2020 Ecommerce Statistics
Whether you own an online business or purchase from online businesses, eCommerce statistics are always interesting and informative to know where this social practice is headed. Not long ago 99 Firms wrote an article on just this and we would like to mention a few of these fascinating online shopping statistics from Editor’s Choice.
- There are expected to be over 2B digital buyers in the world in 2020 (a quarter of the world population).
- The total value of global retail ecommerce sales will reach $4.13T in 2020
- Ecommerce growth statistics show a steady rise in global retail ecommerce sales by the end of the year. If you are a business owner or would like to be an ecommerce business owner, now is the time with promising numbers that are consistently on the rise.
- By 2040, around 95% of all purchases are expected to be via ecommerce. Focusing mainly on purchases made from mobile devices.
- 80% of Internet users in the US have made at least one purchase online.
What kind of difference does it make for business owners to understand online shopping behavior or know the demographics of buyers on the Internet? If you know some of these statistics you might be able to amp up your sales based off of who is making the purchases right now.
Men spend more money online than women do.
“While men and women shop with about equal frequencies, on average, men spend more per transaction ($220 for men vs. $151 for women). This can be attributed to the fact that many of men’s purchases are in high-value categories like luxury goods or electronic items while those for women are in lower-value categories like cosmetics or food.”
Generation X consumers are the most active online shoppers, averaging 19 transactions per year. In addition Baby Boomers spend more per online transaction than Gen X and Millennial shoppers do.
“Factors like being more settled in their careers and building a home with a family drove Gen X consumers to make 20% more online purchases than their younger counterparts.”
(All according to a comprehensive report called The Truth About Online Consumers 2017 released by KPMG)
Last but not least, Ecommerce Shopper Behavior Statistics and a few of our favorite online shopping statistics to consider or what steps you could take to help your business.
- 81% of consumers trust the advice of friends and family over business.
- Not much surprise there. It is natural that consumers are more likely to believe the recommendations of people they know than those coming from businesses in the form of advertising.
- Think, social media influencers
- On average, only 2.86% of ecommerce website visits convert into a purchase
- Meaning, about 35 visits to an online store, only 1 generates revenue for the store.
- The global cart abandonment for ecommerce is close to 70%
- Mobile shopping cart abandonment rates are higher than those for desktop carts
- 61% shoppers report leaving a transaction due to an extra cost such as shipping fees
- THIS we can help with. Contact us at FirstMile if your business falls into this category.
In summary, 99Firms tells us “Ecommerce growth is expected to remain steady for the next few years, growing much faster than overall commerce” and more importantly, “Businesses that are able to interpret consumer behavior data to improve user engagement and trust will be benefited by increased conversion rates and achieve success in the highly competitive world of ecommerce.”
Check out the article at https://99firms.com/blog/ecommerce-statistics/#gref