With the global ecommerce market reaching $4.9 trillion in 2020, this industry is continuing to expand rapidly. This expansion is influenced by the need to accommodate consumer needs and wants.
And while ecommerce sales are expected to continue growing 8% annually through 2023, many brands struggle with how to keep up with consumer demands and expectations.
That’s why we’ve rounded up the best sources of ecommerce statistics for your brand. From supply chain and logistics to consumer trends and mobile shopping statistics, use this resource as a guide to better understand the ecommerce landscape and how it affects your business.
- By 2021, global retail ecommerce sales will reach $4.9 trillion. (Statista)
- Global retail ecommerce sales are expected to grow 15% in 2020 over 2019 levels. (Emarketer)
- The number of digital buyers worldwide will increase from 1.92 billion in 2019 to 2.14 billion in 2021. (Statista)
- 52% of all internet users worldwide have made an online purchase in the past year. (Global Web Index)
Ecommerce Spending and Sales Statistics
Ecommerce continues to gain ground. Though online sales still make up less than 10% of total US retail sales, ecommerce is growing faster than any other retail sales channel. In fact, we forecast it will grow 16.1% this year and continue to accelerate through 2022.
As more consumers get comfortable with buying goods and services online, they’ll spend more time making purchases on their computers and mobile devices.
Tech-savvy consumers looking for quick, seamless purchasing options will continue to lean on ecommerce throughout the next few years—and more consumers will jump on the bandwagon.
Insider Intelligence expects US retail ecommerce spending will grow 16.1%, reaching $1.06 trillion in 2022. That steady growth will be driven by Americans of all ages, but millennials in particular have been early adopters of ecommerce.
They spent an average of $2,484 online in 2018, which is about $400 more than the average US adult spent during the same period.
- Emarketer predicts a global online sales to reach 6.17 trillion in 2022.
- The ecommerce sector’s share in the US retail market increased from 13% in 2018 to 14.2% in 2019. By 2022, ecommerce is expected to make up 17.5% of total retail sales.
- The Indian ecommerce market is expected to grow to $111.4 billion by 2025, up from $46.2 billion in 2020.
Ecommerce Consumer Behavior Statistics
Consumers have increasingly turned to ecommerce since 2020. And with this shift in behavior comes a new set of challenges for brands and retailers.
As the year has progressed, however, many online retailers have managed to increase inventory. Also, to streamline shipping and delivery times, and stay competitive. This is great news for shoppers who are relying on the convenience of ecommerce now more than ever.
But it’s not just about convenience. Online shopping offers an opportunity for superior customer service through chatbots and AI-powered tools. It provides a consistent experience from any device. And the ability to personalize recommendations can even lead to better shopping decisions.
Still, there are certain challenges that come along with online shopping. For example, not being able to try on clothes in a fitting room. This is why it’s important for retailers to prioritize unique experiences that compensate for this loss of physical interaction.
Here are some statistics about ecommerce consumer behavior that can help you understand your customers’ needs better and improve your overall strategy.
One of the most shocking findings from 2020 was how much money consumers spent online. Even with large parts of the economy shut down or severely limited, ecommerce spending reached $861 billion by October 2020. This is an increase of 35% over 2019 figures.
- In 2020, 84% of consumers shopped online more than before.
- It’s not just fashion and luxury retailers, either. In May, Walmart reported a 97% increase in online sales!
- According to Linnworks’ study, 76% of consumers value convenience as one of their top priorities.
- 78% of consumers now value convenience more than they did before COVID restrictions.
- About 70% of consumers now shop while multitasking. (for example, while scrolling social media platforms).
- Simplicity of payment options drives 89% of consumers to make buying decisions quickly.
Mobile Shopping Statistics
The COVID-19 pandemic cause a significant change on ecommerce trends around the world. This is because brick-and-mortar stores are shuttering overnight.
This has resulted in shoppers flocking the to the internet to buy their goods and consumables. Experts say the pandemic accelerated the shift to online shopping by as much as five years.
Since mobile internet usage is higher than desktop internet usage, it makes sense that more people are turning to their phones to shop online.
Mobile devices are the most frequently used devices for online shopping.
- More than 60% of US digital buyers have made a purchase on a mobile device within the past year.
- And more than 90% have used a mobile device to research products or services.
- According to Shopify, mobile shopping from their merchants captured 71% of online sales via mobile over Black Friday Cyber Monday.
- An estimated 10 billion mobile-connected devices are currently in use.
- Three out of four consumers say they purchase on their mobile devices because it saves them time. (ThriveMyWay)
- More than half of shoppers say they would like online retailers to provide more product reviews and information. (ThriveMyWay)
- As many as 90% of shoppers say their experiences with mobile commerce could be better.
- Two of the biggest concerns hindering mobile shopping are links that are too small to click and security issues.(ThriveMyWay)