Introduction:
The rise of e-commerce has been nothing short of remarkable, with online shopping becoming an essential part of our lives. With the current pandemic situation, online shopping has only gained even more traction. If you’re still skeptical about e-commerce or wondering about its potential, here are the top 10 mind-blowing e-commerce facts that prove online shopping is the future.
1. E-commerce growth rate
According to a recent report by Digital Commerce 360, e-commerce sales in the US grew by 44% in 2020, which is a massive increase in comparison to the 15% growth rate in 2019. This data suggests that e-commerce has evolved into a key player in the global retail market, and is set to continue growing at an unprecedented pace.
2. Mobile commerce
Mobile commerce, or m-commerce, is also steadily increasing with the availability of smartphones. In 2020, mobile commerce accounted for about 72.9% of all digital sales in the US. This statistic highlights the importance of optimizing your online store for mobile users to maximize your e-commerce sales.
3. Social commerce
Social media platforms have become an essential part of our daily life, leading to an increase in social commerce. A recent study showed that almost 55% of Generation Z and Millennials make direct purchases from social media or from links provided on social media platforms. This trend demonstrates the need for online retailers to include social media knowledge in their e-commerce strategies.
4. Online marketplaces
Marketplaces like Amazon, eBay, and Walmart are growing their online services at lightning speed. In the US, Amazon alone accounted for more than 37% of all e-commerce sales in 2020. By joining an online marketplace, you can gain access to a wider audience, increase your sales, and improve your brand’s visibility.
5. Personalization
Customers look for personalized experiences when shopping online. A recent study showed that 80% of shoppers are more likely to buy from e-commerce sites that personalize their shopping experiences. Personalization can improve customer loyalty, increase conversions and ultimately boost sales.
6. Augmented reality (AR)
Augmented reality has played an instrumental role in transforming the e-commerce experience. With AR features, customers can preview products in 3D, visualize products in their own space, and customize them to their own demands. Research suggests that customers are more likely to purchase a product if they’ve explored it through AR.
7. Artificial Intelligence (AI)
AI can now recommend products based on customer preferences, purchase history, and behavior, giving retailers a competitive advantage. AI can also be used to improve search functionality and chatbots can provide instant support to customers. These technologies can help businesses improve customer engagement, save time and increase sales.
8. Cross-border e-commerce
E-commerce has made it possible to sell products to consumers worldwide, leading to an increase in cross-border e-commerce. Cross-border e-commerce sales are predicted to reach $627 billion by 2022. Online retailers can now expand their businesses globally, gain access to new markets and increase revenue.
9. Sustainability
Sustainability is a growing concern among consumers and rightly so. According to a study, 72% of shoppers prefer eco-friendly products and are willing to spend more on them. By adopting sustainable practices, businesses can differentiate themselves from competitors, improve customer trust and satisfaction, ultimately leading to increased sales.
10. Predictive analytics
Predictive analytics helps businesses improve their sales predictions, optimize product pricing and improve customer segmentation. This technology allows businesses to utilize customer insights and data, which improves their marketing and sales tactics. Many retailers have implemented predictive analytics to increase sales and strengthen their competitive position in the e-commerce market.
Conclusion:
E-commerce has undoubtedly grown by leaps and bounds in recent years. The top 10 mind-blowing e-commerce facts prove that online shopping is the future of retail. With the increasing trend towards online shopping, it’s never been a better time to start an e-commerce business and take advantage of these trends. By staying up to date with e-commerce trends, adopting personalization, AI, AR, and sustainability, businesses can significantly improve their online presence, gain more customer trust, and ultimately increase sales.
