eCommerce Statistics 2023 – How Is It Developing Now?

The eCommerce world has been booming in the last few years. No one can deny it. It helps you to thrive in your sales in the future. If you are an eCommerce store owner, you might need to know some essential eCommerce statistics. 

Let us get started with the statistics of the eCommerce industry in the last few years. 

The eCommerce Statistics 2023 Are

eCommerce Growth Stats

In 2020, ecommerce sales increased by 27.6%. (eMarketer)

The year 2020 will be remembered as a watershed moment for ecommerce. Although online shopping was already gaining popularity, the COVID-19 epidemic exacerbated its rise, as more individuals turned to their computers to shop rather than traveling to stores and mingling with strangers.

The ecommerce industry grew dramatically as a result of this. According to eMarketer, the industry grew at 27.6 percent over the previous year.

Ecommerce sales in Singapore increased by 71.7 percent. (eMarketer)

Compared to many other countries, Singapore's ecommerce industry grew blistering pace.

Singaporean ecommerce sales surged by 71.7 percent in 2020, according to eMarketer. Argentina was another country that had a significant increase, with 79 percent more ecommerce transactions in 2019 than in 2018. In reality, ecommerce sales in Latin America as a whole increased by 36.7 percent.

E-commerce's grocery retail market share increased to 10% during the pandemic.

Groceries were one of the key ecommerce verticals that saw significant growth due to the epidemic. (Statista)

While some stores had ecommerce alternatives in place before the epidemic, many had to swiftly adjust to suit the demands of their customers as countries fell into lockdown. During the epidemic, online grocery transactions accounted for 10% of the whole supermarket business.

In addition, the eCommerce proportion of drugstore retail has increased to 16%. (Statista)

The drug store industry was another industry that was in high demand during the pandemic. Despite the restrictions, people still need access to their drugs and other pharmacy store products, which has resulted in a dramatic increase in the number of drug shop orders placed online.

At the height of the epidemic, online transactions accounted for 16% of all drug shop purchases.

eCommerce Stats By Country

US

• Year over year, ecommerce sales are up 17.9%.
• Conversion rates for online shoppers in the United States were 2.57 percent.
• When shopping in a store, 57 percent of US digital consumers said they occasionally use the retailer's app to check prices.

Canada

• In 2020, ecommerce in Canada surged by more than 70%.
• By 2024, revenue generated by the retail Ecommerce sector is expected to exceed 33 billion US dollars, up from 25.4 billion in 2019.
• When making an online purchase, Canadians consider item costs and savings the most important factors.

UK

• Nearly 50 million people in the United Kingdom shop online.
• Customers in the United Kingdom will spend £141.33 billion on online shopping in 2021.
• Ecommerce sales amounted to 36% of total UK retail sales in November 2020.

China

• China is the world leader in ecommerce adoption, with an anticipated 792.5 million digital buyers by 2021.
• China is anticipated to be the first country to have more than 50% of online retail transactions. 
• Alibaba is the market leader in China's ecommerce business, with a market share of 59.9% in 2019.

Japan

• Compared to the rest of the globe, Japan's ecommerce growth is moderate, at roughly 6% per year.
• The Ecommerce market in Japan is expected to be valued at $135.5 billion by 2024.
• Travel is the most popular online goods category among Japanese customers. Online customers in Japan prefer to pay with a credit or debit card.

Source: Statista, BigCommerce, Oberlo, Shopify

Buyer Behavior Stats

The most common reason for not making a purchase is the lack of free shipping (Digital Commerce)

Around 28% of buyers say they won't buy something since it doesn't come with free shipping. 

Another 23% say the difficulty prevents them from converting approximately half of the time, and another 23% say it only happens “once in a while.” Aside from free shipping challenges, other typical reasons for not making a purchase include concerns about the item being on time (44 percent) and a lack of a clear delivery date (20 percent ).

In bed, 43% of Americans purchase online (BusinessWire)

According to BusinessWire, over 43 percent of Americans buy things while in bed, and approximately 25% purchase online when visiting a physical store. Another 23% of customers say they frequently shop in the office, and 20% browse digital stores while in the restroom.

For millennials, Amazon is the most formidable online opponent (Statista)

When looking for a purchase online, one in every five millennials says they go to Amazon first. Around 59 percent of people say they start their shopping trips with a trip to Amazon. Statista agrees with Amazon's dominance, designating it the most popular online shop in terms of visitors.

However, 87 percent of millennials say they are extremely likely to compare other websites or apps prices before purchasing.

Before making a purchase, 81 percent of customers conduct research on the goods (Invoca)

Around 81 percent of shoppers check up information about a product before making a purchase, indicating that research is critical to ecommerce sales. 

For Millennials, the absence of information or evaluations is particularly problematic. According to Inviqa.com, the most significant difficulty buyers experience while shopping online is a lack of reviews or information. 

Before making a purchase, 93 percent of millennials say they are likely or very likely to check reviews.

Global purchases necessitate the use of localized language (Shopify)

According to Shopify's worldwide purchase insights, 65 percent of customers prefer content in their own language, even if it isn't precisely translated. Around 40% of clients will not buy anything from a store if the content is in another language. Customers utilize online translation to assist them in grasping a store in about 66 percent of cases.

Social Media eCommerce Stats

Online stores with a social media presence generate 32% more sales than those that don't. (BigCommerce)

When compared to sites that do not invest in social media marketing and build a strong presence across the most popular platforms like Instagram, Facebook, Twitter, and YouTube, online stores that support social media pages and build a strong presence across the most popular platforms like Instagram, Facebook, Twitter, and YouTube can increase their sales by up to 32 percent.

The average eCommerce site makes 4.55 posts every week on its Facebook page. (BigCommerce)

Every week, eCommerce websites that use Facebook social media marketing campaigns publish four to five posts. If you want to create a solid relationship with customers and increase revenue, you must be consistent.

In 2021, social commerce sales will total $36.62 billion (eMarketer)

The ecommerce business is seeing a rise in social commerce sales or ecommerce transactions conducted through social media. Indeed, according to eMarketer, social commerce sales would increase by 35.8% in 2021, increasing total social commerce income to $36.62 billion.

42% of shops intend to sell using social media (Inmar)

According to an Inmar survey, 42% of merchants expect to market using social media in 2021. This is an increase from only 30% in 2020.

Mobile eCommerce Stats

In the United States, 82 percent of Internet users have used a mobile device to purchase online. (Statista)

Because everyone has a smartphone, mobile purchases continue to rise year after year. In the United States, four out of every five persons who use the internet have completed at least one online transaction using their smartphone.

Smartphones account for 40% of all internet purchases made throughout the holiday season. (Outerbox)

Most of us used to embark on in-person shopping sprees during the holiday season, but that has changed recently. Because it is so convenient, almost 40% of all holiday shopping is now done on mobile devices.

53% of smartphone and tablet users will use company-specific applications to shop. (Intelligent Insights)

The biggest and most prominent corporations, such as Amazon, eBay, Walmart, and others, offer a free smartphone app to make online buying more accessible.

Mobile accounted for 44% of retail internet minutes, with tablets accounting for 11% and desktops accounting for 45%. (ReadyCloud)

The amount of time spent shopping online is currently split evenly between mobile and desktop users. Both account for up to 45 percent of total time spent shopping online, while tablet users account for only 11 percent.

Is eCommerce the future of Shopping for millennials?

Of course, Yes!

The relevance of eCommerce platforms is emphasized in all of the figures above. The world has progressed to where most healthy firms now have a strong internet presence. It's only natural for eCommerce platforms to continue to grow year after year.

There will soon be no actual businesses or shops where you can purchase items directly. If you still want to increase your sales and develop your business, investing in an online store is probably the most acceptable investment. The sooner you make the change, the faster your company will grow.