Online shopping comes with its own share of liberty as it doesn’t need you to go anywhere. Instead, you can get right at it without even leaving your bed! Online shopping comes with excellent value as well as exclusive access to more products with more detailed product descriptions, and a more personalized shopping experience. According to Statista, more than 1.8 billion people worldwide purchased online in 2018 alone, with the overall online retail value charted at $2.8 trillion. This is projected to increase to as much as $4.8 trillion by the year 2021.
Better Choices with Best Shopping Options:
Who doesn’t know that the internet brings more competition and more opportunities for consumers to find value? Preferred by millions of shoppers around the world, online shopping helps you have a look at all possible choices for any product in one click. Additionally, online shopping comes with its own set of reviews, comparisons, and specifications that can help you to narrow your selections – unlike any brick and mortar store. Such ease of usage lets the smaller eCommerce storefronts compete with the larger players. All they need to do is to provide the right details and pricing for their visitors.
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A lot of store owners generally target audiences who are ready to buy now, however, it has been observed that a lot of consumers actually like to research different products on different storefronts before buying. Therefore, it is recommended that for better conversions, store owners should have an effective SEO strategy.
For bargain hunters, online shopping takes precedence over brick-and-mortar shopping, as it’s hard to find a better deal in person than online. Even if someone from this category shops at a brick and mortar store, they’re likely to compare shops on their phone while in the store. For categories like clothing and apparel, people prefer to touch, feel, and even try before purchasing the product online.
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Good Ol’ Review Shopping
We all can remember the days from the past when we relied entirely on ‘word of mouth’ before making a purchase. It generally came from people around us who have either purchased or used similar products. Those days are now long gone, only to be replaced by a much robust review and rating system that online stores provide for a much better understanding.
For business owners, you can place your own ratings and reviews system alongside each product for better engagement. This way viewers shopping on your website may have better insights into a product (or other similar products) and it may influence their purchase decisions. Sometimes even adding social media buttons on your website can also add social media proof to the reviews and specifications section of your page.
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Online shopping actually saves shoppers a lot of time. For people shopping using their smartphones, it also provides a sense of instant gratification that only comes as a process in the case of retail shopping. Even big players like Amazon Prime have been a huge success in the proactive delivery of online products that contribute more to the enriching process of online purchases.
For medium to small eCommerce stores, you need to keep your checkout process organized and streamlined for your customers to avoid any shopping cart abandonments. The website’s loading speed needs to be optimized for time-saving reasons.
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A Closer Look into Crucial Statistics:
As a beginner in online business, you may require to have the following insights before you think to scale or curate strategies for your eCommerce store. Taking from current trends, there’s no better time to make the most of online customers and their shopping behavior. Here’s how you can benefit from:
1. Excessive shipping charges = higher rate of cart abandonment
It’s time for one-day deliveries and free deliveries across the world. Your customers, in general, prefer minimal to no shipping charges if they’re shopping in bulk or have been loyal customers. Therefore, higher delivery prices often lead your customers to abandon their shopping carts and leave their purchases incomplete.
For industries from Gaming to Finance – or in other words, any domain that has more steps involved to complete a purchase online has a higher rate of shopping cart abandonment. The Gaming and Finance Industry has an abandonment rate of up to 24%, which is over by 10% of the global average shopping cart abandonment rate.
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2. Amazon Now Has More than 50% of All eCommerce Sales in 2020
Yes, they’re that big! It has been found that every month over 197 million people (that’s more than the population of Russia!) across the world shop from Amazon.com, via various devices. Starting out as an online bookstore in 1995, now Amazon sells over 12 million products around the world – while its top-three contemporaries (eBay, Apple, and Walmart) combined make just 14.2% of the market; despite being big players before the Amazon era.
Here are some data that prove how deep-rooted Amazon impacts shopping trends:
- In the USA, Amazon Prime membership is owned by 95 million people, as it offers fast and free delivery, premium access to exclusive movies, TV shows, music, and even more added benefits at a base fare. Instant gratification at its best!
- Thanks to its huge crowd base and its surplus reviews, 9 out of 10 shoppers research about a product on Amazon, even before buying it from a brick and mortar store.
- Even Amazon Alexa, the voice-based AI assistant is responsible for 2% of sales by Echo households.
- Not all sellers on Amazon only sell on Amazon as over 50% of them are third-party sellers, and 80% of them also sell on other platforms except Amazon.
3. US consumers shop most for clothes, and entertainment – at least once a month
In between the second term of 2018 and 2019, over 59% of buyers from the U.S.A bought clothes, followed by books, movies, games, and shoes. The data includes only hard copies of entertainment and not digital ones. For Millennials, digital streaming apps are the favorite product category to shop for – be it Spotify exclusives, Netflix, Hulu, etc.
According to new data, it was shown that over 75% of people shop online at least once a month. Currently, the data shows that in 2018 October, 20% of people made purchases online once a week, while 24% once every alternate week in the USA.
4. Holiday Shopping is STILL a THING!
One thing that hasn’t changed yet – is the old habit of shopping at the last moment. Be it on Thanksgiving or Christmas eve, people still love to shop on holidays – so much so that studies show that $143.7 billion have been spent during the holiday season in 2019. According to Adobe, Cyber Monday in 2019 witnessed the record single-day sales of up to $9.4 billion.
Even business owners try to leverage most of the holiday season by laying out good deals, heavy discounts on their products. It was observed by Deloitte that shoppers generally spent $596 on gifts and experiences respectively, with an average household spending up to $1496 for holidays.
5. mCommerce is the Future!
Six years ago, only 35% of Americans had mobile devices, while in 2019 more than 81% of Americans have a smartphone. With 3.5 billion smartphone users (making 45.04% of people) across the world in 2020, mobile eCommerce (m-commerce) is only going to increase. Statista reports, by 2021, 53.9% of all online sales will be generated from mCommerce.
As much as 90% of your overall customers may switch between multiple devices to buy something they saw on social media. Therefore, the next time you actually enlist a product, you may also feature it on social media handles for better engagement. It’s the fun and convenience of mobile shopping that contributes to the rich experience of online shopping.
Online shopping happens to be one of the favorite indulgences of Generation Z and millennials, with the baby boomers falling close behind especially with the essentials market growth over time. As Shopify Plus merchants and industry giants like Amazon are already reaping the benefits, you can start with making the experience of your buyers worthwhile.
It’s already November and now’s the time to think and prepare your eCommerce store for all the holiday shopping coming your way sinceHalloween. If you need some last minute changes to get ready for the holiday sales season, here are a few recommendations we think would be helpful:
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