The days of having to rush out before the shops close for a last-minute gift or take time out of your precious weekend to go to the shops are far behind us thanks to the brilliant world of eCommerce. Now, consumers can pull their phones out of their pockets and make a purchase in just a few clicks.
Ecommerce, just like other forms of retail, is a complex battlefield in 2022 as brands fight for the lower consumer spend that is available. If you search to find out about the topic online, you will find a whole host of articles which give you lots of conflicting information, so we have pulled together the top statistics which truly matter in 2022.
Top eCommerce revenue statistics
Comprised of online retail businesses, this is supported by a path of steady growth since 2014 across the world. Thanks to the long-lasting effects of the pandemic, whilst spend may be split differently from how it was before 2020, people are still shopping online.
From clothing to food and drink, this statistic proves that consumers want to have the flexibility to make online purchases in any sector. This demonstrates that now is the best time for businesses to invest in their online presence as whilst there will be an improved flow of traffic, the competition will also be rising. Are you prepared for a shift to online trading?
This could be the case as China is the largest exporter in the world, with consumers from all countries looking to the mighty retail giant as a supply and innovation source. The second largest market belongs to the US which is also known for its giant corporations and big online brands which are shipped worldwide.
At a time when people either did not want to or were not allowed to leave their homes, online shopping came into its own. From sending loved ones gifts when they could not be visited to doing online grocery shopping to eliminate the need to go into a busy store, online retailing became a necessity for the masses.
In the UK, it would seem we have maintained the trend for online shopping, as 26% of all retail sales in May 2022 were made up of online purchases. The trend in the UK also shows that online sales have maintained their prevalence even after seasonal events as can be seen in the diagram below which highlights the activities after Christmas 2021.
Whether you still shop online due to convenience or out of wanting to avoid the creeping COVID cases, it is evident that the pandemic has changed the buying habits of most consumers.
It is reported that the main reasons for this are the wider availability of the internet and digital devices for many along with a worldwide, per capita increase in income. This is also combined with the fact that the B2C online market is set to continue expanding at an exponential rate over the coming years.
The fastest growing market belongs to Germany which has the world’s fifth largest online market with a revenue of $109.1 billion in 2021. This was a 15% increase in the previous year and is said to be largely down to the growth of Amazon.de and the wide range of technology companies that are based in the country.
With more than 2.5 billion consumers having access to a Visa card, it is no surprise that this is one of the main forms of payment online. This is also an important point to consider as safety online is more important than to consumers, so they are more likely to proceed with a purchase on a website which offers recognised payment methods.
Top online shopping statistics
8. Consumers are likely to spend most time shopping for groceries online with an average of 31 pages selected during an active session.
This was closely followed by fashion with 26 pages and health & beauty with 25 pages averaged per visit. Landing page credibility is something that is integral to the success of onward click-throughs, with the standard conversion rate only being 9.7% across all industries.
There are around five billion people in the world that have access to the internet which equates to 63% of the entire population. This still provides a large percentage of people that are not taking part in online shopping which may be down to age, location, or lack of budget to do so. With the number of online users set to grow by 3.5% annually, the word of online trading is not set to slow down anytime soon.
The below chart shows this has been a steady increase, with the largest amount of traffic witnessed during the height of the pandemic in November 2020.
This is compared to just 11% before the pandemic in 2020. France has seen the least amount of change in terms of its online shopping habits since 2020, with only an 8% increase in consumers confirming that they prefer to check out online versus visiting a physical store.
The rise of online shopping has also seen many social media platforms develop one-click shopping methods which emulate the easy checkouts promoted by some of the largest online retailers in the world.
One of the latest social platforms to harness the power of mobile consumer spending is TikTok which has, in the last year, launched its shop feature which allows users to instantly buy products being promoted in a video.
Mobile shopping also represents the need for websites to be developed further to be suitable for forms of shopping other than desktop which many of them have previously been optimised for. 51% of consumers also prefer using mobile apps which represents another marketing asset that all businesses should consider if they want to thrive in the competitive world of eCommerce.
This form of eCommerce is an important aspect to consider as when we talk about it as a way of shopping, we don’t just mean traditional websites. If a brand wants to grab attention, they have around eight seconds to do so. In this exchange, consumers will want to know what a brand is about, what deal they have for them, and how they can make a purchase if they so wish.
By ensuring that eCommerce is available via both traditional websites and social media platforms, you have all bases covered.
Whether it’s Christmas sales or Cyber Monday spending, the world of eCommerce has its own retail calendar which equals big spending. These trends also often mean that consumers wait for certain dates before making purchases as they expect to receive discounts and special offers.
This statistic is important as it highlights the need for companies of all sizes to have economic strategies for harnessing consumer spending power during busy times.
15. The main marketing method that makes consumers want to shop online is free shipping which appeals to 50.4% of consumers.
The perception is that online shopping is a matter of convenience, and with that brings additional benefits such as saving money or getting better deals that would not have been obtained in physical retail stores.
One of the most interesting statistics in the below table to consider is that 32.1% of consumers are swayed to an online shop that’s been reviewed by other customers. This proves that businesses can target people who were not necessarily going to come across their page organically thanks to word-of-mouth marketing.
16. The top industry that is like to suffer from shopping cart abandonment is the travel sector, with 98% of people skipping purchases for cruise and ferry trip purchases.
The highest items on this list most likely represent the fact that consumers do also carry out price research online to find the best deals when it comes to making significant purchases.
Of the main forms of traditional eCommerce, fashion sits highest with an abandoned cart rate of 87.8%. This piece of information made it to our list as it shows what other forms of marketing need to be included within strategies to stand out online which include email automation and conversion tracking.
Top eCommerce business statistics
The second quarter profits show that this equated to around $121 billion of revenue which is $8 billion more than the previous year’s performance. The list is mostly comprised of multi-seller platforms which shows us that people want to be able to source multiple products from one place.
Other brands such as Etsy and eBay which are also included highlight the exposure that small businesses also have when attached to large selling platforms.
The top stores that contribute to this are Amazon, eBay and ASOS which are known as big global hitters. The UK is also home to a range of unique brands which shop worldwide thanks to our well-established supply and distribution relationships with many other countries.
Thanks to the likes of Klarna and PayPal, many consumers now prefer to buy now and pay later when making online purchases due to the added flexibility that it provides. Allowing consumers to spread costs and make the most out of ‘trying before buying’, the online success has even seen retail stores on the Highstreet adopting the popular payment method.
Just like logging on to a computer game or watching a video online, eCommerce offers a form of entertainment for people. That is why marketing is so important as a call to action should be available on every page to grab the attention of consumers who do not intend on making a purchase.
The introduction of one-click checkouts and remembered card details means that eCommerce retailers can capitalise on ‘bored customers’ by enticing them to part with their cash.
Our tip is that you should always look at how you are adding value to a consumer with every page on your website. Even if someone is looking to pass the time, they are still an active customer opportunity!
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Could your business do with some help tacking the world of eCommerce?
From website development to SEO services, at Creative Marketing Ltd we are experts in all things eCommerce. To keep up with trends and beat your competitors, your eCommerce strategy should be a constantly diversifying part of your business plan.
If you would like to find out how we can create a stellar eCommerce strategy right through from planning to execution, do get in touch with us today. You can book a free consultation by scheduling a call with Creative Marketing (NW) Ltd on 01706 495091 or contact us here.