The retail industry took a 180-degree turn with the emergence of online shopping. With the speed and convenience of online retail, it has become easier for consumers to get what they want when they want it. Moreover, it allows many businesses to operate without the need for a physical store. However, the online shopping industry can be cutthroat. This is why understanding online shopping statistics is more important now than ever to get ahead of the competition.
In this article, we will be discussing and analyzing data ranging from the market size of online retail to its advantages and disadvantages. We will even tackle the various strategies and technologies that businesses use to remain competitive in the online shopping industry. This way, you can have a better picture as to how you can leverage this for your company.
To further help you in your online retail endeavors, you can also check out this guide to eCommerce software solutions. With this, hopefully, you can understand the kinds of tools you will need to reinforce your operations.
Online shopping market statistics reveal that businesses worldwide are engaging more and more of their customers online. With each passing year, the numbers continue to grow in favor of these entrepreneurs. Below, you’ll see there’s an increasing number of digital buyers as well as higher revenues for online shopping in different countries. Moreover, average online store visits per user are becoming more frequent in the past few years.
Online shopping has reshaped the landscape of the retail industry. As you’ll see in the data we’ve compiled, customers have changed their behavior towards shopping. They no longer go from store to store to inquire about a product. Nowadays, all they need to do is look up your products online and by the time they visit your store, they’re ready to purchase with no questions asked.
This only shows how important it is to have an online store in this day and age. By having one at your disposal, you can have a channel through which potential customers can find out about your products without the need to physically visit your store. If you have yet to set up one for your business, you might want to consider using an online store builder or even sign up at an online marketplace.
Shoppers will always have great expectations from the brands they are interested in but how different are the expectations of online consumers? For starters, statistics show that convenience and personalized shopping experiences are crucial to customer loyalty in the online retail industry. By making transactions simpler and allowing them to find what they need, it is easier to secure conversions. In addition, it pays to provide perks such as free shipping options as well as return policies.
It lets them shop at any time%
It lets them find the product they want quickly%
It lets them save time%
It gives them a better product selection%
It doesn't require them to line up at the store%
It gives them better prices%
Source: National Public RadioDesigned by
The online shopping culture may be in full throttle but this doesn’t mean people are buying everything under the sun via the internet. Statistics suggest that online shoppers are quite picky as to what kinds of products they buy online.
Surprisingly fashion is one of the industries that seem to be thriving online. This is despite shoppers not being able to fit the products before purchase. In addition, more and more people worldwide are opting to have groceries delivered.
When’s the last time you spent a whole day without checking your phone? There’s a good chance you haven’t done that since you purchased it and the same could be said about your customers.
Nowadays, a phone’s use goes beyond calling and texting. With internet access and the various mobile applications available today, your phone can perform the various functions of a computer. In other words, people will be able to shop on-the-go sans the need for a desktop.
So, while mobile commerce is still not as popular as traditional online shopping, it might be important for you to optimize your store for mobile transactions. This way, you can expand your market and maximize sales.
Practically everyone is on social media be it individuals, celebrities, politicians, or organizations. So, it’s safe to say that it’s one of the best places to showcase and sell your products. However, not all social media networks are created equal. In the data provided, you will see that some are simply better for social shopping than the others so it is best to be careful about which platforms you will be utilizing for your social shopping campaigns.
Looking to make sure that your social shopping campaigns are driving sales? You can start by focusing on platforms that your target audience are most likely to use for social shopping. Facebook, Instagram, and Pinterest are only three of the many options you can choose from.
After which, try to study the various features that these platforms offer for online businesses. For instance, Facebook has a marketplace feature that will allow you to sell directly on the platform. Meanwhile, Instagram lets you create shoppable posts so that consumers no longer have to be redirected several times to get to the checkout page.
Lastly, as you’ll see below, it’s important to learn what customers want to see on your social shopping site such as customer reviews and product videos. These will allow them to better assess what you have to offer without having to research extensively on their own.
Source: SocialnomicsDesigned by
Just as shoppers can walk into your store and change their minds about purchasing, online consumers can simply abandon their online shopping carts. You might be thinking that this is completely fine and that there are plenty of other people out there who would purchase from your store but statistics say otherwise.
So, your customer has abandoned his cart, now what? According to several online shopping reports, there many ways through which you can counter cart abandonment. A good lead would be finding out why they aren’t pushing through with their purchases so you can address the issues quickly.
Secondly, it is important that you optimize your checkout interface. By simply making the process faster and simpler as well as giving them ample payment options, you can easily keep shoppers from choosing a different store.
Most importantly, with the rising popularity of personalized eCommerce, making use of retargeted ads might do you well. This will allow you to generate product recommendations that are tailored to the browsing behavior of each website visitor which can boost the chances of conversion.
The shipping cost is too high
The discount code isn't working
The delivery will take too long
They were asked to re-enter credit card details
They were asked to re-enter shipping information
Source: StatistaDesigned by
Online retail and technology go hand-in-hand. So, this could only mean that online shopping experiences should evolve as technology does.
Studies suggest that more businesses are using artificial intelligence to accommodate clients and understand customer behavior. Meanwhile, there are those that utilize drones for faster deliveries. On the other hand, more consumers are using voice assistants for transactions.
With these said, if you want to stand out in the online shopping industry, you not only need to offer the best products. It’s a must that you improve the entire shopping experience using technology.
Online shopping has plenty of benefits to offer. However, there are some limitations as to the conveniences it can provide. For instance, you can’t touch the products through the screen and there’s no telling whether the item will look exactly as it did on the website. There’s also the problem with shipping costs. As a result, many consumers still prefer the good ol’ visit to the store.
In addition to the statistics below, you might also want to check out this list of eCommerce challenges. This way, you can prepare for any obstacle that you might encounter while launching your online store.
Online shopping data suggests that simply having a web store is not enough to draw consumers in. If you truly want to capitalize on digital retail, you will have to pay special attention to how you build and maintain your website.
As we’ve tackled earlier, speed and convenience are two of the top reasons why people shop online in the first place. So, for starters, it is pertinent that you optimize the loading times of your site and make it as mobile-friendly as possible. This way, potential customers access your catalog as quickly and easily as possible.
There’s nothing quite like purchasing items within the comfort of your own home. With just a click of a button, you can purchase products and have them delivered straight to your doorstep. After all, not everybody has the flexibility to include a trip to the mall in their daily routine. That said, it’s not surprising that the online retail industry is flourishing.
The question now would be is it necessary for you to have an online store of your own? Well, it’s a yes and a no.
As you have read from our compilation of statistics, brick-and-mortar stores still have an advantage over online shopping. There are many consumers who prefer the experience of browsing in a shop. This is because it allows them to assess the items they want in the flesh. However, that is not to say that investing in online shopping won’t benefit you.
Giving your consumers the option to check out what your store has to offer online can expand your reach and boost customer loyalty. Furthermore, online shopping is what can help you bridge the gap between your business and consumers want to browse products without having to interact with sales personnel.
To sum up, we hope that this compilation of online shopping statistics gave you a better idea of the changes in the industry. This way, it is easier to plan how you can keep up with competitors in the coming years. If you are looking to explore this option for your company, there are plenty of eCommerce software for small business and large companies to choose from. Just be sure to choose which one is most compatible with your business model and can offer you functionalities that can easily adapt to your existing workflows.
FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.