Guest post by Jessie Connor
In today’s world, with major online stores like Amazon and eBay with their millions and millions of items, it can be difficult for smaller ecommerce stores to find their place under the sun. The six ecommerce statistics below will help you create a robust strategy and make your online store more successful in 2021 and beyond.
That said, these are just stats, and sometimes they can be misleading. Keep in mind that not everything that worked in the past will necessarily work in the future. That’s why we will try to interpret what some of these stats could mean for your strategy and how you can use them to guide you.
6 Ecommerce Statistics for 2021
Whatever your niche is, keeping track of the latest trends and statistics in ecommerce is vital. This is a fast-changing industry, especially during a time of massive worldwide events such as the COVID-19 pandemic.
The data and stats listed below will tell you all about the emerging trends in global ecommerce, changes in online shopping habits, ecommerce advertising, etc. Take a look!
1. In Q2 2019, Only 2.58% of Ecommerce Store Visits Resulted in Conversions
With an average conversion rate of 2.58%, ecommerce stores have lots of room for improvement. This means that, by taking a few simple steps, you can get ahead of the competition. For example, instead of using a template website like most ecommerce stores, you can hire a web design company and build a custom web store.
Converting prospects into customers is not easy. The competition will not take a back seat and watch you take over the market, but stats like this show that the average ecommerce store is not exactly a conversion machine.
Offering low prices or even great products is not going to cut it any longer. Instead, it would be best if you focused on providing a shopping experience like no other.
Besides designing a great-looking site, you can use your cookie settings to make the experience easier for returning customers. Another thing you can do is target specific demographics with your marketing campaigns.
2. Over 2.14 Billion People Are Expected to Buy Goods Online in 2021
There are almost 8 billion people in the world right now. That means that over a quarter of the world’s population is expected to buy online this year. That’s a vast pool of prospects. If you’re not already convinced that an ecommerce store can be profitable, this stat should do the job.
There’s not much to interpret when it comes to these numbers. With so many people shopping online, more online stores will likely be emerging, making the market more competitive.
It will get harder to stand out from the crowd each year, so you’ll need to be creative when it comes to promoting your products and optimizing your ecommerce business.
As we mentioned in the previous section, you should strive to personalize your marketing campaigns. Understand that you can’t market to everyone, so learn who your target buyers are and do everything in your power to attract them.
3. In 2023, Ecommerce’s Share of Total Global Retail Sales Is Expected to Reach 22%
The prediction that more than a fifth of all retail sales will be made online by 2023 can’t be taken lightly. To remain competitive in this market, you will need to continue to take care of your online store and update it regularly.
Online shopping is already more popular than ever, as the percentage of ecommerce sales compared to all retail sales was 14.1 percent in 2019, and it should reach 17.5 percent in 2021.
The increased pool of potential customers means e-tailers have more room to increase their traffic, and there’s going to be more competition when it comes to turning that traffic into conversions. User experience is likely to play a significant role in this battle.
4. There Were More than 377 Million Active PayPal Accounts Globally in Q4 2020
This marks a 23.6% growth compared to the same quarter in 2019 when active PayPal users numbered only 305 million. Although PayPal isn’t strictly an online retailer, this statistic has clear implications for the development of the ecommerce market.
PayPal users can buy products on the internet in a few simple clicks without inputting their credit or debit card details on every website individually. The simplified checkout process means users are now much more likely to complete their buyer’s journey.
This doesn’t mean, however, that credit card payments are going anywhere soon. As of 2017, 42% of online shoppers still preferred using their credit cards to make online payments. In the end, giving users multiple payment options is going to increase your chances of making conversions.
5. Smartphones Accounted for 65% of Ecommerce Store Visits Worldwide in Q1 2019
Mobile ecommerce is on the rise. Portable devices such as smartphones and tablets have become the preferred method of browsing the internet. That said, desktops are still the go-to when it comes to making orders online.
Although 65% of retail site visits are made through a mobile device, only 46% of orders are completed this way. This puts ecommerce store owners in a particularly tough spot, as the purchase path has become more complex than ever.
Your customers are likely to switch between devices and channels in a single journey, so it is becoming increasingly difficult to predict their purchase habits.
Try to optimize the user experience across various devices by allowing people to log in through Google or Facebook. This will enable you to keep any items in their cart even if they switch devices midway through.
6. Non-Stop Working Hours Are the Number One Reason People Shop Online
The ability to shop 24/7 was listed by 58% of customers as the reason they choose to shop online instead of in a brick-and-mortar store. It’s simple; the internet is always open, so consumers can purchase products any time they please.
This makes shopping more convenient than ever for most people. That said, although your ecommerce store never closes, your customer service team does need a break. One way to get around this problem is to outsource your customer service department to a different time zone, at least during out-of-office hours.
You can also prominently display your opening and closing hours on the site, showing visitors when they can expect a reply to their query.
If you’re running an online store or planning on opening one, you obviously want to stay ahead of the curve and know what consumers want. The more you know about market trends, the better you can serve your customers and market your products.
To get inside your audience’s minds, you need to understand their habits and what they look for in an online store. Most importantly, you must be willing to adapt your ecommerce website to meet those expectations and get ahead of them.
The six ecommerce statistics we’ve outlined in this post should help you understand today’s online shoppers and their habits more clearly. We’ve also interpreted each stat with our takeaway, hopefully helping you come away with effective marketing campaigns and strategies.
Jessie Connor is a passionate writer and researcher from Brisbane, contributor at several business and lifestyle blogs, hooked on yoga and healthy living. She loves to spend her free time traveling, reading and of course – shopping!