Jaw-Dropping E-commerce Stats You Can't Afford to Miss!

Balancing orders, upholding your reputation, and keeping customers happy – your hands are full.

Amidst the hustle, staying on top of the latest e-commerce trends can be challenging. Yet, staying informed is key to maintaining control.

Fear not! In this piece, I've curated the essential e-commerce trends and statistics to save you some time. By the end, you'll be armed with the right info to elevate your business and know precisely where to focus your efforts.

Let's dive straight in.

The e-commerce industry is growing tremendously - here's why

Consumer needs drove a spike in online shopping when the COVID-19 pandemic hit, with many trying e-commerce for the first time, contributing to a sustained increase in online shoppers.

And get this. Global e-commerce sales are projected to surge by $6.3 trillion in 2024. Additionally, worldwide digital buyers are expected to rise from 2.14 billion in 2021 to 2.41 billion by 2025.

Unlike traditional retail, this is not a surprise because e-commerce offers global reach without the constraints of physical store hours or locations. It enables personalised product recommendations, targeted advertising, and customised deals.

With that in mind, growth is inevitable.

Now, let's explore key consumer behaviour statistics.

Have shopping patterns shifted?

This is what e-commerce statistics tell us about consumer behaviour shifts. 

Online shopping frequency today

• Globally, online shoppers have surpassed 2.14 billion- a notable surge from previous years.
• Today, a whopping 70% of the American population is shopping online.

Preferred payment methods

• eWallets are the preferred payment method among global online shoppers. They account for 36% of transactions, followed by credit cards at 23%, and debit cards at 12%.
• Mobile payment methods like Alipay and WeChat Pay are dominant in China with over 80% of online transactions being made through them.

Product search behaviour/trends

• Amazon is the most popular product search platform for consumers.  74% use it to begin their search.
• Customer service is critical. 87% of customers either spend less or altogether avoid brands that do not provide efficient customer support.
• According to a study by eMarketer in May 2021, Gen Zers exhibit higher engagement with social commerce than older generations.

Open and conversion rates on mobile

• According to Mobile Marketing Watch, 77% of consumers have a positive perception of companies that keep them informed using SMS. The study also found that 64% prefer texting over a voice call and 81% are frustrated being on the phone or tied to a computer to reach a company.
• According to Leanplum, push notifications have an average open rate of 90%.
• For mobile commerce in the US, the average conversion rate is 2.4%.

Open and conversion rates on email

• Across all industries, businesses are achieving an average email open rate of 19.7%.
• 41% of marketers put the email conversion rate above all other metrics, making it the best-in-class KPI.
• With personalised subject lines in promotional emails, there's a 50% increase in open rates.

Cart abandonment

• In total, cart abandonment costs the e-commerce industry an estimated $4.6 trillion in lost sales every year. 
• On average, the cart abandonment rate across industries is approximately 70%. In other words: nearly three-quarters of your e-commerce customers are going through the buyer’s journey and leaving before they finalise their purchases. 
• There is a difference when it comes to devices. On mobile, the cart abandonment rate is 85.65%, while on desktop it's less: 73.95%. 
• It's worth noting that complete prevention of cart abandonment is unlikely. However, campaigns targeting genuinely interested buyers should aim for an average recovery rate of 5-10%.

Strategies to curb cart abandonment

• Cart abandonment emails have a 45% open rate. Around 11% of people who open the email complete a purchase.
• Combine SMS and email marketing for optimal customer engagement. Recent research indicates a 38% boost in campaign effectiveness and increased revenues when used together.
• 58% of shoppers abandon their carts because of high shipping costs. Offering free shipping can help reduce cart abandonment rates. 

Take your e-commerce store to the next level

There you go. You now know some important facts and figures about the industry. Now go forth and sell!

Need a reliable SMS service provider to handle your e-commerce SMS alerts and updates?

Try SMSCountry. 

Nothing's stopping you from scheduling a demo and finding out more. 

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Thanks for reading.

Signing off,

Nisha Parikh 😷