Online Shopping Statistics
28
- January
- 2020
Want to learn more about online shopping, content commerce and shoppable video and content commerce? AiBUY put together a list of the most important statistics, facts and trends so you can stay ahead of the curve – and the competition!
- An estimated 1.8 billion people worldwide purchased goods online (Statista, 2018). Those purchases amounted to $2.8 dollars, with a projected growth to $4.8 trillion. And that projection was made before COVID drove the world online.
- 63% of shopping occasions begin online (Thinkwithgoogle, 2018). It makes sense. After all, you can catch consumers’ attention online, persuade them to buy, and then make it simple for them to do so.
- 42% of the US population purchased their groceries online at least once a week (GeekWire, 2020). That’s a 22% increase from 2018—and it’s not just quarantine behavior. More than 50% of online grocery shoppers plan to keep clicking for groceries.
- 62% of online buyers shop at least once per month (Episerver, 2019). Twenty-six percent shop online once a week, and 3 % shop daily. This statistic was also pre-COVID: Imagine the numbers today.
- 63% of consumers said retail technologies and innovations have improved their shopping experience on mobile devices (Source: National Retail Federation). Simplifying the shopping experience has paid off for retailers. Buyers especially appreciate being able to find products easily, read reviews, compare prices, see whether an item is in stock, and try before buying (think of the “Look Inside” feature Amazon provides for books).
- 62% of retailers report that the use of information (including big data) and analytics is creating a competitive advantage for their organizations. (Source: IBM). Never before have businesses had such insight into customer behavior. With this information you can identify and anticipate trends, see behavior patterns, and target specific customers who are likely to buy your products.
- 44% of retail internet minutes were spent using a smartphone device, while 11% were spent using a tablet, as compared to 45% spent using a desktop. (ReadyCloud). In 2019, desktop shopping dropped from 78% to 63% (Invesp) and it’s anticipated that 72% of ecommerce will take place on a mobile device by 2021 (Statista). The takeaway: Your online shop has to shine on mobile platforms
- The abandonment rate for mobile shopping carts is 85.6% (Barilliance). You can’t help it if customers change their minds about purchases, but you can make cart abandonment less likely: 63% of cart abandonments are due to extra costs for shipping (Statista, 2019).
- 56% of shoppers said that being presented with unexpected costs is the reason they leave without completing their purchase (Shopify). Hmm, unexpected costs…Could that be shipping again?
- Percentage off discounts (35%) and free shipping (20%) are the offers email subscribers want the most. (Adestra). Yes, it looks like shipping costs are a big deal to shoppers. And the power of discounts is nothing to sneeze at either: A 2018 survey by digital coupon giant RetailMeNot found that two-thirds of shoppers “made a purchase they weren’t originally planning to make solely based on finding a coupon or discount.”
- 39% of people who shop online say that a major influence in the purchasing decision is the availability of a free return policy (NPR/Marist). Yet another way to nail the sale.
- Amazon made up 43.5% of the total online retail market in 2018. (SimmilarWeb) Amazon is the biggest e-commerce company in the world, but there are ways to compete. People go to Amazon to buy, sort of like going to a mall to purchase an item they need. But shoppable video is entertainment that shows people products they want, and then makes it easy to purchase them.
- 52% of people say that the speed at which a website loads is crucial for customer loyalty (Google). And your site better load fast: Websites with more than three seconds of loading time lose 40% of their initial website visitors (Forbes).
- Average ecommerce conversion rates average 2-5% and 56% of website revenue comes from Google (Wolfgang Digital). The average US eCommerce website conversion rates are 2.63%, while global website conversion rates are 4.31% (Invesp 2020). And Google’s eCommerce success is no surprise; after all, it has an 86.86 % worldwide market share of all search engines, (Statista July 2020).
- The average shopping conversion rate for Google Ads is 1.91% and 1.74% for Bing Ads. (Wordstream). That is a bit of a surprise. Looks like Bing is a player in the ad game, and one you shouldn’t ignore.
- 57% of online shoppers say they’ve bought something from a retailer overseas (Nielsen). This phenomenon goes both ways: Shoppers in developing markets like India are buying from developed markets and vice versa.
- 65% of senior executives visit the website after seeing a related YouTube video (HubSpot). Video is hot and shows no sign of cooling down. YouTube anticipates are $4.34 billion net advertising revenues in 2020, and more than $6 billion in 2022 (Oberlo).
- 23% of people say that reviews and recommendations that they see on social media play a role in their shopping decisions (Forbes). Social media is built to be persuasive. It can motivate buyers in so many ways, from influencers to ads to shoppable video.
And the biggest news is yet to come, because eCommerce is set to explode. Consider these predictions:
- Experts expect global ecommerce sales to double between 2018 and 2023, breaking the $6 trillion mark (Statista)
- 95% of commerce transactions will happen online by 2040. (Source: NASDAQ)
Make sure you’re prepared for the eCommerce revolution. Talk to us today.
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