Over the past 5 years, eCommerce has been experiencing tremendous growth. And as social distancing measures are being put in place to reduce the spread of COVID-19, more consumers are now adapting to shopping online other than visiting a physical store. If you’ve never thought of selling online, now should be the right time. However, before getting started, it is important to know several eCommerce statistics to help your business grow. Fortunately, we have written a comprehensive guide on the Future of Ecommerce 2021 as well as eCommerce trends. This also contains tips on how online sellers should react to the trend and future of eCommerce.
The deadly coronavirus, which brought to halt to businesses worldwide, has greatly disrupted consumer spending habits. Indeed, the world may not be the same again but eCommerce businesses are trailing in a positive path. Why? Buyers are becoming increasingly digitally oriented. More and more people are turning to the internet to shop for whatsoever they need. eCommerce is showing no sign of retarding and that’s not all, the future influence by eCommerce will be greater than it has ever been.
eCommerce website statistics reveal how consumer buying habits have changed for several years. For instance, people now prefer to shop at home, from the bathroom, or at the office, or in the car. Convenience is the keyword and that is exactly what eCommerce businesses offer. The propensity for a consumer to get what he/she wants at their convenience. Online eCommerce statistics is such an essential tool for an online retailer that cannot be ignored. It helps you learn consumer behavior and increases the rate of success for any online business. Learn from the following eCommerce online statistics in 2021.
12 Essential Ecommerce Website Statistics In 2021 You Should Know
Global eCommerce Statistics
1. 93.5% of global internet users have purchased at least one product online. (OptinMonster)
2. It is estimated that 95% of all purchases will be via eCommerce by the year 2040. (Nasdaq)
Shopping Cart eCommerce Statistics
3. Clothing (40%) has the highest abandonment rate, followed by tech (18%), and then lastly, home products (16%). (OptinMonster)
4. Mobile (78%) has the worst cart abandonment rate of all devices, followed by tablets (70%), and lastly, laptops/desktops (67%). (OptinMonster)
Social Media eCommerce Statistics
5. Posts with images get 53% more Likes, 84% higher CTR (click-through rates), and 104% more comments. (Neil Patel)
6. Instagram eCommerce statistics ($65.00) has the average order value for customers referred followed by Facebook eCommerce statistics ($55), Twitter eCommerce statistics ($46), and lastly, YouTube eCommerce statistics ($38). (Shopify)
7. About 4.55 posts per week are posted on average from eCommerce site. (BigCommerce)
Email eCommerce Statistics
8. 60% of consumers attested that they have made a purchase based on an email marketing message they received. (OptinMonster)
9. 20% of traffic driving eCommerce sales is contributed by email marketing. (Wolfgang Digital)
10. Abandoned cart emails have an average open rate of 45%. (Moosend)
Mobile eCommerce Statistics
11. In 2018, both Black Friday and Cyber Monday recorded more than $2 billion in sales from Mobile Commerce (mCommerce), breaking previous records. (Practical eCommerce)
12. 73% of consumers will switch from a slow or poorly designed mobile site to one that eases the buying process. (Google)
The Future Of Ecommerce 2021 And What Retailers Can Learn From Ecommerce Trends
1. Ecommerce purchases are accelerating and this will be a lasting change
Based on the above online eCommerce return rate statistics, it is obvious that eCommerce purchases are accelerating each day. This shift is indicative of the fact that eCommerce is here to stay. While buyers enjoy the convenience of shopping at home/office/bedroom or anywhere else, sellers are money providing quality products via dropshipping or eCommerce. Now that there are restrictions everywhere, it becomes increasingly difficult for buyers to step out of their comfort zone to shop in a brick and mortar store.
A statistic by YMNTS reveals that over 52% of the consumers who switched from physical stores to eCommerce vow to never return to their old shopping habits even if restrictions are lifted. This huge opportunity has seen many businesses migrate from local stores to eCommerce. In years to come, any retailer or business that does not have an eCommerce store or office online could lose a large percentage of the market share.
2. The rise of chatbots
We live in a digital world that is controlled by several digital elements. Chatbots are gaining popularity these days as they are faster and can work round the clock – something which humans cannot provide. Although it comes with a few challenges for instance lack of emotion when relating to customers, however, chatbots are the preferred support channel. Over 60% of customers say that they prefer such a digital self-serve tool. Chatbots have the potential to increase customer satisfaction, reducing the average time taken to respond to call, messages, and chat. Customers don’t have the luxury to wait for 16 minutes before they are being attended to. Experts predict that 80% of businesses will be using chatbots by 2020. Therefore, any online retailer that does not have chatbots installed on their website could lose a large chunk of customers faster in 2021.
3. Emerging markets will play a huge role
While China, the USA, United Kingdom, Japan, Germany, France, South Korea, and Canada are listed among the top nine the largest market for eCommerce, emerging markets like Russia, Brazil, India, and South Africa are projected to play an integral role in the future of eCommerce. By 2022, a potential 3 billion buyers from emerging markets will have access to the internet. That is a lot of potential sales. This means there is plenty of opportunities available for new businesses to spring up and for existing offline businesses to establish their brands online. The emergence of new markets creates an opportunity for online retailers to harness untapped resources.
4. Voice assistants & voice search or Voice commerce
Already, voice search is responsible for 20% of Google searches on mobile devices. And by 2020, it is predicted that 50% of all searches will be through voice searches. Also, around 60% of people who own a virtual assistant have used voice searches to make a purchase. No doubt, voice searches are rapidly increasing and as more voice technologies are being designed, it is predicted that voice commerce sales could reach $40 billion in 2022. Online retailers can increase revenue by 30% in 2022 by redesigning their stores to support voice search capability.
5. The physical VS digital store debate
The old method of shopping (going to a physical shop) is gradually fading away, paving way for the future – online or digital store. In the United States, around 51% of consumers make purchases via online stores. However, only 36% of Americans spend their budget online and 64% in physical stores. While more sales are recorded from online shopping that doesn’t mean that brick-and-mortar stores are valueless. Take for instance, at Puma physical stores, you can pick up any product, customize it, and try it out. These experiences cannot be achieved in eCommerce stores. This enables customers to have a first-hand feel of the product before deciding to purchase. For now, these are experiences that cannot be replaced in online stores although AR and VR may prove to be a priced solution.
6. The e-commerce experience will be more personalized
Facebook is the closest social media platform that gives users a taste of personalization. Having gathered data from users, they predict and calculate user experience based on searching history, geography, behavior, etc. and send them customized ads that will directly address their needs. In the coming years, eCommerce will use smarter technology to provide an experience based on every individual need. Just as a salesperson welcomes you and can predict what you want, in the same manner, technology will be used to improve search functions and personalize experiences for each customer.
7. Shipping and order fulfillment
As consumers continue to make purchases online, their expectation increases too. Gone are the days when a customer will have to wait for weeks before getting what they ordered for, especially when it is a gift item. Now what most suppliers do is to create shipping and fulfillment centers globally. For example, Amazon will fulfill orders in the shortest period possible because they have local warehouses in centralized locations throughout the world. The same could be said for the SaleYee platform too. This way, the products are positioned closer to the consumers for faster delivery. Another interesting thing is that shipping and fulfillment centers will become more automated. They will have access to real-time data that will encourage faster business shipping in multiple locations across a country.
How Online Sellers Should React To The Trend And Future Of The Ecommerce
1. Improve customer experience
If you want to stay on top of your eCommerce game in 2021, then you need to improve the customer’s experience. Annually, companies in the United States lose an average of $62 billion due to poor customer service. From the moment a customer visits your store for the first time, down to the stage where he/she places an order and receives the delivery, you must offer impeccable customer service. You’ll be shocked that 64% of customers value customer experience more than price. By 2020, price and product will be less important than the quality of customer experience provided by a company. Improved customer service can increase your company’s annual revenue by 82.3% over 3 years.
You should also bear in mind that good customer service is making everything as stress-free as possible for your customers, including the website layout, page load speed, payment procedure, etc. Over 74% of shoppers are likely to look elsewhere if they find the purchasing process too complicated and 60% of customers will leave your store if they can’t find what they seek for or what interests them at glance. Struggling with downtime won’t do your store any good – change hosting provider if you must. A minimum of 3 seconds delay in page load speed could cost your business about 57% of customers. More detrimental, bad links within the check-out stage is the reason 70% of shopping carts are abandoned. Ensure to work on your website’s User Experience if you want to retain existing customers and attract new ones.
2. Feature interactive products
In a 2018 survey, around 51% of customers stated that the biggest disadvantage of eCommerce is the fact that they cannot try out, touch, and feel a product like in a brick-and-mortar store. This is a major drawback in eCommerce but thanks to Augmented Reality (AR) and Virtual Reality (VR) technologies, this can be a thing of the past. With AR and VR technologies, you can showcase your products in natural environments, thereby creating immersive shopping experiences. This way, consumers can interact and engage with products before they buy them, helping them to make great decisions as though they are in a physical store. Interactive products via AR or VR are slowly being adapted within eCommerce brands. Why not consider implementing this eCommerce trend now that it’s not yet rampant? You can distinguish your brand with that and attract more customers, you know?
3. Reducing shopping cart abandonment
Each year, abandoned cart contributes to around $18 billion loss in revenue. From 59.8% in 2006 to 69.23% in 2017, the figures are escalating every year. Many consumers abandon their carts either due to shipping costs or because they are window shopping. To counter this problem, you should send abandoned shopping cart emails. Adobe found that 71% of mobile purchases are influenced by emails from the merchant. According to SaleCycle, 28.3% of eCommerce revenue comes from abandoned cart emails.
Bonus Tips: Dropshipping Will Gain More Popularity In The Coming Years
While implementing these eCommerce statistics 2021, dropshipping requires no inventory and no warehouses. The dropshipping business model is an aspect of eCommerce that allows a retailer to sell products online without stocking an inventory or renting a warehouse. It is a lucrative business that is easy to startup and maintain. The major challenge in dropshipping is finding the right products and the right suppliers. There are many suppliers on the internet but I’ve discovered that not all of them do what they promise. It is quite different for the SaleYee platform. SaleYee.com is a leading wholesale supplier in China. They make dropshipping easier for retailers by providing:
· 30,000+ profitable SKUs
· 630,000+ sq.m. local warehouses
· Around 48-hours delivery to any location
· Outstanding 24/7 customer support
· Free membership and huge discounts for retailers
· Up to a 3-month after-sales period
Conclusion
Whether you own a brick-and-mortar store or you run an online store, the future of ecommerce 2030 is going to excite both buyers and sellers. Strong estimated growth in eCommerce creates massive opportunities for your brick-and-mortar business to expand. With this guide, you can fine-tune your store in a way that will adapt to the evolving purchasing behaviors in the world in a way that will cater to both mobile users and PC users.