In 2016, around 1.6 billion people around the world purchased goods through the web and the global e-retail sales summed up to a whopping 1.9 trillion US dollars, as per Statista.com. The current trends and projections show a further 4.06 trillion growth in the sector until 2020. An estimated 12.1% of sales account for in Asia Pacific and a mere1.8% in the Middle East and Africa.
The big nations like India and China are venturing rapidly into e-commerce with more people turning their inclination towards online shopping. Given the massive population of these two countries, it can be said that we will be bidding farewell to traditional shopping soon enough. Here are a few trends and statistics which will prove this notion:
51% of Americans prefer online shopping
Out of all the Americans who have internet access, 96% have resorted to purchasing something online at least once in their lives. This does not undermine the importance of traditional stores as 49% of purchases were still made through them. However, these statistics might vary greatly in near future as people purchase clothing items, electronics, music, books, movies, and even groceries online.
67% of Millennials and 56% of Gen Xers prefer online shopping
The young generation is more enthusiastic towards making online purchases but this doesn’t mean that the older one is lagging behind. Around 41% of Baby Boomers and 28% of Seniors will click to make a purchase and can easily spend as much as 4 hours in a week shopping online. They might do it through large retailer sites, marketplaces, independent boutiques, or even category-specific stores.
E-Commerce is growing 23% every year
In the third quarter of 2016, online orders increased by an 8.9%. There are a number of contributing factors for this inclination as there is a wider choice available on the web with 24/7 availability. People save on the costs because of frequent discounts and no fuel expenditure. The most lucrative advantage for the busy Americans is that they don’t have to waste their time while waiting in the queue.
54% of small businesses have a website
Even if a business doesn’t have a website of its own, it relies on marketplaces like Amazon and eBay to sell its goods. Moreover, social media also plays a vital role in providing a selling platform and boosting the sales of small and medium businesses. 30% of online shoppers are likely to make a purchase from Snapchat, Twitter, Instagram, or Facebook.
Americans are spending 4.5 to 5 hours per week shopping online
2 out of 5 online shoppers claim that they cannot live without it just like some people cannot live without streaming music or without dating apps. The average amount spent on large retail stores is $409 per annum whereas the one spent on the smaller stores is $182 in a given year.
Considering the current trends, it is essential for a retailer to have an omni channel store. However, his reliance on an online store or a marketplace will increase further with time. In the hub of the e-commerce marketplaces, it becomes difficult at times to weigh the pros and cons of each of them. Visit OnlyPickOne and they will give you comprehensive comparisons of not only online stores but of a lot of other things as well.