With time, eCommerce sales are growing as more and more people are shopping online. Discover the latest eCommerce statistics to optimize your business strategy for upcoming trends and stay ahead of the game.
Marketers and entrepreneurs need online shoppers’ statistics to create business strategies and evaluate their efforts. The below eCommerce growth statistics represent the true picture of the online economy and how it’s changing over time.
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Ecommerce Statistics Worldwide
According to Statista, e-commerce global retail sales are around 8.1 trillion USD right now. Brazil has the highest CAGR for retail eCommerce whereas worldwide sales are expected to grow further by 24%. In 2023, B2B (business-to-business) eCommerce websites will grow in number and about 17% of B2B sales will be done online.
The eCommerce statistics worldwide show there are 12– 24 million online commerce stores. The majority of these eCommerce websites are B2C (business to customers). Amazon was the most visited online platform worldwide in 2022 with over 5.6 billion direct visits.
Amazon has a market cap of 1,081 billion USD but it’s not the highest-selling online retailer. Instead, the marketing leaders are two Chinese online shopping platforms Taobao and Tmall. Taobao has the biggest gross merchandise value (GMV) of $711 billion. What’s interesting is that both platforms are managed and run by the Alibaba Group.
Worldwide Ecommerce Segmentation
Online shoppers' statistics show that the fashion e-commerce market has a value of 775bn USD. The consumer electronics e-commerce market contributes 376bn USD whereas toys, hobby & DIY e-commerce revenue is around 600bn USD.
Global Ecommerce Shopping Behavior
As per eCommerce growth statistics, mobile online retail traffic has a 73% share of the market. An average online buyer typically spends 2.39 USD per visit whereas the mobile wallet is the most popular online retail payment method. Overall mobile wallets or digital payments have a 49% share in total e-commerce transaction value.
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Ecommerce Market Size by Country
Another Statista research reveals the e-commerce market size by country. China is again leading the online market with an expected sales share of $1.54 trillion. It’s the only country that has crossed the $1 trillion mark while showing a promising future.
The United States (US) is in second place with expected sales of $875 billion in 2022. The next country that is prominent on the list is Japan, having a predicted eCommerce revenue of $241 billion. Germany and the United Kingdom (UK), the two European countries, are in the fourth and fifth positions. Both these countries have generated $148 billion and $143 billion in eCommerce revenue respectively.
What’s astonishing in terms of numbers is the online retail growth of China. The country has more share in the eCommerce statistics than the rest of the top five countries combined.
South Korea has generated an eCommerce revenue of $118 billion and thus takes sixth place. In seventh place is India with retail sales of $97 billion. The remaining three countries in the top 10 countries are France, Indonesia, and Canada having generated $96 billion, $59 billion, and $59 billion in sales respectively.
The below chart will give you a good idea of the eCommerce market size by country.
It’s noticeable that half of these countries on this list are Asian. Obviously, this is not a big surprise as Asia is a continent with a big population. The data also reveals that the region is a big market and has huge potential for eCommerce.
However, when it comes to percentage growth in online retailing, the Philippines tops the chart. Both Philippines and India have shown 26% eCommerce growth in statistics. Indonesia is in third place with a 23% growth. Only three countries i.e. India, Indonesia, and the US have made it to the top 10 from the above list.
Brazil is number four with a 22% growth change in 2022. Vietnam and Argentina have shown 19% whereas Malaysia, Thailand, and Mexico are below 18% eCommerce growth. The last on the list, at number 10 is the US with a 16% growth in eCommerce retail.
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Online Shoppers Market Share by Channel
The three biggest channels that have major online shoppers' market share are mobile, social media, and email. Let’s take a look at online shoppers’ statistics for these channels.
Mobile eCommerce Statistics
Mobile eCommerce is more than 70% of the total online sales. This shows why you should optimize your website and convert it into a mobile-friendly online store.
About 63% of total sales during Black Friday and Cyber Monday were done through smartphone users. This is a 10% increase compared to the previous year’s sales season. Whereas 73.4% of total traffic during the sales came from smartphones. This isn’t a surprise considering the fact that 82% of US customers use smartphones to shop online.
According to KPMG, one of the big four accounting organizations, 65% of consumers do price comparisons even when they are shopping in-store. Online shoppers’ statistics reveal that 93% of millennials use smartphones to compare online deals. What’s intriguing is that about 32% of customers tend to revert their buying decisions. They do so after exploring product information on smartphones while standing within the physical store.
The data shows that conversion rates are 3x higher when customers visit online stores through mobile apps. According to Invesp, 53% of mobile phone users use company-specific apps to shop online. However, a good design and a better user experience is the key to higher conversion rates.
Google research shows that 75% of visitors prefer mobile-friendly sites whereas 73% of customers would likely leave a poorly designed mobile site. Furthermore, retailers may see a 62% decrease in repeat customers due to a negative user experience. The bounce rate also increases on mobile sites that show a 1-3 seconds delay in loading time.
Social Media eCommerce Stats
Including social media in the marketing strategy can help online retailers boost their sales. Social media channels not only help eCommerce brands keep their audience engaged but also increase their market reach.
According to Adobe, 40% of customers decide to buy and trust brands after reading comments on social media. About 25% of online buyers in the US prefer consulting social media before purchasing a gift as per channel research. But the global facts are more astonishing as 74% of buyers trust social networks when it comes to making a buying decision. (Kinsta)
The statistics also show that there is a learning lesson for today’s marketers. The data reveals information on how businesses can engage and lure their target audience to their eCommerce websites.
Consumers are more attracted to visuals now and social media posts with less than 80 characters are getting 66% more engagement. Posts with eye-catching visuals usually have an 84% higher CTA (click-through rate). They get 104% more comments and 53% more likes than regular posts. (Neil Patel)
- 65% of marketers on LinkedIn are now creating or sharing video content. (DreamGrow)
- 85% of total social media orders are coming from Facebook. (Shopify)
- An average online store publishes 4.55 posts weekly on its Facebook page. (BigCommerce)
- The average order value from Facebook is $55 followed by Twitter ($46) and YouTube ($38). Instagram is leading the chart with an average order value of $65.00. (Shopify)
- The average CTA rate on Instagram is also higher as 75% of users take action after viewing an Instagram post. (Locowise)
- Average sales are 32% higher in stores with a strong presence on social media. (BigCommerce)
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Key Ecommerce Growth Statistics for 2023
The growth statistics of the eCommerce industry are not mere numbers, they represent the trends. By looking at these stats, you can easily formulate a well-thought growth strategy for your online store in 2023. The below statistics will help you get a better idea of the digital world.
1. Ecommerce sales will account for 20.8% of retail sales in 2023
It’s now a globally accepted fact that the digital world is slowly taking over the physical retail industry. The eCommerce industry has become an important and prominent part of the global economy. It’ll be 20.8% of retail sales in 2023 and by 2026, it’s going to take 24% of the global business.
2. Consumers love free delivery from online businesses
There are several reasons behind online purchasing but free delivery is on top. People don’t want to spend more or wait for a delivery order. Since eCommerce is all about convenience, it's one aspect that you can always improve.
Free delivery, discount offers, positive reviews, and a good return policy are the key to success. So pay attention to how your eCommerce business is operating and try offering more convenience to consumers.
3. More than 218.8 million consumers in the US will shop online
Yes, you read it right and that’s a huge number for any marketer. The United States is the second largest eCommerce market and about 65% of its total population will be shopping online in 2023. You can engage these potential customers online from anywhere around the globe.
4. About 81% of customers go online before visiting physical stores
The digital world provides consumers with the freedom to explore more about products. Even if they don’t want to buy online, they visit eCommerce stores for information. About 81% of people prefer gathering information online before visiting the nearby retail store. An average person takes 79 days to read the product information and customers’ reviews, and compare prices beforehand.
So if you are an eCommerce business, provide accurate and detailed information on your website. Your goal should be to clear and offer as much information as possible for your target customers.
5. Nearly 28% of buyers in US use smartphones while visiting physical stores
This tells the story of how much value people give to eCommerce stores. You can support and boost sales of your physical store by setting up your online store. This is an attribute that is present across the globe as people want to be sure before making a purchase.
The data reveals that customers not only compare prices online but also want to read more about the products. They want to read product information and customer reviews and also search for discounts and coupon codes.
You can grow your retail sales by getting products to appear online. A good way is to add your merchandise in Google Shopping’s search results.
6. About 37% of American small businesses do not have websites
The US is one of the biggest eCommerce markets but its small businesses industry is lagging behind. It’s astonishing yet true that more than one-third of them don’t have a website yet. This shows the huge possibility of growth for both new and existing online entrepreneurs.
With a clear, well-thought eCommerce strategy, one can easily capitalize on this. With a great quick commerce management system, you can easily establish your business online.
7. Influencer recommendations are becoming the key factors in eCommerce
We are now well aware of the role social media plays when it comes to online purchasing. And one key element that is helping eCommerce flourish on these channels is influencer marketing.
A HubSpot consumer survey reveals that 30% of consumers that buy online follow influencer recommendations. This is a huge decision-making factor considering the fact that 27% of buyers look up to friends or family for recommendations. This shows how much people trust niche influencers and value their expert opinions.
8. People usually stop doing business after only two poor customer experiences
In the online world, trust is hard to build and it takes to get brand recognition. On the other hand, rarely give a third chance to online businesses. The research shows that 76% of consumers hesitate to buy from an eCommerce store after having two bad experiences.
9. Customer service is the key in the eCommerce arena
At the heart of any business is customer service which is also the key to eCommerce success. It can not only make or break your business but also has the ability to boost sales. When it comes to making a purchase, about 83% of people consider their interaction with customer service. This only strengthens the argument that good customer service is vital for your business's success.
10. A strong conversion rate is crucial for your eCommerce store
The ratio of turning visitors into customers is comparatively lower online as compared to physical stores. For eCommerce sites, the average conversion rate varies from industry to industry but it rarely crosses 2.5%. That’s because people take time while making decisions and then there are so many other websites as well.
The average conversion rate in eCommerce is only 1.62%. But a small improvement in this number can greatly impact your retail sales. You can increase it by incorporating a strong order management system.
11. Nearly 80% of customers abandon their carts
Another reason for the low online conversion rate is cart abandonment. Offering a smooth buyer journey on your eCommerce store is vital as nearly 80% of buyers leave at the checkout stage. Slow website speed and complicated checkout process are a few main reasons behind it. These are the factors that retail businesses must look into to decrease their car abandonment issue.
12. Adding extra charges can lower your conversions
Online stores tend to add additional costs at the time of checkout. Businesses do this to show lower prices and increase conversions but customers hate this practice. Today’s consumers want transparency and don’t want to pay more than what you’ve promised them. That’s why one of the main reasons behind cart abandonment is additional charges.
So if you are decreasing product prices only to charge a higher shipping fee, don’t do it. Also, it’s good to show your shipping fees and policy to the customers.
13. Send follow-up emails to re-engage your visitors
With a strong follow-up email strategy, eCommerce stores can influence visitors to complete their orders. Market research shows that about 45% of consumers tend to open emails sent by recently visited online stores. What’s more intriguing is that 50% of these generate clicks and half of those who click make a purchase.
So, if you send follow-up emails to 100 visitors, 45 will open your email. More than 22 people will click to revisit the store and about 11 persons will buy something. That will give you an 11% conversion rate which is way higher.
14. Global B2C eCommerce sales will reach $3.5 trillion by 2024
B2C eCommerce is going through a boom and the market will continue to grow. In 2018, the market share was estimated at $1.1 trillion which is now expected to be $3.5 trillion by 2024. The market research shows that by 2024 global sales of peer-to-peer companies like Etsy and eBay will reach $240.8 billion.
15. About 52% of eCommerce businesses follow the omnichannel approach
Most online businesses rely on more than one channel to reach and engage customers. They are not solely relying on a website and are establishing their businesses in other markets as well. This includes social media platforms like Facebook shop, Instagram, and Snapchat as well as marketplaces like Shopify and Amazon.
To grow on multiple channels, the eCommerce world is following the omnichannel approach. It’s a futuristic strategy that involves integrating all sales channels seamlessly. This helps businesses offer a unified customer experience across all platforms while tracking individual consumer interactions.
According to Google, 52% of businesses have integrated their sales channels to strengthen their sales funnels, inventory, and customer engagement. If you haven’t given it a thought yet, a good Omnichannel inventory management system is the best way forward.
16. The majority of online buyers are young consumers
There’s no reprise here as younger people are more familiar with the digital world. Millennials are 30% of these digital buyers whereas Gen Z will be generating 40% of retail sales. Merely 14% of online US consumers are above 65 years.
What’s more astonishing is that millennials between the ages of 22 and 37 go online to buy 60% of their purchases. Younger people spend more money on online entertainment, electronic products, and fashion.
17. Mobile eCommerce will be 42.9% of online sales by 2024
In 2022, nearly 59% of global website traffic came from mobile devices. It’s been increasing gradually since 2015 and has been above 50% since 2017. So there’s no denying that a majority of online buyers are accessing websites from their smartphones.
By 2024, mobile eCommerce sales will be 42.9% of the total online sales. The market share of mobile commerce is expected to be $488 billion which in 2020 was only $284 billion. This means businesses need to optimize their websites keeping in mind smartphone users.
18. Slow mobile page load times result in poor traffic
We know that the future of eCommerce is connected with smartphones. And if you aren’t getting your businesses for it, you are already losing customers. Although the average mobile load speed time has decreased to 7 seconds, it’s still too much.
A poor website’s page load speed can increase the bounce rate. It’s one of the main reasons why the average mobile conversion rate is lower than desktop. Customers don’t like to wait for a website for long so try making your website load super-fast. If your website is facing speed issues, you should improve its structure by opting for headless commerce.
19. Fashion and grocery buyers view more than 30 pages before placing an order
Online conversion rates are often low but it also depends on what you are selling. Research by Statista shows that fashion shoppers and grocery buyers visit about 32 pages on average.
However, the number decreases and varies from industry to industry. This shows that eCommerce sites need to work on the number of pages and product information. On the other hand, B2B, Telecom, and automotive sites need to work on providing compelling guides to visitors. Businesses must offer the necessary options and information to help buyers make informed decisions.
20. Customers value in-stock availability
In addition to fast delivery, online customers value the availability of products the most. Around 43% of consumers said that these are the most considered attributes for them during online shopping.
Both new and existing eCommerce businesses can boost their sales by leveraging these two attributes. You can increase and sustain your profit margins by keeping an eye on your stock levels. With the help of an eCommerce order management system, you can ensure the availability of products across multiple channels. Above all, you can send notifications and emails to your customers whenever out-of-stock items are back on the shelves.
21. Product images improve conversions by 250%
Visuals are more appealing than words, especially when it comes to product purchasing. For any eCommerce business, it’s vital to show potential buyers how the products look in reality. In fact, adding realistic and 3D images can increase store conversions by 250%.
The key here is to have a compelling product page with high-quality product images. Try displaying products from every angle and side for a better preview.
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The Bottom Line
Over the years, eCommerce has seen significant growth, thanks to increased internet penetration and technological advancements. People, especially millennials are becoming more comfortable with buying products online. This shift in consumer behavior has increased eCommerce sales and revenue. Businesses need to consider eCommerce statistics worldwide to make a strategy for an increase in their sales and to strengthen their brand value.
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