Another study shows that customers anticipate an increase in subscription use of 27%. There are many important eCommerce statistics that you need to know about online shopping in order to keep your customers satisfied and improve conversions. Other well-known eCommerce sites include Rakuten (Japanese) and Samsung (South Korean). Additionally, because QR code solutions are low-cost, it is projected that global growth will reach over $2.7 trillion in 2025. If you improve customer retention by only 5%, your businesss revenue will automatically increase by at least 25%. 1. Global retail e-commerce sales 2014-2026. Exportable files for easy reading, analysis and sharing. eCommerce exploded in growth last year due to the pandemic, and even though things are returning to normal, many shoppers have no intention of going back to brick-and-mortar stores. In fact, 842 million people shopped online in China in 2021. The path of international business expansion will not be frictionless. In other words, many times the first time a potential customer visits your eCommerce site is through their smartphone. Collectively, these six e-commerce companies accounted for 58 percent of the global e-commerce market. China is continuing to lead the pack when it comes to social commerce. Chinas eCommerce revenue is quite remarkable, especially considering that it only surpassed the US as the worlds largest eCommerce market less than a decade ago. The food and beverage industries have the fastest growth, showing a 38% and 35% increase in revenue, respectively. Total addressable market (TAM) is a common limiting factor of growth. In-depth analysis, benchmarks and shorter spotlights on digital trends. DTC is a direct connection to consumers that is rapidly becoming a significant part of global ecommerce sales. Behind the scenes, improvements in everything from digital payments to supply chain and fulfillment capabilities improve the customer experiencefurther driving changes in consumer behavior. Amazons two fastest-growing ecommerce categories this year will be health, personal care, and beauty as well as food and beverage. Insider Intelligence aims to be the worlds leading research service focused on digital transformation. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. PR Director From opportunism to long-termism. Electric Vehicles: During 2022 in the US, as auto sales dropped 8% on a year-over-year basis, Tesla's sales increased ~49%. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. Even in a slower-growth environment, total new spending will be enormous. Data suggests that annual growth in e-commerce will outstrip traditional retailing at least until 2025. Since market research can be quite time-consuming, we have decided to do the work for you and provide eCommerce statistics that will help your business get the preparations for 2023. Discover and Connect with Commerce Network. WHATS IN THIS REPORT? The go-global movement is echoed by consumers. Global ecommerce sales will likely reach $5.4 (3.95) trillion in 2022. Amazon marketplace has a roughly 25% market share of the total U.S. e-commerce spending. Social commerce is most common among Gen Z consumers in the United States. Try implementing some of the following best practices: mandatory signups, support of multiple digital payment methods, exit-intent popups. What Does This Forecast Mean for Brands and Retailers in China? . Thats an increase of 9.4% over last year, the first time since 2009 that US retail ecommerce sales growth will dip into single digits. A quote from The Art of War, China's monumental treatise on warfare goes like this: "Know the enemy and know yourself; in a hundred battles you will never be in peril.". After all, giving away equity is expensive. In contrast, Gen X and Baby Boomers are less likely to browse multiple online stores than younger generations. WooCommerce is a very popular eCommerce solution and, according to the WordPress plugin repository, it has been downloaded more than 5 million times. Disruptions to the supply chain are becoming more regular and severe, as illustrated by Levis recent loss in Europe. . Take for example buying a house on Amazon, it sounds not the best idea. Insider Intelligence latest news, announcements, and media resources. Opinions expressed are those of the author. Against this backdrop, e-commerce companies have started exploring new and unsaturated marketing channels. In fact, Morgan Stanleys industry model, along with other data, suggests that e-commerce will continue to gain traction, even in countries where online shopping is already popular. Dont just focus on the positive metrics and think everything will stay rosy, the market will reach a stable plateau soon enough. Analyzing survey data from 1037 college students in China, a country with the world's largest number of Internet users and the world's largest e-commerce market, the current study demonstrates that consistent with previous research, some routine telecom/cyber activities of Chinese college students predict higher odds of being targeted for telecom/cyber fraud, but online routines do not . In the highly competitive and fast-paced world of e-commerce, one thing is always certain: We're in for yet another year of change and disruption. In South Korea, thanks to a well-developed payments and logistics infrastructure, online sales already account for 37% of all retail activity. years later, eMarketer data showed that the actual. Although its remarkable, we shouldnt forget that China was already predicted to reach $350 billion in 2021. The Way Forward: Planning Ahead To Prepare For Growth. However, live chat firms that dont provide good customer service will quickly see buyers begin to shop elsewhere. The growth of the retail market largely relies on population expansion and, to a lesser degree, changes in consumer behavior. If you want to construct an eCommerce store, you have to choose an eCommerce platform that will manage payments and other features of your website. However, when comparing the two types of ads, those on streaming services were found to be better overall. Forecasts and estimates from Insider Intelligence are based on an analysis of quantitative and qualitative data from research firms, government agencies, media firms, and public companies, as well as from interviews with top executives at publishers, ad buyers, and agencies. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. According to a recent industry report, e-commerce will account for 20.4% of global retail sales by the end of 2022, up from only 10% five years ago. Business personalization is a top priority for many companies. How many new buyers will come online this year, and where can retailers find them. Find out the latest statistics and facts on the e-commerce market in Thailand. These obstacles can be boiled down to a handful of challenges, which include: Shopify teamed up with Chinese eCommerce behemoth JD.com in order to take advantage of the growing global trend of online shopping. The COVID-19 global e-commerce surge was initially born out of necessity. According to online data shared by Statista, its estimated that in 2022 sales via social media platforms across the world will add up to $992 billion. 23% responded that their favorite brands content is the main reason they log onto social media sites. Exportable files for easy reading, analysis and sharing. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. And its not just one platform that people are using; the report shows that each month 7.5 different social media platforms are visited by users. Inflation continues to remain one of the many grave concerns in 2022, so there will be more enhanced distribution and fulfillment planning as an industry. With more people owning mobile devices, there is a larger opportunity to turn website visits into purchases and increase brand awareness. According to Builtwith, there are 4.147.766 live websites currently being powered by Shopify (The number is counted til the day this article is written). A report found that the majority of Chinas cross-border online shoppers plan to spend more money online in 2022. How many new digital buyers will come online this year, and what are the trends for existing buyers. Proprietary data and over 3,000 third-party sources about the most important topics. Methodology In 2021 alone, the live commerce market racked up $2.27 billion in sales and is expected to increase to nearly $5 billion by 2023. When asked about why they switched from loans to revenue-based financing at Choco Up, my company's clients shared the following views: Bank loans are time-consuming to apply for. In contrast, Shopify is much simpler and can be used by beginners without any prior coding knowledge or experience. . In-depth analysis, benchmarks and shorter spotlights on digital trends. Two years ago, only 17.8% of sales were made from online purchases (Global eCommerce Forecast 2021, eMarketer, 2021). High-profile retailers are shuttering stores, but that doesnt mean a broader retailpocalypse is IRI integrates with Meta in bid for incremental shopper marketing dollars, Lululemon, Macys, and Chicos lower their Q4 outlooks, Amazon layoffs multiply, indicating continued strife in tech sector. In this article, well explore interesting eCommerce stats related to an overview of the market, online shopper statistics, mobile commerce, eCommerce marketing, social media marketing, macro, and micro eCommerce trends. Additionally, the number of Shopify users has been gradually catching up to WooCommerce in recent years. These statistics have remained relatively stable over the years. Reliable data in simple displays for presentations and quick decision making. Tell us about yourself. According to eMarketer, that figure will reach the $1.67. Each eMarketer forecast fits within the larger matrix of all its forecasts, with the same assumptions and general framework used to project figures in a variety of areas. Based on growth projections, retail ecommerce sales will surpass $1 trillion for the first time ever in 2022, according to eMarketer's US Ecommerce by Category 2022 report. However, global brands cannot avoid feeling the pressures of inflation. Having a sustainability strategy will be increasingly important to retailers in 2022, according to Andrew Lipsman, eMarketer principal analyst at Insider Intelligence. From the survey, we can see that people place importance on website navigation and content. This is due in large part to technological advances such as branded shopping apps, 5G wireless connections, and social shopping platforms that make it easier for people to shop on their phones. This type of marketing tool helps businesses increase traffic to their website by 86%, generate 84% more leads and directly contribute to an increase of 78% in sales. This is because more than 2.5 million new Shopify stores were set up in the last two years, during the Covid pandemic saw a huge number of traditional offline retailers move their business online via Shopify. But as consumers began shopping in person again, investors started to ask: Was the Covid-bump a one-and-done deal, or could e-commerce growth continue? Insider Intelligence Inc. All Rights Reserved. For example, Amazon improved its delivery speed by establishing inventory warehouses all over the world. Customers often use multiple channels when shopping, and sometimes they end up making online purchases even as they stand in line at a physical store or use smartphones as shopping assistants in stores. How do global retail giants stack up on their home courts? 3 KEY QUESTIONS THIS REPORT WILL ANSWER The result is increased costs of advertising and reduced return on ad spend (ROAS). If your primary marketing strategy is driving traffic through content for search engines, this platform is perfect for you. Consumers in Colombia and Brazil, for instance, spend more than five hours online each day, on average, creating a significant opportunity for retailers to reach a new market of customers. According to eMarketer, in 2021, e-commerce retail sales reached nearly $5 trillion worldwide and are projected to reach nearly $7 trillion by 2024. The subscription model is one of the most practical solutions for fulfilling recurring expenses. There are both pros and cons to this approach. Also, dont forget that we have the best marketing method omnichannel marketing. eCommerce Statistics For 2022: Growth and Trends To Watch. It's a lot of time. Which countries and regions will produce notable e-commerce growth figureseither positive or negativefor this year and through 2025? Many people assume that all cart abandonments are bad for business, but this isnt always the case. Nevertheless, its still ranked in the top ten fastest-growing countries with regard to changes in online sales numbers. E-commerce owners will need some time to familiarize themselves with these financing solutions. You can optimize your store for voice search to customize the shopping experience for each visitor. Other thriving industries that are growing rapidly include toys and personal and household care, which generate over $381.5 billion in revenue. Retail Ecommerce Sales Worldwide, 2021-2026 (trillions, % change, and % of total retail sales), Total Retail Sales Worldwide, 2020-2026 (trillions and % change), Retail Mcommerce Sales Worldwide, 2021-2026, Retail Ecommerce vs. Retail Mcommerce vs. Total Retail Growth Worldwide, 2021-2026 (% change), Total Retail and Retail Ecommerce* Sales Growth Worldwide, by Region, 2022 (% change), Retail Ecommerce Sales Worldwide, by Region, 2022 (billions), Top 10 Countries, Ranked by Retail Ecommerce Sales Growth, 2022 (% change), Top 10 Countries, Ranked by Retail Ecommerce Share of Total Retail Sales, 2022 (% of total retail sales), Top 10 Countries, Ranked by Retail Ecommerce Sales, 2022 (billions and % change), Digital Buyers Worldwide, 2021-2026 (billions, % change, and % of population), Digital Buyer Growth Worldwide, by Region, 2022 (% change), Digital Buyers Worldwide, by Region, 2022 (millions), Top 10 Countries, Ranked by Number of Digital Buyers, 2022 (millions), Department stores adapt to survive in the difficult retail landscape, The economy, Web3, and social media highlight our analysts takeaways from the NRF 2023 Big Show, Retail sales rise 6.0% in December, as consumers pulled back on spending. 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