Did you know ? On average, 70.19% of shopping carts are abandoned on e-commerce sites before the payment stage.This striking statistic highlights the challenges facing online retailers. In this article, we will review 10 significant figures which provide an overview of online commerce in 2024. You will better understand the opportunities to seize and the pitfalls to avoid to boost your sales on the Internet.
1. Global e-commerce sales are expected to exceed $6 trillion in 2024.
You are not dreaming, e-commerce sales on a global scale will reach the astronomical sum of 6,334 billion dollars in 2024. This represents 20.1% of total retail sales, an increase of 8.8% compared to 2023.E-commerce has become an essential sales channel.
2. Average annual growth in e-commerce sales will be 8.1% between 2021 and 2027
Do you want to know the growth potential of e-commerce in the years to come? Online sales are predicted to grow by nearly $3 trillion between 2021 and 2027. This equates to an overall growth of 59.8% and an impressive average annual growth rate of 8.1%. Now is the time to invest in your online store!
3. China, USA and UK dominate the global e-commerce market
Did you know that China is the undisputed leader in e-commerce? In 2021, it held 52% of the global online retail market share. The United States (19%) and the United Kingdom (4.8%) complete the podium. If you are targeting these markets, it is in your best interest to adapt your e-commerce strategy.
4. Amazon is the largest player in e-commerce with 13% of sales
You probably know Amazon, but did you know that it represents 13% of the global e-commerce market share? This is more than Taobao (15%), TMall (14%), JD.com (9%), Pinduoduo (4%) and eBay (3%) combined. Amazon remains the giant to watch closely.
5. Mobile represents 73% of e-commerce traffic
If you haven’t yet optimized your e-commerce site for mobile, it’s time to get started! In 2023, e-commerce traffic on smartphones will reach 73% market share. In addition, the mobile wallet has become the most popular online payment method with 49% of the value of e-commerce transactions. Your site must offer a flawless mobile experience.
6. Free delivery is the first criterion for online purchases
Want to convert more visitors into buyers? Take advantage of free delivery! This is the main reason that pushes 45% of e-buyers to finalize their order, ahead of discount coupons and promotions (38.7%). If possible, offer free delivery, even if it means passing the cost on to your prices.
7. Product reviews influence 75% of online purchasing decisions
You may underestimate the impact of customer reviews, and yet! Product photos and reviews influence the purchasing decisions of 75% of e-buyers.Encourage your satisfied customers to leave a review on your site or on your product sheets. User-generated content is a powerful tool for increasing conversions.
8. 70% of online shopping carts are abandoned
Are you frustrated by the number of abandoned carts on your site? Rest assured, you are not alone. On average, 70.19% of baskets are abandoned before the payment stage. Your mission is to optimize the conversion tunnel to limit friction and reassure buyers until the end.
9. The average e-commerce conversion rate is 3.65%
Wondering if your conversion rate is average? Globally, the average conversion rate on e-commerce sites is estimated at 3.65% in 2023. However, this rate varies greatly depending on the sectors and devices used.Analyze the performance of your online store in order to identify optimization levers and improve your presence on the market.
10. Personalization becomes essential
Do you want to stand out from the competition? Focus on personalization! 64% of consumers expect personalized offers from online brands and retailers. Better, 41% would be less inclined to buy from sites that do not offer personalized content. Use customer data to provide tailored recommendations and offers.
Conclusion
You will have understood, these 10 statistics prove that e-commerce is booming and offers tremendous growth opportunities. To succeed, you absolutely must focus on customer experience, mobile, free delivery and personalization. Take inspiration from these figures to build a successful e-commerce strategy and get a head start. The cards are in your hands!
Sources :
1. Global Ecommerce Sales Growth Report – Shopify.com
2. The Psychology of Online Shopping: How E-Commerce Influences Consumers
3. Global Ecommerce Statistics: Trends to Guide Your Store in 2024
4. How Does E-Commerce Vary by Product Category?
5. 50 Ecommerce Statistics To Know in 2024 [New Data]
6. Your Guide to Global Ecommerce: How to Expand into Foreign Markets and Increase Ecommerce Sales
7. E-commerce’s Evolution and Influence on Consumer Behavior
8. Ecommerce statistics to get you ahead in 2024
9. Useful eCommerce Statistics You Must Know in 202
10. GLOBAL ECOMMERCE SALES GROWTH (2021–2027)
11. The Latest in E-Commerce Consumer Behavior Trends
12. 35 E-Commerce Statistics of 2024
13. eCommerce Sales & Size Forecast
14. Understanding Online Consumer Behaviors for a Better Customer Journey
15. 21 Useful eCommerce Statistics You Need to Know in 2024
16. E-Commerce Poised to Capture 41% of Global Retail Sales by 2027—Up from Just 18% in 2017
17. 5 Trends in Online Purchasing Habits
18. Worldwide ecommerce sales to break $6 trillion, make up a fifth of total retail sales
19. 9 Consumer Behavior Trends eCommerce Retailers Need to Know to Succeed in 2023 | Radial
