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Staying ahead of the competition starts with being informed. Having as much information, data and statistics to hand means that the decisions you make will be based on facts that can guide your business strategies to see greater success.

Most marketers and business owners want to get out in front of eCommerce trends so they can offer what consumers want before they have to ask for it. Basically, knowledge is power when it comes to running your company so understanding why online shopping is better than having physical store locations and understanding the global eCommerce statistics 2020 is throwing up can be pivotal. Remember, the more you know about your consumers and the more you know about your wider industry as a whole, the better you can market your products and services to boost online revenue.

15 Online Shopping Stats

So with this in mind let's take a look at some important online business statistics, as well as some eCommerce statistics worldwide, so you can see the importance of online shopping in the wider world and allow you to optimise your campaigns and customer experience effectively.

1. Over 2 billion global digital buyers in 2020: With a worldwide population of over 7.5 billion that is only growing, there are a huge number of potential customers out there for you to target. Essentially, when you break it down this way, around a quarter of the world’s population are shopping online at the minute. With more and more people shopping digitally every day, now more than ever it’s important that you maximise your online presence. However, with such a large number of people shopping online, you won’t be able to target everyone, so personalise your efforts and target the ideal audience for your products to see the best results.

2. eCommerce is expected to account for 15% of all retail sales: eCommerce is taking a greater share of all sales with each passing year. It is expanding in every direction and becoming a more integral part of the consumer experience on a global scale. This offers you the potential to increase traffic to your site and therefore conversions so long as you engage with your customers and offer them an enjoyable experience when interacting with your brand.

3. 85% of consumers conduct online research before purchasing online: With more options available to them in today’s marketplace, consumers spend more time researching and comparing products between different brands and companies. It’s this ability to research purchases easily that is one of the key reasons people shop online instead of in-store. So provide customers with detailed, accurate product pages that answer any queries they may have. Create product pages that have high-quality images, descriptions, and specifications to give your consumers as much information as possible. It’s what they want before making a purchase.

4. 69% of shopping carts are abandoned: That means that over a third of people were considering purchasing something online only to change their mind during the checkout process. This may be due to a number of different reasons but one key takeaway from this figure is that optimising and streamlining your checkout process is critical to avoid from losing a large number of conversions.

5. People want round the clock shopping: The number one reason listed by shoppers as to why they prefer online shopping is that they can do it at any time of the day. Convenience is a desirable trait because people no longer have to build their day around a store's opening hours and can do it from the comfort of their own home. Shoppers want the process to be simple and intuitive so make sure that your customer experience is orientated around the concept of convenience to give your shoppers what they want.

6. 80% of people won’t shop with a company based on a bad experience: Trust is crucial in the digital age. If you don’t have it, you won’t have customers. If they don’t feel valued, if they feel mistreated or have had a bad experience then the majority of people will not return no matter what the price or quality might be. So ensure you offer great customer experience from beginning to end to ensure you build a loyal base of repeat customers.

people wont shop with a company based on a bad experience

7. Extra costs are why customers abandon carts: This is an entirely understandable reason. A customer has done their research comparing prices and chosen to go with yours. They get to the checkout stage and suddenly they have a number of extra costs for shipping, taxes or anything else and all of a sudden it doesn't seem like such a good deal and they feel lied to. To combat this, just be upfront with customers and make the checkout process as clear and obvious as possible. Don’t hit them with unexpected costs because that will only damage trust, something we know is a massive turn off for shoppers.

8. Men spend 68% more online than women: It’s not that men do more online shopping than women, it’s just that when they do they spend a lot more money than their female counterparts. When men shop online they tend to do things in bulk and buy more than one thing at a time so you can use this to your advantage. If you are selling to a male audience specifically, offer bundle packages for them to buy or boost conversions by offering related products to what they are buying without having to abandon their cart to do so. It’s streamlined, efficient and increasingly effective.

9. Generation X and Millennials do the most online shopping: Again this makes sense. These are the generations who grew up with the internet and are generally more familiar with online shopping. You need to market to these demographics effectively in order to be successful. But be honest and genuine with them, they are tech savvy and can spot something untrustworthy from a mile away and when they do, they will be sure to pass that information on to others.

10. 81% of people trust advice from people they know compared to businesses: Use this to your advantage and incorporate the power of social proof to drive higher sales. This can be done through a number of ways. You can utilise influence marketing so that information is coming from a trusted source or display positive reviews, testimonials or case studies prominently so people are able to see responses from people just like them.

11. Smartphones accounted for 65% of retail site visits worldwide: If you’re not utilising mobile platforms, you’re missing out greatly. Customers jump between channels in new ways and expect to get the same experience across all of them. With this in mind, it would be advisable to integrate an omnichannel approach to your marketing strategy so users can access their cart, check out on different devices or generally just shop on whatever platform they prefer.

12. 30% of people would rather buy from a place they have shopped at previously: When it comes to buying online, we rely on our own and other’s experiences to influence our purchasing decisions. Once consumers have had a good experience with a brand, they’re more likely to return to that brand and even recommend it to others. All this means that if you target customers over time with relevant offers based on previous purchases, they’ll most likely return to your store again, so long as they had a positive experience.

13. People are more likely to trust you if contact details are made easily available: Build strong relationships with your customers, make hands-on customer service a priority and ensure customer service representatives are easily accessible. Strong relationships create trust. In turn, this will help to increase conversions and customer retention over time.

14. Almost half of all shoppers go straight to an eCommerce marketplace: Many people will already have accounts or profiles on these large, all-encompassing eCommerce marketplaces so capturing these users' attention is tricky but important. You must find ways, through data analysis, to understand what these people want specifically and how you gain their trust and get them to visit your site specifically. By doing so you can get them to come to you first as opposed to a general marketplace.

15. Longer load times on mobile drastically increases bounce rates: The probability of a user bouncing off a mobile webpage increases by 32 percent when the page takes between one and three seconds to load. Basically, the longer the load time, the higher the bounce rate. So make sure that your website load time is very quick and doesn’t give users the option to clickaway due to slow loading times.

Longer load times on mobile drastically increases bounce rates

Things To Avoid Regarding Your eCommerce Business

Using these facts and figures to your advantage can be vital to seeing your business grow online, however there are some common mistakes you will have to avoid as well when starting out. These include:

  • Not understanding your target audience

  • A Complicated checkout process

  • Not doing enough market research

  • Being on the wrong platform

  • Not communicating with customers effectively

  • Poor customer service

By tackling these common pitfalls head on as well as undertaking your own market research and combining it with the aforementioned statistics in the post relating to eCommerce shopping, you will be able to fully optimise your campaign in a way that makes you stand out from the crowd. Through building an approach built upon the relevant data, you will be able to streamline your eCommerce platform, drive more conversions and improve your ROI.

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