eCommerce Statistics to Guide You Through

Avatar

Himanshu Singh

Senior editor

Parul Saxena

Chief editor

Last updated: May 15, 2021

eCommerce is not a random whirlwind of people buying stuff online and leaving without a trace. Everything on the internet can be tracked.

You can know everything the shopper is doing – from the optimal time of engagement, likes, clicks to even referral traffic using the eCommerce software.

All of these data has resulted in a huge amount of eCommerce Statistics you can use to grow your business.

Looking for Ecommerce Software? Check out SoftwareSuggest’s list of the best eCommerce software solutions.

Here are 24 Trending eCommerce Statistics:

eCommerce is a Booming Industry

Shoppers are going online for the majority of their purchases. eCommerce will soon become as common as shopping at brick and mortar stores. With the help of online marketplace software, eCommerce has grown to a point where every business, small or large, can readily operate a website to sell their products online.

  1. In 2017, the worldwide eCommerce sales reached $2.3 trillion. This revenue is expected to grow to 4.88 trillion dollars in 2021.

(Source: Global Retail eCommerce Sales 2014-2021, Statista)

  1. The global eCommerce solutions market is expected to expand with a CAGR of 19.1% and is forecasted to reach US$ 21,392.4 Million by 2026.

(Source: Research and Markets)

  1. The U.S retail eCommerce sales for the third quarter of 2018, was $130.9 billion.

(Source: Quarterly Retail eCommerce Sales, 3rd Quarter 2018, US Department of Commerce)

  1. Millennials between 18-34 years of age spend approximately $2000 each year on online shopping.

(Source: Gen X and baby boomers present a huge opportunity for online retailers, Business Insider)

Everyone loves free shipping on their products

Shipping

  1. In 2016, 34% of the consumers said that they will purchase online only if there is an option of free shipping.

(Source: eCommerce state of shipping, Shippo)

  1. A 2018 Deloitte study says that 75% of buyers are more likely to purchase from online retailers who offer free shipping.

(Source: 2018 Holiday Retail Survey, Deloitte)

Returns policies can no longer be an afterthought

  1. Returns can aggressively attack your profit margins and conversion rates. And this is why more than one-fifth (22%) of brick and mortar retailers prefer not to sell online. They are afraid about the cost incurred in managing the delivery and return process.

(Source: Emergence of ‘serial returners’, Barclaycard)

  1. eCommerce return rates can be as high as 30% when compared to 8% for items purchased in-store. Therefore it is important that businesses craft the right return policies to maintain good customer relationships.

(Source: eCommerce Returns, Shopify)

  1. While making a purchase, online visitors give a lot of consideration to return policy. 68% of consumers review the return policy before making a purchase.

(Source: UPS Pulse of the online shopper, UPS)

Every eCommerce retailer’s nightmare – ‘Shopping cart abandonment’

shopping cart abandonment

The process of a customer leaving an eCommerce Transaction is known as Shopping Cart Abandonment. Shopping cart abandonment statistics are important as they help you identify what is wrong with your product or service.

  1. The average shopping cart abandonment rate is 75.6%.

(Source: SaleCycle eCommerce Statistics Report: 2018 Edition, SalesCycle)

  1. British customers abandon online baskets worth  30 every month resulting in  18 billion sales lost every year.

(Source: Surf and Turf’ online shopping trend, Barclaycard)

  1. 41% of shoppers abandoned their carts during the checkout process.

(Source: Surf and Turf’ online shopping trend, Barclaycard)

  1. 60% of the respondents abandoned their carts because the website asked them the information they didn’t want to share.

(Source: VWO eCommerce Cart Abandonment Report 2016, VMO)

  1. For 72% of merchants reducing the number of abandoned carts is one of the biggest challenges.

(Source: Privy)

  1. Abandoned cart emails make for a highly effective conversion optimization technique that can be used to recover lost sales. Subject lines that remind the buyer that they left something behind perform the best, with an open rate of 47.67%.

(Source: Abandoned Cart Benchmark Report, Klaviyo)

Incentives are no longer a surprise

  1. Offers, discounts, free gifts, giveaways convert passive browsers to active users. If a discount is offered, 58% of buyers will buy retargeted products.

(Source: VWO eCommerce Cart Abandonment Report 2016, VMO)

  1. Subject lines with a dollar sign, percentage, or word “free shipping” have an open rate of 38.31% and a click-through rate of 10.75%. Similarly, abandoned cart emails with a coupon code have an average open rate of 44.37% and a click-through rate of 10.85%. Today’s consumers are price obsessed, and they expect an incentive to make a final purchase.

(Source: Abandoned Cart Benchmark Report, Klaviyo)

Retargeting can turn the tables for you

  1. 26% of visitors will return to a website through Retargeting.

(Source: Invesp)

The rise of Mobile eCommerce

  1. By the end of 2018, more than 75% of eCommerce sales in China- over $1 trillion- will be completed on mobile devices.

(Source: New eMarketer Forecast Sees Mobile Driving Retail eCommerce in China, Emarketer)

  1. Mobile devices are contributing towards a greater market share of the burgeoning eCommerce market, with a prediction of M-commerce making 49% of online sales by 2020.

(Source: Online Retail Payments Forecast, Javelin)

Multiple Payment Options

The use of digital wallets and online payments is increasing in eCommerce. Paperless eCommerce payments have revolutionized the payment process for eCommerce by reducing paperwork, transaction cost, and personnel cost.

Few eCommerce statistics that can help you set up your payment gateway better are:

  1. It is expected that by 2025, purchase of goods using Visa, Mastercard, UnionPay, American Express, JCB discover, and Diners club is expected to reach $54.9 trillion.

(Source: Study Report on the Global Payment Cards Industry, Ovato)

  1. Alipay, the Chinese version of E-wallet is used by 48% of people in China.

(Source: Forbes)

  1. Online stores are offering an average of 3 payment methods at checkout which includes digital wallets as well.

(Source: eCommerce Market Statistics for 2018, 3dcart)

  1. 3d Secure – a security layer for online debit and credit cards transaction during the checkout process is implemented by 6% of global B2C online stores.

(Source: eCommerce Market Statistics for 2018, 3dcart)

There are many shopping cart software available in the market today that will enable users to accept payments in multiple methods while providing them with a safe and secure payment platform.

Bottom Line

With the eCommerce industry growing at such a tremendous pace, you don’t want your eCommerce business to be left behind.

Going into 2019, the aforementioned eCommerce statistics should be a good reminder of what your business should and should not do in order to keep pace with the ever-changing eCommerce scenario.

Develop your unique marketing, sales, and optimization strategies accordingly, and see your profits shoot up!

Avatar
Himanshu Singh is a Marketing Specialist at SoftwareSuggest, He is well versed in software platforms like eCommerce, project management, document management. He is also interested in domains like Machine Learning and Semiconductors. In his spare time, he enjoys Guitar, Badminton, and Photography.

Recent Posts

No posts found.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Captcha loading...