- eCommerce Stats 2023
- Increase in eCommerce Online Purchases
- Emails for Abandoned Carts Will Work
- Influencer Recommendations on Purchasing Decisions
- Many Small Business Don’t Have Websites
- Product Information Written in Native Language
- Online Shopping Made Repeat Purchases Easier
- Checkout Page Design Can Increase Conversions
- Mobile eCommerce to Generate More Sales
- Slow Loading Speed Can Harm Business
- Social Media Presence Will be Beneficial
- Consumers Prefer Live Chat Support
- Wrapping Up
The year 2023 has a lot to offer to eCommerce businesses in terms of opportunities of generating revenue over the digital landscape. With the growth of the online market, businesses need to reflect on the opportunities to find out how they can tap into this growing market with their eCommerce store and adapt to the changes in the market. Business strategies should be revised based on the forthcoming trends and statistical references to give insight into the future of the upcoming year.
A reliable data source is key to making informed decisions that can be fruitful in the long run. Considering the necessity of having reliable data for business purposes, we will present some insights and important eCommerce market statistics that you can use while developing strategies for 2023.
eCommerce Stats 2023
Online Purchases Account For 93.5% of all Internet Users Worldwide
The eCommerce marketplaces are growing daily with the internet, and people are more inclined towards the digital landscape for various reasons. Also, it is easier for businesses to cut down on expenses like infrastructural and operational costs.
They also get benefits of customer personalization, marketing to consumer segments and niche targeting audiences, and allowing companies to personalize their marketing for individual consumers. Hence, businesses need to grab the growing opportunities of generating revenue online by developing a high-converting eCommerce store.
Follow-up Emails For Abandoned Carts Have an Average Open Rate of 45%
An article by Mail Chimp presents interesting eCommerce email marketing statistics, which suggests that the average open rate is just 21.33%, which is very low compared to abandoned cart follow-up emails. Hence follow-up emails can indeed work because when shoppers add products to their cart, they have a high degree of buyer intent.
When we look at eCommerce personalization stats, personalized messages in email marketing campaigns generate 5-15% more revenue than those without personalization. So even with the personalization strategy with follow-up emails, you can fix the abandoned carts. Automate your abandonment campaign by emailing your customers with abandoned carts to inform them about the same so that you can increase your sales.
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Among Consumers, 30% Say That Influencer Recommendations Play a Key Role in Their Purchasing Decisions
In our guide about user-generated content, we discussed in detail how influencers play a vital role in influencing the purchase decisions of a user. There is a tendency to view influencers as experts in their fields. People who follow fitness influencers usually know more about fitness than their friends if they follow one. Brands can collaborate with influencers and use influencers in various ways to increase sales, so they utilize their power to increase sales.
In More Than One-Third of Cases, Many Small Businesses in the United States Don’t Have a Website
America is one of the top nations with the highest number of online eCommerce stores. But sadly, many small businesses still don’t have their eCommerce website online. With the growing opportunities of generating revenue online, businesses that don’t have an eCommerce website are losing many customers who are switching to their competitors to fulfill their needs and requirements. Therefore, businesses that don’t have a website should consider setting up an online store to stay on the digital landscape.
65% of eCommerce Customers Prefer Product Information Written in Their Native Language
As more and more people are getting online, it is becoming challenging for global businesses worldwide to cope with the language aspect. Most businesses today provide multiple language support for their customers so that they can use the feature to easily understand the information about the features and functions of products/services offered in the store.
An eCommerce site search statistics related to voice presented by Google reported that 27% of the online global population use voice search on mobile. Hence, we will also see technical upgrades supporting voice search in different languages with increased efficiency in the coming time. Therefore businesses should consider adding the necessary language support on their eCommerce website for their customers.
Repeat Purchases are Made Online in 3 out of 4 Cases
As per the above figures, one of the major benefits of having an eCommerce store is having repeat purchases. Businesses provide a great user experience and value-for-money products/services to their users and assure their customers are returning to purchase from them. Thus businesses can take advantage of having repeated customers by building a great eCommerce store.
Optimizing the Checkout Page Design Can Increase Conversions by 35%
We mentioned how eCommerce stores are important for businesses to grab opportunities to generate revenue from their online audience. The checkout pages on eCommerce stores are as important as having an eCommerce store, as having a great-built eCommerce store with a not-so-good checkout design that forces your customer to leave your website without making a purchase isn’t a great thing. So focus on the design of your checkout pages.
By 2024, Mobile eCommerce Will Represent 42.9% of eCommerce Sales
Businesses having their eCommerce store online cannot deny how important it is to business their website for mobile as most people today use mobile for every use. A crucial mobile eCommerce stats says that around 67% of eCommerce traffic comes from mobile devices. A mobile-friendly website will benefit its reputation and make it look relevant and modern.
User experiences with a mobile-friendly website are outstanding due to the smooth flow of content. So businesses cannot afford to lose customers because their eCommerce store doesn’t provide a good user experience to people visiting their website through mobile devices.
Pages that Load Slowly on Mobile Devices Increase Bounce Rates Dramatically
Nobody likes a slow-loading website; hence, users are immediately hitting the back button on their device when a website takes significant time to load by being frustrated. The same fact of a slow loading website implies for people facing the issue of encountering a slow loading website. The bounce rate on mobile sites is 123% higher when a mobile page takes up to ten seconds to load. Hence businesses need to focus on the loading speed of their eCommerce website over all the platforms.
Social Media Presence Increases Sales by 32% For Online Retailers
Social media is among the best channels for marketers and brands that provide many opportunities to generate revenue online. In the US, around 36% of eCommerce customers use social networks to make purchases. Brands can reach their target audience via social media advertising such as Facebook, Twitter, and Instagram. Users can have their ads tailored to the interests and needs of the target audience.
The fact that social media is important for business does not only imply to B2C companies, as an interesting B2B eCommerce stats by McKinsey & Company suggests that B2B buyers use 10 or more channels to interact with suppliers regularly. Hence businesses need to effectively use their social media platforms to engage with their customers and build a reputation among their customers resulting in customers buying from them.
38% of eCommerce Shoppers Prefer to Shop With Companies That Offer Live Chat Support
Live chat is the most popular customer support option for providing better support to customers. Shoppers are more likely to purchase from websites with live chat support. With live chat support, customer engagement increases, and businesses can have a greater opportunity to make a good first impression, giving customers a reason to stick around. Shopping experiences do not have to be abandoned in search of answers, and people do not have to wait for someone to respond to their email or call them. Therefore businesses need to integrate the live chat feature into their eCommerce websites.
Wrapping Up The Whole Content
eCommerce is becoming more popular and has overtaken brick-and-mortar businesses in terms of ROI and profitability. With time, as online shopping becomes more convenient, more and more opportunities will come, and businesses need to prepare themselves to ensure they’re able to capture them. Businesses can stand tall in the online market by staying updated with all upcoming trends and having the right support.