It’s pretty safe to say that online shopping is on the rise. In fact, it is predicted that by 2023, the US alone will have around 300 million shoppers.
The world has seen some big changes this year, especially in the eCommerce industry. And these changes will most likely impact the years to follow.
With the New Year just around the corner, let’s take a look at some statistics and see what we can expect for 2021.
- The Number of Digital Buyers Will Rise To 2.14 Billion
As of this year, it is estimated that around 2.05 billion people have purchased products online. However, by 2021, it is expected that the online shopping industry will see 2.14 billion buyers.
This number should come as no surprise. After all, the number of digital buyers has seen a year-to-year increase in the past few years. From 1.32 billion shoppers back in 2014 all the way up to where we are now.
Not only that, but this year has shown that most of your shopping can be done online, including groceries. Therefore, it is most likely that people will continue using the online medium as a means of shopping in the years to come.
- Mobile Sales Are Expected To Reach $3.56 Trillion
Again, this should come as no surprise. As the number of digital buyers rises, the number of sales will increase as well. As of this year, the revenue generated by mobile sales is $2.91 trillion, triple compared to what was back in 2016.
- Almost 50% of Consumers Shop on Mobile
With the sheer speed that technology has been advancing over the years, the use of mobile phones has simply become more convenient. Meaning that people will most likely end up spending more time surfing the internet on their phones, rather than on desktops.
If you’re running an eCommerce website, having a mobile-friendly site is necessary. If you need help, you might want to talk to Digital Silk, a web design company Miami.
- 63% of Shopping Occasions Begin Online
What does this mean? Well, it means that for over half of all buyers around the world, their customer journey began online, when they were doing research, for example.
Now, that doesn’t mean that they ultimately ended up buying the products online. This statistic shows that, for 63% of shoppers, the online medium was the decisive factor that led them to make the final purchase in an online store or in a brick-and-mortar-one.
- 46% of Online Buyers Feel Overwhelmed By The Number Of Options
With so many products being available online of different quality standards, at different prices, from different brands, some shoppers often find themselves overwhelmed, getting to a point where they don’t know what to choose.
This is where people are most likely to walk away. With that being said, if you’re running an online store, consider limiting the number of products you offer.
This way, you’ll avoid making your potential customers feel overwhelmed by the number of options you offer. Therefore, making their decision process much easier for them and in the end, increasing your chances of generating sales.
- 63% Of Shoppers Abandon Their Carts Due To Shipping Costs
The main reason why people abandon their shopping carts is due to seeing the grand total at their final checkout, including shipping costs. Now, other reasons include orders taking too long to ship or discount codes not working.
However, shipping costs are the main issue here. If your business can’t afford to cover the shipping, there’s another way to work around this problem.
Just be transparent. As we’ve previously mentioned, people usually abandon their carts at the very last step of the checkout process, when they see the total amount they have to pay.
That puts the customers in a state of shock and can cause them to abandon the products they wanted to buy altogether.
In order to mitigate this shock, mention the shipping costs right from the start. That way, the customers will be more likely to complete the checkout process.
- 75% of Consumers’ Search Queries Each Month Are New
What does this mean? Well, it means that when people are browsing online, they’re always searching for new products. Therefore, as an eCommerce business, you need to keep up the pace with their demands.
Make sure to constantly update your product offerings. This will not only give your customers fewer reasons to search for products elsewhere, but it will also help you stay ahead of the competition.
- 42% of Online Shoppers Use Digital Wallets
It seems like digital wallets, such as Paypal, Apple Pay, Samsung Pay and Google Pay are the preferred payment options of online shoppers, credit cards following behind.
Since 42% of online shoppers use digital wallets, don’t forget to include this payment option on your website.
- 67% of Consumers Used A Chatbot This Year
It looks like chatbots are becoming the preferred means of communication for consumers when it comes to customer support. And the number of chatbots is expected to rise next year.
The main reason for this is that they are faster than human agents. Much faster actually. It only takes a few seconds for chatbots to answer your questions and find the solution you’re looking for.
- 65% Of Shoppers Use The Internet For Comparing Prices While They’re Physically Shopping In A Store
And finally, here’s a very interesting point. People don’t only use their phones to shop online, but a lot of them use them to compare other prices while already in a store.
And these price comparisons have actually influenced 51% of shoppers to buy products from a store other than the one they initially planned to.
And here’s the thing. By making sure that your website is easy to find, up to date and offers competitive prices, that shop they turn to might be yours.
So, with 2021 just around the corner, these stats will give you an insight into what the next year is going to bring us.
Keep in mind that more and more people are using their phones for shopping online, so make sure that your site is mobile-friendly.