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Online shopping is a convenient option for consumers. Faster delivery times and an increasing variety of goods are selling points for people to switch to purchasing items online.
Any item is now merely a click away. This increase in online shopping is paving the way for a whole new retail experience.
This number is set to grow further in the coming years. At the moment, projections see this to increase to 22% by 2023 (statistics).
More and more people are starting to notice the ease of shopping online. The number of people who opt for this route proves that.
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Experts forecast that online sales will surpass the $6.3 trillion mark by the year 2023. People are always on the hunt for new deals, and the internet helps people do just that. Consumers now research, compare prices, and potential bargains they may find online.
Amazon has the lion’s share in the eCommerce market, making up 44% of all online U.S. sales.
According to KPMG, the main reason people shop online is because they can do so whenever. You can browse and look at items you might want to get at any hour of the day.
Maybe you have the sudden urge to try out something new. Perhaps you remembered that you wanted particular light fixtures. It makes it easier to browse through items online at any time.
After all, with are increasingly erratic schedules, you might not have much time to visit a traditional store.
There’s a reason why major e-commerce and delivery companies have lockers. Locker accessibility makes it easier for you to get your product at any point in the day.
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While there has been a massive increase in the realm of online shopping, consumers still prefer going to a physical store during the holiday season.
According to Walker Sands, the expectation of free and fast shipping has become pretty standard nowadays. Particularly, consumers under the age of 25 are even more likely to value this. Free shipping is no longer seen as an added perk but a necessity.
As customers are more likely to shop if there’s free shipping, consumers are also wary of hidden fees. It could be added tax fees, and also more shipping charges attached.
Buyers are more likely to drop their cart if these expenses are tacked on. As hidden fees can make a customer feel a little cheated, depreciating their shopping experience.
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It is certainly not great good news, but a massive number of users choose to abandon their cart. Luckily, there are ways of reducing that number.
No one likes a clunky check-out experience. If you optimize your checkout to make it easier to navigate, your conversion rates will increase.
It is a clear indicator that you should look into upgrading your business website to be more mobile-friendly. Most cart abandonments happen on mobile phones.
It’s worth looking into making your site more mobile-friendly. If we go according to projections – the number of people using phones for online shopping is on the increase. So, looking into that would be ideal.
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Shopify has reported that 61% of their customers abandon their carts if there are no trust logos present. A trust seal is essentially a logo on your site, proving that there is a data security measure in place.
It also means that your site is legitimate, and that data is collected by a third-party trust seal company. These seals are generally associated with a secure sockets layer (SSL). So, it’s worth looking into as consumers are wary of their data being stolen or misused.
It’s not all doom and gloom. Consumers abandoning their carts doesn’t necessarily mean that they definitely won’t purchase. Some customers might want to have a think about it before committing.
You can always remind them of what they are missing out by sending out an email to your customer.
Payment giant PayPal is often used as a secure way of buying online. It links directly to the buyer’s credit card and is a fast and deemed a secure way of purchasing goods. (statistics)
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This method is one of the more popular ones as almost everyone has a credit card in the United States. Furthermore, it is widely accepted globally.
The higher rate of mobile shopping comes to no surprise as it is incredibly convenient. More and more commerce sites have apps developed specifically for the purpose. You should always look into having your online business be mobile friendly.
Specially designed apps mean you have the option to include coupons and other bespoke marketing tools. Not every single person who downloads the app turns out to be a returning customer. But you don’t need to worry – because 50% of those who have an e-commerce app are returning customers.
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Cart abandonment via mobile phone e-commerce is the highest of all categories. However, one way to get your conversion rate higher is via an app. As stated in No. 16 – 50% of those who downloaded an app for your store would be returning customers.
Really and truly, there are better conversion rates with an app. It can be due to enhanced customer experience. Perhaps it could also be due to brand loyalty. Those who have the app downloaded would be the customers who are invested in your brand.
Okay, let’s emphasize the app aspect even further. People spend loads of their time on apps. Having an app increases customer experience and also your conversion rates.
That number drastically increases the longer it takes for a site to load. If the site takes up to 5 seconds, then it increases to a 90% bounce rate. It always helps to keep your website clean, simple, and fast to load.
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It is a massive increase from $50.2 billion that was seen back in 2014. This huge increase can definitely be attributed to further advancement in mobile technology. So, this is certainly one more reason to go mobile-friendly with your business.
As e-commerce evolves, so should your business and the tools it uses to make the customer experience smoother. A mobile-friendly interface is definitely the way to go when it comes to the future of technology.
Spontaneous purchases are a great thing, especially if you’re on the go. It is more likely done via your mobile device. Millennials seem to like this idea, and they are more likely to use their mobiles for online purchases.
Traditional brick and mortar stores remain more popular with older generations. However, millennials also still occasionally prefer going to those rather than shopping online.
In fact, business owners are trying to bridge the divide between the two. Online shops try to make the experience more personal. Whilst traditional stores are trying to establish an online presence.
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It comes to no surprise, as Indonesia and India are experiencing immense digital development.
Shoppers have a look at other people’s experiences with products, which is why it is crucial for them to have a look and see what others have said. In fact, only 1% of consumers seem to think reviews are unimportant.
Not to mention the fact that 78% of those individuals are likely to leave reviews online themselves. They do this to share their experience with the product and overall experience.
It would essentially come to almost about $5,000 of their yearly income on e-commerce, while lower-income earners would generally spend about 3.4% of their annual income on online retail.
Image Source: https://www.pewresearch.org/internet/2016/12/19/online-shopping-and-e-commerce/
It is a significant increase from the numbers back in 2002. You would be hard and fast to find people who would prefer to shop online. With the number back then reaching more or less 22% rather than the vast majority of today’s retail market.
It comes to shows that people have become less apprehensive when it comes to online shopping. The fears about that have most certainly subsided in recent years.
For consumers, trust is everything. Having the option of safe transactions and a money-back guarantee increases that trust. Especially if that item is not as described or if the sizing is wrong. It definitely improves the customer’s shopping experience.
Social media has become the keyway in which businesses and consumers interact. From influencers marketing your product to customer service. There are now numerous social media outlets out there that connect consumers and sellers directly.
Organic marketing via social media means you can get your product out there to more people at a lower price. So, it’s always worth looking into that if you are a small business owner.
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There’s a reason why small businesses rely on social media. Social media presence and interaction can add an element of personality. Shareable content is one way of getting your brand out there.
The more accessible you are online as a brand and retailer, the easier it is to convert those sales. Ultimately, getting your name out there can definitely boost your sales.
The beauty of e-commerce is that you can try out new things from across the globe. From monthly snack boxes from different continents to cosmetics, you would never have dreamed of even getting.
A physical store is no longer a necessity. You can set something up online and start selling from there.
WE all know that Black Friday is extremely hectic. Which is why people have been turning to the internet to get the deals they want without venturing outside.
It means that sales at regular shops have also dropped by 6%. Showing that people have now been reaching to the internet for the sake of convenience and to avoid the crush of people.
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Cyber Monday occurs on the Monday after Thanksgiving sale. This marketing strategy was created by companies to encourage people to shop online.
The focus on online shopping has caused a counter-marketing strategy, which is Small Business Saturday. Small business Saturday has seen an 18% increase in sales between 2018 and 2019.
Having multiple contact channels is a great marketing and communication strategy. Using Facebook, Instagram, having your own website, Twitter, and other social media tools.
Businesses can maintain constant communication with their customers. In turn, consumers can have a more personalized experience.
61% of consumers tend to buy things like books, films, and music online. It is easier to do so as individuals can enjoy things that were otherwise unavailable to them.
Purchasing music online has absolutely changed the game when it comes to entertainment. Also, buying eBooks and reading them on your eReader is a much more environmentally friendly way of enjoying your read.
Ecommerce sites have revolutionized the way in which we consume entertainment goods. It’s easier to buy music and things like that online rather than going to in-store. Also, everything can easily be connected and shared between your devices.
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It is definitely one of the fastest-growing aspects of e-commerce. Mostly because people have less time to make food from scratch, so they look at online food delivery services.
If you work full time sometimes, it’s just easier to get takeout rather than going out to the shop, buying ingredients, and then prepping everything.
According to Statistics, the biggest winner is the female fashion category, with over 70% of female shoppers buying fashion items. It is still
Both men and women seem to shop online at a similar frequency. However, men tend to buy higher ticket items than women. Men tend to spend $220 per transaction, while women tend to spend approximately $151 per transaction.
The U.S. is not the only hub for e-commerce, but Europeans do their fair share of shopping online. Over 85% of Danish, British, and Swiss consumers have shopped online in the last year.
It is always important to be aware of current trends in eCommerce to be able to apply them to your own business. Be it upgrading your site or implementing free delivery options.
What are your experiences as a retailer? Or as a customer? Share your experiences in the comments. Don’t forget to like and share this to anyone who is looking to expand their business online.
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