Retailers, buckle up! Let’s look at some impressive e-Commerce statistics and find out how e-Commerce is taking over. It’s becoming an increasingly dominant part of global commerce – which is why as a retailer you should definitely focus on this field when defining a new online marketing strategy. Firstly, we’re diving into the current e-Commerce landscape.
One of the most important things for retailers to consider is to understand how their customers buy. Which marketing channels do they engage with, what are their motivations and main drivers to make a purchase on your website? It comes down to being omnipresent to your customers. It’s decoding the what, where, when, why and how people are purchasing the products you sell on each and every channel.
Every single touchpoint is important because it puts every piece of the puzzle into a whole story. Knowing your customers’ touch points before they purchase will better inform your brand of how to promote your products and allocate your marketing budget.
Digital shopping is the future
The shift to digital persists across countries and categories as consumers in most parts of the world keep low out-of-home engagement. An increasing number of people are expected to stay home and shop online more post COVID-19 than before. Also because online shopping with real-time video and other Live Commerce solutions is in general more convenient, it buys time and you can find a bigger selection and variety of products when shopping online.
Live commerce solutions are becoming more popular
Live commerce has evolved rapidly in China, taking less than five years to develop into an innovative sales channel with an estimated penetration of 10%. This growth spurt has been intensified by the COVID-19 pandemic, and Chinese sales are expected to reach $423 billion by 2022. US and European markets are catching up fast. Customers love it, the add to cart and sales conversation rates are incomparable.
In the current e-Commerce world, video will continue to dominate the landscape. It’s so easy to show your products in real-time from your retail store through Live Broadcasting or Live Video Shopping. This way, you can engage with your customers in real-time and increase your sales through interactive shoppable live streams – that’s the future of retail.
Additional takeaways for retailers:
- e-Commerce is expanding in every direction and becoming a more integral part of the consumer experience worldwide.
- By 2023, e-Commerce will account for more than $6.5 trillion in sales, representing 22% of all global retail sales.
- Some brick-and-mortar retailers are successfully expanding into online sales, in part due to the pandemic. For the first time, Digital Commerce 360 ranked Walmart the number 2 online retailer in North America in 2020 and Target made it into the top 10.
- Free and fast shipping is the number 1 driver propelling consumers to buy more online, Walker Sands found, followed by free returns. Many consumers expect next-day or even same-day shipping. In fact, 39% said same-day shipping would make them more likely to shop online.
New studies projected that the worldwide retail e-Commerce sales reached a new high by 2021. e-Commerce businesses should anticipate a 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021. This shows a future of steady upward trend with no signs of decline.
There is so much more to learn about e-Commerce. This is why we’ve curated the following infographic of the 15 most interesting e-Commerce statistics to spark new ideas, and get you ready to win or maintain a successful retail strategy for the years to come. Download the infographic below: