When it comes to eCommerce, there are endless opportunities for brands to launch their products and to expand their reach in 2020 and beyond.
When you weigh in expanding e-commerce sales through omnichannel retail (such as introducing Amazon and eBay storefronts to your sales strategy, it’s easy to see that now is the perfect time for an e-commerce company to grow.
With smartphones in hand, shopping is more effortless and secured with encrypted online payment and many more features. eCommerce covers a broad range of data, systems, and resources for both online buyers and sellers.
Most enterprises use eCommerce stores to execute online marketing and sales operations and to manage logistics and results.
If you’re an entrepreneur looking for opportunities or planning to do business online, it’s vital to remain up to date with the latest e-commerce numbers. The best way to understand any business field is through solid facts and details.
Here is the list of all the facts and figures that you need to know about Ecommerce in 2020 and beyond.
1. Statista ‘s 2020 E-commerce figures reveal that e-commerce is rising at a fast pace across the globe to hit $4.13 trillion in 2020.
E-commerce has been an integral component of the modern shopping climate. As many other sectors, the retail landscape has experienced a significant change since the introduction of the Internet, and due to the continuing digitalization of everyday life, shoppers in almost every country today benefit from the advantages of online purchases. As internet connectivity and usage are rising exponentially across the globe, the number of digital customers worldwide continues to rise every year.
2. It is expected that by 2040, 95% of all purchases will be via ecommerce.
Also with little resources, it is now possible to start up a company due to the success of e-commerce. With shoppers steadily depending on online shopping, it is projected that 95% of sales will be made online by 2040. Ecommerce is opening the doors to opportunities for numerous entrepreneurs.
3. The world’s fastest-growing ecommerce market is China with an estimated ecommerce value of $672 billion in 2017.
While the United States is frequently considered to be the biggest e-commerce market, but however, enters the list of the top 10 biggest e-commerce markets in the world.
China: $672 billion
USA: $340 billion
United Kingdom: $99 billion
Japan: $79 billion
Germany: $73 billion
Nielsen ‘s Global Linked Commerce report offers a comprehensive overview of the most lucrative industries by region, with South Korea taking 77% on fashion, and 66% beauty goods, 52% groceries, 51% processed food and 37% fresh food.
4. The US has the highest ecommerce penetration rates, with around 80% of all internet users making at least one purchase.
5. The top reason why people make online purchases is that they can shop whenever they want, 24/7.
When buyers were asked what driving them to shop online, instead of going to a store, time availability and expense were the key factors. Savings, guy. Consumers have said that they chose online shopping to escape the bad memories of going out to stores.
6. Around 43% of ecommerce traffic comes from Google search (organic).
Average e-commerce conversion rates vary from 3% to 4%, with 43 percent of e-commerce traffic originating from organic Google searches. This means that it is still important to create an e-commerce platform with SEO in mind.
7. Slow-loading websites see an abandonment of 75%.
8. Finance Online’s “Data and Share Market Analysis for 2020” shows that ecommerce is not only thriving in the B2C sector, but sales are also scaling in the B2B sector and can even outgrow B2C profits by the end of 2020. Here are a few more intriguing stats from this report:
9. It is estimated that around 35% of Google product searches are converted into purchases within 5 days.
The average time between Google’s product search and purchase is 20 days, and 35 per cent of Google’s product searches turn into transactions within 5 days. That’s why it’s critical that eCommerce companies optimise SEO so that they can get their products on the first page of the Google search results page.
10. Around 51% of digital buyers conduct purchases via their smartphones.
The Pew Research Center survey found that about eight-in-ten Americans are now online shoppers: 79 percent have made online purchases of some sort, 51 percent have purchased via a cellphone, and 15 percent have made purchases via a social media platform link.
So it’s apparent that ecommerce is ever-growing and in-demand in 2020 and beyond. But how is one going to get started?
Get in touch with the best ecommerce development company to boost your sales right now.
With Agira technologies, you can build robust Ecommerce solutions to upscale your sales and deliver a shopping experience your customers love.