Most entrepreneurs understand that running a successful business means being on top of your game. The internet has provided us with a wealth of statistics and studies that can be used to help guide our decision-making in eCommerce.

With the pace at which the internet moves, stats from two or more years ago are no good. To grow your business in the coming year, you need to keep up to date with current events.

I spent a lot of time over the holiday break putting together a strategy to help my ecommerce businesses. As part of my research and data collection, I decided to compile a lot of the information I saw and learned into a blog post. I hope this helps you as much as it helped me. All ecommerce businesses should have a strong 2020!

#1 – The global number of online shoppers has nearly hit 2 billion. Let’s put things in perspective: There are approximately 7.7 billion people worldwide. This means that more than 25% of the world’s population shops online. And over 5 billion people still have not experienced the joy of shopping from their smartphone, tablet, or computer.

The growth rate has been steady for the past six years. By 2020, the estimated 2.14 billion online shoppers will have reached their peak. These projections, which are based on steady growth, do not account for the possibility that 5G networks will roll out all over the globe, even in emerging mobile markets such as Africa, where European or Asian companies have made huge investments in digital infrastructure. This means that the number of online shoppers could easily exceed our expectations in the next few years.

#2 – Ecommerce accounts for almost 14% of worldwide retail sales. It is also projected that it will be more than 17% by 2020. While some brick-and-mortar giants closed their doors in the past few years, others like Target and Walmart have joined the digital revolution with full force. Amazon is another option (cue Star Wars’ Imperial March). This is a great opportunity for startups. However, don’t let this statistic fool you. There will be a lot of competition from large companies so you need to think strategically and use effective marketing strategies like retargeting ads.

#3 – Nearly half of American businesses don’t have a web presence. This statistic blows me away–and is one reason why ecommerce platforms such as Shopify exist. Stat #3, if stat #2 was subject to competition from big businesses, should make you feel a bit better. You have more market share because brick-and-mortar services and stores are not aware of the potential for online sales. This stat could also be your ticket to a prosperous 2020 if you sell website design services through your online store. To let Mom-and-Pop shops know what you can do, grab some business cards and launch a Google Ad Campaign.

#4 – Online shopping is a favorite among consumers. This is likely to be obvious, but you might be interested in a deeper breakdown of their love for online shopping. 58% is the top-ranked feature, closely followed by the ability to compare prices and find lower prices. There were many benefits to this list, including greater variety, saving time and not having to travel and fight people.

The key message here is that customers love online shopping. You want your customers to have a pleasant shopping experience. This is possible with great site design and architecture.

#5 – Customers are checking your prices while they shop in stores. To be precise, 65% of shoppers don’t necessarily check out your online store but are searching for price comparisons via a site like Google. This is great news, especially for vendors that don’t need to maintain a physical store or pay workers to replenish the inventory. Your items should be reasonably priced and displayed on Google Shopping Search Results and similar shopping engines. You can also list your items on Amazon, Wish, or eBay to make it easier for in-store shoppers to find them.

#6 – Consumers do their research before buying. 85% of consumers do this. People love shopping online because they can compare prices and research products. You need to provide lots of information on your products, including sizes, materials, and quality photos (including action shots) on your website. A great product description will help build trust in what you offer. Customers are constantly looking at their options and the better the product descriptions, the more likely they will choose yours over the others.

#7 – Word-of-mouth still matters a lot. As of 2019, 81% believed that their family and friends were more trustworthy than a business. It’s not surprising that some consumers have lost trust in the face of Amazon’s proliferation of fake products, some of them even being shown to be dangerous by a recent WSJ survey.

Even if your website is optimized for consumer research, you still need to build a positive online reputation for your brand. Reviews and user-generated content can help you build a positive reputation online. For example, people taking pictures with your products. You have many options to increase brand awareness. These include giveaways, working with influencers, and posting pictures on Instagram with your branded hashtag.

#8 – Customers quit shopping online at stores with poor customer service. It could be anything from a defective product to being unable to contact a live person on a customer service number. Do everything you can to ensure a pleasant shopping experience, from beginning to end and beyond.

It is important to be as available as possible for customer service issues. This is an excellent reason to create follow-up campaigns and a relationship with customers who have been there before. It can help you build a foundation for future purchases. You don’t want to be an unreachable, faceless business like some venues named after large jungles.

#9 – Less than 3% of online traffic converts to a purchase. However, conversion rates can vary based on traffic source, device, and other factors. This statistic is great for those who feel their sales numbers are low. Keep in mind that you can expect less than three sales for every 100 visitors to your website. You might make 20 sales if you have 1,000 visitors to your site. The key point is to maximize your conversion rate.

2.85% is a low percentage. You can get some inspiration from the fact that brick-and-mortar stores have conversion rates almost sevenfold higher. This makes sense because customers who visit a brick-and-mortar store are willing to travel a great distance to purchase something. However, it is important to learn techniques and tips to increase sales. It’s not good to settle for less than 3% in business.

#10 – Nearly 70% of online shopping baskets are abandoned. What is the reason? The internet is filled with distractions and competition, as we all know. Optimizing your checkout process to reduce abandoned carts is the key takeaway. You can also create a retargeting strategy that will follow up with people who have left your site to find greener pastures on the other side. There are many ways to get back the love.

#11 – Extra costs are killing sales. One of two possible outcomes can be expected: customer frustration or a change of heart. Customers who shop online don’t have to complete a transaction. Extra costs, such as shipping, are the main reason they abandon their carts.

Another reason is the need to create an Account or a complex checkout process. However, these two factors account for less than 40% of abandoned carts. extra costs account for up to 53%. Your pricing should be clear and simple. Do you have the option to offer shipping free of charge or include shipping in your price? Shipping costs are not disclosed to the customer, but it is a better deal for them if they include shipping or free shipping.

#12: Your abandoned cart emails are being opened by people. You might see around 45% of abandoned cart customers open emails you send to them. This is a very high rate. MailChimp also shows that general emails, such as weekly newsletters, have an open rate of around 15%. This means that even if someone has said no, it doesn’t necessarily mean they have said it twice. There’s always a chance that they will say yes again. Make sure your store is set up to send follow-up emails to customers who abandon their carts. You won’t regret buying with an open rate of around the mid-forties.

#13 – Shoppers head to the biggest marketplaces first. It’s a common saying that if you want vegetables to be sold, then go to the farmer’s market. Nearly half of all online shoppers ( 48%, to be precise) simply go to Amazon, eBay, or Etsy. These statistics should make it worthwhile to consider placing your products on these sites, at the very least to obtain attention that can be redirected back toward your website (where you have more offerings). You don’t have to fight the competition. Instead, join the fray and use simple strategies to draw attention to your products.

#14 – Smartphone shoppers are increasingly shopping on their smartphones…and they want it all to work seamlessly. In the last six months, nearly 80% of smartphone owners have purchased using their tablet or phone. Smartphones are becoming the main place to shop online, socialize, browse for information, and make purchases. It might be a good idea to think about the mobile layout before the desktop layout when designing your website.

Statistics show that over half of your customers are using their mobile phones to access your digital store. Mobile layouts should be simple. A site that takes more than 10 seconds to load on mobile will see a 32% increase in bounces. Mobile shoppers will be 62% less likely to visit your store if they have a poor experience.

#15 – Younger people spend more time online shopping. It’s possible you already know this, but it is good to understand the breakdown. Millennials spend approximately six hours a week shopping online. The average weekly time spent shopping online by baby boomers is four hours. Senior citizens spend about two hours each week. You must know who you are selling whatever you sell.

This is because different people have very different shopping habits. This is why it’s important to make your business multichannel. You can market your business on Facebook, Instagram, and your email list in many different ways.

The Final Word

Working in ecommerce for the last few years, many of these stats resonated with me, while others were pretty eye-opening/startling. This post should help you decide what 2020 moves to make. Mobile is a hot topic. Consumers love online shopping. Customer care cannot be understated. These 15 stats will help you to create your 2020 strategy. Resolve to take these 15 statistics to heart and implement them.

To discuss your strategy and to help you plan it, please contact our team. You can feel confident in your ability to work through these issues yourself.