Keeping on top of the latest eCommerce news and online shopping statistics is not always easy. That’s why we’re here to keep you up to date!
If you’re in the eCommerce industry, knowing the facts about how people shop (and what the competition are doing) is good for business. So here are the online shopping statistics you need to know in 2024.
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Online Shopping 2024: Everything You Need to Know
1. There are over 26 million live eCommerce stores
One of the most contested online shopping statistics as there’s no exact figure available. However, it’s said that there are anywhere over 26 million eCommerce stores live across the globe.
2. Only 1M eCommerce sites make more than $1,000 a year
If that last statistic was overwhelming, you might be happy to learn that only around 1 million stores make more than $1,000 a year.
3. Millennials and Gen X spend 50% more time shopping online than older generations
That’s right, the younger generations spend considerably more time online shopping than their older counterparts. On average, they spend 6 hours a week vs 4 hours for everyone else.
4. 62% of buyers shop online at least once a month
Let’s drill down into that last statistic. According to the statistics, almost 80% of online shoppers make a purchase at least once per month. 22% of them shop once a week, 27% shop once every two weeks and 29% shop once a month.
5. 81% of shoppers research the market before making purchases
According to the statistics, 81 of shoppers research their purchase before they actually buy it.
6. China’s eCommerce market is worth $2.78 trillion
This makes it the largest market in the world. The others in the top ten are:
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China – $2.78 trillion
USA – $843 billion
United Kingdom – $169 billion
Japan – $144 billion
South Korea – $120 billion
Germany – $101.5 billion
France – $80 billion
India – $67.5 billion
Canada – $44 billion
Spain – $37 billion
7. Americans prefer shopping online
Let’s look at some online shopping statistics from the USA for a minute. Over half of Americans (56%) say they prefer shopping online. An incredible 80% of the American population shop through the internet.
8. Amazon accounts for 45% of all eCommerce sales in the US
Amazon is an online retail giant, as demonstrated by Statista.
In 2017, their market share was 37% and its only gone up from there. In 2019 they accounted for 45% of all online sales, in 2020 this increased to 47%, and in 2021 – to 50%.
9. The B2B market is bigger than B2C
While the B2C market is worth an eye-watering $2.4 trillion, the B2B market is worth even more. It stands at an estimated $12 trillion.
It might be worth considering if there’s any way you can expand into the B2B market to get a slice of the pie!
10. 43% of eCommerce traffic comes from organic Google searches
While advertising can be helpful to boost your brand, it’s important to remember that a good portion of traffic still comes from organic Google searches. It’s definitely worth investing in a solid SEO plan.
11. 75% of shoppers search for new queries every month
Consumers are constantly searching for new items. In fact, 75% of those who make online purchases search for new queries every month. So, there will always be someone on the lookout for what you’re selling.
12. Checkouts with PayPal have a 70% higher conversion rate
When it comes to checking out, consumers want ease of use. PayPal can offer this. In fact, PayPal transactions have 70% higher checkout conversions than non-PayPal options.
13. eWallet is online shoppers preferred payment method
In 2019, 42% of shoppers paid for their purchase using an eWallet, and it’s expected to grow to to 52% to 2023. These are digital wallets that make electronic transactions possible. Think Apple Pay, Google Pay, and, of course, PayPal.
14. Americans tell an average of 15 people about poor customer service
According to the statistics, 13% of customers will more likely to talk about a poor experience than a positive one, telling an average of 15 or more people about a negative experience, and 72% of customers will tell just 6 or more people about good customer service.
This stat alone makes it imperative to work on your customer service and deliver the best experience possible.
15. 52% of customers will abandon your site if it takes too long to load
According to the Digital.com research, 19% of shoppers will abandon a website that takes longer than 2-3 seconds to load, while 8% will leave after 1 second. 25% of online shoppers will abandon a website that loads more than 4-6 seconds.
The importance of website speed can’t be overstated. Online shoppers have high standards for websites, and will click away if a page loads too slowly.
That is one of the reasons to invest in a good Technical SEO service.
16. 69% of online shoppers want more reviews from eCommerce stores
We’ve said it once and we’ll say it again: shoppers trust shoppers. Consumers are more likely to purchase a product or service that has positive customer reviews. In fact, 77% of customers read product reviews before making their purchase. In addition, 69% want to see MORE reviews.
Adding reviews to your site is simple. You can even use our Review plugin for WordPress.
17. 56% of social media users follow brands to view their products
Social media and online shopping continue to converge. 56% of online shoppers use their social media to aid with shopping research, following brands to get a better look at products.
If you haven’t done so yet, now is the time to set up your social media channels!
Online Shopping Statistics in Summary
Staying in the know about consumer behaviour and online shopping statistics is valuable for all eCommerce store owners. Stats like these should drive your sales strategy and marketing plan, and they help you stay ahead of the curve!
For more valuable nuggets of knowledge, make sure you keep your eye on the CreativeMinds blog.
