Ecommerce seems a turning point in shopping. Smart retailers are reaping big!
A retailer offering goods need to cater to the expectations of consumers.
In other words, it is necessary to stay update with ecommerce inclinations.
Rising competition compelled ecommerce retailers to pay attention to customers’ choice.
In this article, we will breakdown ecommerce statistics, every retailer should know.
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Digital buyers will rise to 2 billion in 2019 from1.66 million in 2016 globally.
The number of online shoppers is rising steadily. Consumer’s trust on these types of services also increases progressively. Customers order food or plan vacations by determining which merchandise store stocks collections that suit their styles. Online users carry out detailed research in a shorter period to enjoy price offers in the market. To be the finest e-commerce site, you should conduct due diligence on the market to meet customer demands. Use all the varieties of online resources such as reviews to know what your customers want. When you are unsure about a product, check out reviews to make a well-versed decision. You can also build consumer trust with your website by acquiring an EV SSL certificate (extended validation). This will not only improve trust, but it will ensure your ecommerce users are protected.
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Nearly 53% of the world’s population is connected to the internet and 92.6% of them access the internet using their mobile gadgets.
85% of internet users spend a quarter of their day browsing the net. If you want your consumers to see and purchase your products, don’t just develop a proper e-commerce website. Most people spend time on the web engaging in a wide series of events. Thus, Smart ecommerce retailers should be able to tap into the Internet craze by using many digital marketing channels to sell their products. Also, ensure that your Ecommerce is mobile friendly plus you can build an app that is tailored for mobile users. Basically, innovate and build an experience for your consumers.
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42 % of e-shoppers use their credit cards to purchase items.
As an Ecommerce retailer, you should know that most online shoppers love using credit cards. Depending on your region, you should perhaps find a way of adding common credit cards as a mode of purchase in your ecommerce. But you should have to ensure your site is super secure to avoid security caveats related to credit cards.
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39% of e-shoppers fancy purchasing their products from e-commerce websites through PayPal.
After credit cards, PayPal is one of the popular payment methods. In fact, by the end of the first quarter of 2019, the number of active PayPal accounts had increased by a margin of 17% globally. This means that the method is fast becoming a first choice among online shoppers.
It directly links the users to their bank accounts. Hence, they do not need credit cards to pay for products online. Although PayPal is a bit more convenient for e-commerce, it might a times be less secure. The good thing though is that if any transactions seem dubious, PayPal will withhold the payments for 21 days for proper confirmation and clearance. For Ecommerce retailers, using PayPal also means that you can avoid the risks of handling credit card information and let a third-party handle that.
Tip: Do not limit your clients to one mode of payment if you can. If you do, they will most likely move to competing websites who offer their favorite payment option.
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The transactions in retail e-commerce grew by a margin of 23% from 2017 to 2018.
Although most consumers value physical sales, e-commerce is growing rapidly with no signs of decelerating. It is embedding itself in the consumers’ lives. Less popular niches are expected to also join the market and virtually everything will be sold online! This means that e-commerce merchandisers will keep growing and the competition will grow. The key is to come up with competitive techniques of attracting customers. You should work hard to attract your clients with nice deals and quality service.
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Business-to-business firms will be spending more one e-commerce technology from 2019 than online merchants.
The future of e-commerce is also evolving from a business perspective, a feat that is amplified by infiltration of the internet on desktops and mobile gadgets. It has often been a B2C model where customers buy from businesses directly. Similarly, B2B firms are joining the model as they look to adapt to the new way of buying. It is a way to gain a competitive edge and enhance sales by breaking the geographical barrier. Businesses behind ecommerce will also keep improving and innovating the technology that drives ecommerce growth. Expect to see more existing CMS platforms improving their technology in the coming years for example. Also, expect to see platforms like Alibaba and the likes improving their technology and changing tact in a bid to attract more of B2B interactions.
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Most Customers Use Reviews before Buying Online.
Every retailer should be aware that customers don’t just buy online without a second opinion. Customers look for opinion mostly through online reviews on the Ecommerce site or via other platforms like review sites and social media platforms. You must have also noticed the rise in the number of product price comparison platforms which assist customers in getting the best deals online.
This is just to say that you should be aware of how your online shop and products are perceived in terms of quality and pricing if you are to beat the competition. Also, ensure that you allow your users to post genuine reviews about your products and the experience of buying from your platform and be on the lookout for negative reviews to help improve your shop.
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The average rate of cart abandonment among ecommerce customers ranges between 67.4% to 83.7%
According to a research done by Moosend, most buyers tend to drop off at the checkout process something that affects conversion rates in many online shops. This trend is often attributed to hurdles like long checkout processes, restrictions for guests, limited payment options etc.
As an ecommerce retailer, you should do an audit of the customer journey on the cart and find ways to improve the checkout experience.
(Source : https://moosend.com/blog/cart-abandonment-stats/)
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Most shoppers want a Return Option if an Item Has Issues
According to a research done by Narvar, customers want a safety net when buying online. They want an option to be able to return the item in case it has issues. So, try to have a flexible return policy and possibly allow your customers the option of mailing the item back instead of having them show up physically in your store.
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PayPal account users are increasing
PayPal has recorded 267M accounts in the last 2018 year while in second quarter of 2019, there were 286M accounts that shows a straight 17% growth. It is observed in North America that 36% of retailers were accepting payment via PayPal and 34% were in the opinion of using it in upcoming 2 years.
(Source:https://www.statista.com/statistics/218493/paypals-total-active-registered-accounts-from-2010/)
- Retail ecommerce sales increased by 23.3%
Many sectors who are falling behind in this ever-changing market scenario have started to open the doors for ecommerce platform to ramp up their business. The ecommerce sales in 2017 was recorded at 18% while it is forecasted at 21.5% in 2021. Due to mobile evolution, people tend to surf on their mobile phones and would like to purchase from ecommerce platforms. Even, cash on delivery, credit card and debit card payment has pushed ecommerce sales effectively in last few years. Ecommerce has become a growing sector that has brought transparency regarding terms of purchase that brings attention of customers towards this rising ecommerce platform. Many enterprises are now looking to bring their business over this platform.
Final Remarks:
Generally, online buying or selling is no longer a novel thing. In just a few years the ice has been broken and sky seems to be the limit! The model is now a norm even among people with limited internet connectivity and among Baby Boomers. Since e-commerce is becoming the new ordinary, it essential that retailers keep a watch on where it is headed. Knowing the next step, you need to take as an e-commerce retailer is quite significant as competition stiffens. Becoming successful in online retail can be challenging but with unlimited marketing knowledge and resources on the web, you can stay ahead of your competition.
