteria in order to meet the expectations of your customers.
60% of online shoppers abandon carts.
You should address online shoppers concerns such as unexpected costs, complicated sign in and checkout procedures that could lead to cart abandonment.
Selling goods and services online is never an easy task. Set yourself apart from the rest by using these eCommerce Statistics to better your performance in your online business. ECommerce is evolving rapidly and keeping yourself up-to-date with latest eCommerce stats is your way of learning current trends, customers habits and future preparations thus increasing your revenue.