Considering ecommerce statistics, as well as the main trends, is a fundamental aspect to help you achieve success in this competitive digital world. First of all, statistical data facilitates informed decision-making about consumer behavior and even the selection of new products.
Identifying opportunities and optimizing the customer shopping experience are also additional reasons to track your industry data.
On the other hand, if you are looking for a way to increase your sales and take your business to new heights, ecommerce statistics should be on your radar. By combining a strong digital presence with the latest ecommerce platforms and knowing where the market is headed, your business will be better prepared to scale and drive sales.
In this article, we have compiled the main statistics of ecommerce in 2023 with the aim of helping you have a better idea of the potential and power of creating an ecommerce business or -if it were the case- starting the digitization process to maximize all the possibilities and opportunities that exist. Here's what you should know about the industry right now.
The top of ecommerce statistics in 2023
Content:
- General ecommerce statistics
- Online shopping behavior statistics
- Statistics of ecommerce in social networks
- Mobile ecommerce statistics
- Ecommerce fraud data
- Black Friday and Cyber Monday Statistics
- Sources
General ecommerce statistics
By 2023, 20.8% of retail purchases are expected to be made online
Although after the COVID-19 pandemic we have returned to fill the shopping centers in the "new normal". It's also true that the first point of contact a customer has with a business often happens online first, especially if the business has a social media presence. As entrepreneurs look to start new businesses with little expense, renting physical retail space may no longer be a top priority. The focus is shifting towards establishing a web presence that can capture online sales Platforms like BigCommerce, easy to use and low cost make it possible.
By 2026, 24% of retail purchases will be made online
There is no denying that online shopping is very popular today. But what will this look like in a few years? The data shows much more than just a trend. Customers will likely continue to turn to the Internet every time they want to make a retail purchase. It is clear that turning your business into an ecommerce is more than a passing fad. It's a great long-term investment, especially if you're planning to scale.
Ecommerce sales are expected to grow 10.4% in 2023.
Given that 20.8% of retail purchases are expected to take place online by 2023, it's not surprising that digital sales will also increase. With more customers buying online, your business can sell more with better profit as a result. Whether your goal is to increase your sales by a few percent or Do you expect to completely transform your business?, from a startup to a large organization, ecommerce can help you.
The global ecommerce market is expected to reach $6.3 trillion by 2023.
One of the biggest benefits of digital commerce is that you can sell your products and services to anyone, from anywhere. As long as a customer has access to your website, they can make purchases on it, even if they are on the other side of the world. If you currently have a local or national presence, this strategy can give your brand the global presence it needs to enjoy unmatched growth.
By 2026, the ecommerce market is expected to exceed $8.1 trillion.
When we say that online trading is not a fad, but a valuable long-term strategy, we mean it. Within just three years, it is expected to grab trillions of dollars in market share. So what does this mean for your business? If you don't jump on the online sales ship now, you are likely to lose a great deal of money. It's not a game.
The US ecommerce market will reach over $1.1 trillion in sales by 2023.
While the global online marketplace is expected to take off, so will the US e-commerce market. This is great news if you want to target American customers. Even if you are in one state or outside of the United States, you can sell to people all over the country. Ecommerce is an easy and affordable way to boost your sales in the United States.
16.4% of US retail purchases are expected to be made online by 2023.
Whether you're selling t-shirts, furniture, accessories, or anything else, rest assured that getting your products online is worth it. Shopping digitally instead of in a physical store is the norm among many customers in the United States. After all, it fits into their “busy at work” lifestyles and gives them a sense of convenience they can hardly resist.
Amazon represents 37.8% of ecommerce sales, the largest market share among all companies in the sector.
Amazon is a household name, just like Ikea, Kleenex or Apple. When customers have a need for a specific product, they often turn to Amazon to search for options and make a purchase. This international ecommerce giant and online marketplace is a leader in digital sales, so it makes sense to use it. Just behind Amazon are Walmart, Apple, eBay, and Target.
Walmart, eBay and AliExpress are the most visited ecommerce sites.
There are countless digital commerce websites out there, but Walmart, eBay, and AliExpress are the most popular. As of December 2022, Walmart.com was the most visited ecommerce website with approximately 854.9 million monthly visits. In second place was eBay.com, with 669.5 million visits. AliExpress.com ranked third with nearly 651.9 million sales views. Other commonly visited ecommerce websites include Etsy.com, Samsung.com, PlayStation.com, and BestBuy.com.
Online shopping behavior statistics
57% of online shoppers say they shop internationally.
When digital customers can't find a business that meets their needs locally or nationally, they don't give up. Instead, more than half of them are looking abroad. This means that ecommerce can transform your business into a global organization. You don't have to limit yourself to customers in your geographic area if you don't want to.
The most common reason online shoppers abandon their shopping cart is additional costs such as: shipping, taxes and fees (48%)
If you plan to incorporate ecommerce into your business, you need to know what will drive away, rather than attract, customers. Nearly half of online shoppers say that additional charges, such as shipping and taxes, would prevent them from proceeding with their purchase during checkout. Other inhibiting factors include requiring buyers to create an account, slow delivery times, website privacy concerns, and a lengthy or complicated checkout process.
24% of online shoppers abandon the shopping cart because the site asked them to create an account.
While you can ask digital buyers if they'd like to create an account on your website, you shouldn't require them to do so. This is because some of them will simply leave your online store and look elsewhere for what they need. They prefer to check out as a guest and don't want to go through the time and hassle of creating a username and password.
22% abandon an online shopping session because shipping is too slow.
When a customer places an order online, they may not expect to receive it at the same time or on the same day. But many of them want it as soon as possible. If it takes weeks or months for orders to arrive, they are likely to abandon their online shopping session on your website and turn to a competitor with faster shipping times. Ecommerce and slow shipping don't mix, so it's important to streamline your shipping processes and do everything you can to speed up the time it takes customers to receive their orders.
79% of shoppers shop online at least once a month.
While some customers may purchase digital from time to time, most do so on a monthly basis. Online shopping is simply part of their regular routine, regardless of what they are looking for. It is natural for them to turn to the Internet whenever they have a purchase in mind.
The online shopping cart abandonment rate on mobile is 84%.
Customers can use their desktop computers or mobile devices to shop online. While it's great that they have this flexibility, it can hurt your ecommerce business, especially if you don't optimize your website for mobile devices. An alarming percentage of digital shoppers will abandon their carts if they are on their phones or tablets. Make sure that the online shopping and payment experience is easy and intuitive, or you will lose sales.
The online shopping cart abandonment rate on desktop computers is 72%.
Many of those who shop online with their desktop computers will also abandon their shopping carts. This reinforces the importance of having a well-designed and easy-to-use website, as well as a convenient checkout process. Customers simply don't have the time or inclination to juggle making a digital purchase It's your responsibility as an online retailer to make sure it's a breeze..
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Statistics of ecommerce in social networks
In 2020, $992 billion was spent on social media commerce.
Social media commerce refers to the use of social media platforms such as Facebook and Instagram to promote and sell products and services online. Allow customers to make purchases while on your social media apps. In 2020, ecommerce retailers took full advantage of this strategy.
Social media commerce is expected to reach $2.9 trillion by 2026.
Like ecommerce, commerce on social networks is not a passing fad. Data shows that it will continue to be popular and generate trillions of dollars in sales for years to come. This means that if you have a digital commerce business with no brand presence on major social media platforms, you are likely missing out on a lot of opportunities.
96.9 million people in the United States shop on social networks.
Currently, shopping online on social media platforms like Facebook and Instagram is commonplace in America. While currently 96.9 million people do so, this number is expected to rise to 114.3 million social shoppers, an 18% increase.
Millennials are the biggest social shoppers: 55% of 18-24 year olds in the US have made a purchase on social media.
In 2021, more than half of social media users ages 18-24 in the United States placed at least one online order through social media. Although these millennials represent the age group that buys the most on social networks, those between 25 and 34 years old occupy the second place. It is clear that social media commerce is most effective among the younger generations. Keep your target audience in mind when deciding whether to implement social media in your ecommerce strategy.
China has the highest rate of social media shoppers: almost 50% have shopped there.
Social media commerce goes beyond the United States. In fact, almost half of online shoppers in China have used social media to make digital purchases. If you want to enter the global market or expand your international reach, selling your products or services on social media is definitely something worth exploring.
Facebook is the most popular social media platform for social commerce transactions.
Today there is no shortage of social media platforms, but not all of them are effective for selling your products online. Approximately 51% of respondents said they use Facebook to make digital purchases, so keep this in mind when determining which platforms to use. According to the data, there were more than 90 million social commerce shoppers in the United States during 2021.
40% make a purchase due to the influence of social networks.
Social media makes many people feel like they need to "keep up with others." As a result, many of them make purchases that they might not have considered if they weren't using platforms like Facebook or Instagram. The most influential products on social media include clothing or accessories, health or beauty items, food or beverages, event tickets, and vacation experiences.
49% of social commerce shoppers have seen their purchase decision influenced by the recommendation of an influencer.
Social media influencers are active users of social media who have built a reputation for their expertise and knowledge on a specific topic. Nearly half of social commerce buyers have been encouraged to make a purchase based on what they saw or heard from these influencers. Oddly enough, 70% of teens trust influencers more than traditional celebrities, and 86% of women use social media for buying advice.
Mobile ecommerce statistics
91% make purchases online using their smartphone.
Most people depend on their smartphone every day. Whether they have an Apple, Android or other device, many turn to it every time they want to make an online purchase. While it's vital to create a seamless shopping experience on desktop, it's even more important to make sure your website looks and works great on mobile.
Mobile commerce sales are expected to account for 6% of all retail sales in 2023.
Also known as m-commerce, m-commerce sales will reach $415.93 billion, representing 6% of retail sales, by 2023. However, growth is expected to slow to 9.9%. This is the first time it has dropped below double digits.
Mobile commerce accounted for more than $360 billion in sales in 2021.
in 2021, US m-commerce retail sales exceeded $360 billion. This figure increased to 431.4 billion in 2022. And it is expected to continue growing further to 511.8 billion in 2023, 604.5 billion in 2024 and 710.42 billion in 2025.
Mobile commerce sales are expected to account for $710 billion in business sales by 2025.
In just two years, m-commerce sales are likely to hit $710 billion. If your website is currently not optimized for mobile devices, this statistic should encourage you to get to work. Otherwise, you may miss out on an important opportunity to capitalize on online shoppers using their mobile devices to make purchases.
If you need help with this and other aspects of your ecommerce contact us today here.
Tablet commerce sales are expected to reach $54.01 billion by 2026.
Smartphones are widely used for online shopping, but what about tablets? Tablet ecommerce sales reached $61.08 billion in 2022. Surprisingly, this figure is expected to decline to $54.01 billion by 2026. This is likely due to tablets losing popularity and ecommerce retailers have improved the mobile shopping experience.
Ecommerce fraud data
$41 billion lost to ecommerce fraud in 2022.
Fraud that occurs on an ecommerce platform, such as using a stolen or fake credit card to make a purchase, is considered fraud. Unfortunately, ecommerce retailers lost around $41 billion in revenue due to digital commerce fraud during 2022.
$48 billion is expected to be lost due to ecommerce fraud in 2023.
Unfortunately, ecommerce fraud is not going away anytime soon. In fact, online retailers are likely to lose $48 billion to fraud by 2023. If you're using an online store to increase your sales, prioritize fraud prevention measures, such as regular security audits, an address verification service (AVS) and a Hypertext Transfer Protocol Secure (HTTPS).
The ecommerce fraud detection and prevention market exceeded US$28 billion in 2020.
While fraud in digital commerce is detrimental to online stores, there are many ways to detect and prevent it. The fraud detection and prevention market reached $28 billion in 2020 and is expected to increase in the coming years.
By 2025, the ecommerce fraud detection and prevention market is estimated to exceed $69 billion.
Online retailers will continue to reduce the risk of fraud as much as possible. That's why data predicts that the ecommerce fraud detection and prevention market will grow from over $28 billion to over $69 billion by 2025.
The average monetary loss in an ecommerce scam is $96.
A single digital scam can cost your business $96. While this may not sound like a lot of money, multiple occurrences can quickly add up and eventually lead to the loss of hundreds or even thousands of dollars. Be proactive and do everything you can to protect yourself against fraud and scams.
Black Friday and Cyber Monday Statistics
Online shoppers spent $9.12 billion on Black Friday in 2022.
If you are an online retailer, it is important that you intensify your efforts on Black Friday. Here's why: $9.12 billion was spent on Black Friday 2022, more than the $5.3 billion customers spent on Thanksgiving and the $3.14 billion they spent on Thanksgiving. of the Veterans that same year.
Online shoppers spent $11.3 billion on Cyber Monday in 2022.
While Black Friday was a great day for ecommerce businesses in 2022, Cyber Monday turned out to be even more profitable. Customers spent $11.3 billion on that date, compared to $9.12 billion they spent on Black Friday.
87.12 million people shopped online on Black Friday in 2022.
Some people still enjoy the thrill of getting up early the day after Thanksgiving to visit their favorite retailer and take advantage of an irresistible sale. But many customers have decided to avoid the chaos and shop online on Black Friday instead. As an online business, it is vital that your website (and your physical store, if you have one) are in top condition on this day. Something that happens in many countries, not only in the United States.
77 million people shopped online on Cyber Monday 2022.
Cyber Monday has only been around since 2005. But only because it's more recent than Black Friday, which became an exciting day of shopping through finals from the 1980s, doesn't mean you should ignore it. In 2022, 77 million customers shopped online on Cyber Monday and a record 59% of these shoppers did so on their mobile devices, an increase of 52% versus 2021.
Now is your turn!
As you will see, ecommerce statistics reveal a promising and constantly growing landscape. It continues to gain ground globally, with projections indicating a significant increase in sales and adoption of digital platforms. Consumers are increasingly choosing to shop online due to the convenience, accessibility, and wide variety of products available.
It is essential that you continue to update and adapt strategies to take full advantage of this growth. The optimization of mobile platforms, the implementation of security measures against fraud and the presence in social networks become essential to be successful in ecommerce.
In addition, key events such as Black Friday and Cyber Monday continue to be key moments to take advantage of the momentum of online consumption. These dates present a great opportunity to generate significant sales and engage consumers with compelling and relevant offers.
Ecommerce is also a sector that has established itself as a major driver of the digital economy globally, with an ever-increasing expansion. Those businesses that adapt to these changes and take advantage of the opportunities will be in an advantageous position to succeed and move to the next level.
Sources consulted:
- Insider Intelligence
- Statista
- SEMrush
- Paypal
- IPC
- Intuit
- Digital Marketing Institute
- PewResearch
- Adobe Analytics
- National Retail Federation
Do you need to develop or transform your ecommerce? Contact us here today to find out how we can help you.
Digital Marketing Manager at Orienteed.
