You can confidently make strategic decisions that will pay off in the long run. You will have to rely on guesswork, which could cost you a lot of money.
Not all data are created equal.
Online statistics can often be outdated or inaccurate.
Even when you have accurate and relevant statistics, it isn’t easy to extract strategic insights quickly.
This is why we have created this article.
You’ll find the latest ecommerce stats and the best ways to use them for your business. We also offer killer resources that will help you implement the strategies.
In 2023, it is estimated that there will be 218.8 million US online shoppers.
This is a large number of potential customers in the second-largest ecommerce market in the world.
With an estimated population of 335.25 million, this is about 65% (or more) of the US population that shops online.
Online shopping has increased in recent years and is expected to keep growing.
Takeaway: With increasing numbers of people shopping online every year, it’s a great time to open an online store.
Check out How To Start An Online Business in 2022 for help.
By 2023, it is expected that ecommerce will account for 20,8% of all retail sales worldwide.
The ecommerce industry is gradually taking over.
This statistic shows that ecommerce has become a significant part of global trade.
The industry is growing so fast that by 2026, it will account for 24% of all retail sales worldwide.
The main takeaway: Ecommerce continues to expand in all directions and is becoming an integral part of consumer experiences worldwide.
This trend presents new entrepreneurs with massive opportunities.
Please read this article for more information: What Does It Cost to Open a Dropshipping Store?
Over one-third (35%) of small businesses in the United States need websites.
This is good news for both new and established ecommerce entrepreneurs.
The main takeaway is: Businesses that don’t have websites should create an online store to ensure they are included.
With tools like Shopify, it’s easy to create a website. If you’re looking to compare the top ecommerce platforms, this list is a great place to start.
Check out this video for more information:
Free delivery is the number one reason why people shop online.
The ability to apply coupons and discounts (38.2%), read customer reviews (31%), be able to return items quickly (30.1%), and have a quick checkout process (27.2%) are also essential.
The main takeaway: Build your customer experience around convenience.
The process should be intuitive and straightforward for the customer. It also means that shipping should be fast and returns hassle-free.
Instead of attempting to convince shoppers to visit your site, bring your store directly to them.
Set up a Facebook store to achieve this.
Read Quickstart Guide: Setting up a Facebook Store.
28% of US consumers use their mobile phones to compare prices, read reviews, and look for discounts while they are in a store.
This is good news for online businesses.
Online retailers can lower their overheads by not maintaining a physical store or a large inventory.
They can often offer lower prices to customers.
How can ecommerce businesses take advantage of shoppers who compare prices online in stores? Advertise your products in places where consumers who compare prices and discounts will find them.
Get your products to show up in Google Shopping search results. Google is the most popular search engine; shoppers use it for quick searches and price comparisons.
Learn how to do it by reading A Beginner’s Guide for Boosting Sales with Google Shopping Ads.
81% of online shoppers conduct research online before they make a purchase.
Shop online to get the best deals.
The main takeaway is: Give shoppers detailed product pages with accurate answers to any questions.
You should include plenty of high-quality images and descriptions on your product pages.
It will help to build trust with shoppers and aid them in their research.
Read this article for more information: How To Create A Great Product Page.
Influencer recommendations are a crucial factor for 30% of consumers when purchasing.
A year ago, people trusted recommendations more from their friends and families than influencers. Just 27% of consumers say that recommendations from friends and family are essential when purchasing.
It’s only natural that influencers are regarded as experts within their field. If a person is following a fitness influencer, it’s safe for them to assume that they know more about fitness than their friends.
The main takeaway: Harnessing the power of influencers for increased sales.
There are many ways that businesses can benefit from influencers. For example, you can host a social media takeover or run giveaways with an influencer to increase revenue.
To learn more, read Influencer Marketing: A Comprehensive Guide.
76% of people stop doing business after two terrible customer experiences.
Trust is difficult to gain and easy to lose.
Unsurprisingly, customers are reluctant to purchase from a company again after being disappointed.
A bad customer experience can be fatal to any business if left unchecked. Retaining customers can result in massive growth for your business, driven by repeat sales.
The main takeaway is to give your customers a great customer experience from the beginning.
If you do it right, your customers will continue to buy from you.
Check out Customer Retention: 10 Tips to keep your customers coming back.
When deciding on a purchase, 83% of customers consider the quality of customer service.
Today’s consumers are looking for excellent customer service.
The main takeaway: Develop strong relationships with customers and prioritize hands-on service.
Ensure that customer service representatives can be easily contacted.
Good customer service creates trust. This will increase conversions and customer loyalty.
For more information, please read Six Tips for Successful Customer Service.