Ecommerce is one of the fastest-growing industries in the world today. Driven by things like convenience, low prices and ample selection, it makes sense that online shopping has become a standard in most households.
After all, why would you make a special trip to the store when you can order the same items from your couch and have them shipped to your front door for free within 48-hours?
If you’re an online retailer, you already know precisely how in-demand your services are. But are you familiar with the ecommerce statistics surrounding the industry? If not, you should be.
In addition to giving you a way to wow your coworkers at the water cooler, understanding the hottest ecommerce statistics for 2018 is a great way to take an intelligent approach to your marketing plan and ensure you’re giving customers exactly what they want.
Read on to learn more.
7 Ecommerce Statistics You Need To Know
Whether you’re new to the world of ecommerce or an established retailer looking for smart ways to be more successful, these 2018 ecommerce statistics are here to help:
1. Ecommerce Sales Will Reach $4 Billion by 2020
This is a massive number, and it represents a significant increase from 2018’s projected $2.8 billion. Because the increase shows no signs of slowing any time in the near future, retailers will do well to adjust their approach now and ensure they’re keeping long-term ecommerce trends in mind as they develop marketing strategy going forward.
2. 63% of Customers Worldwide Shop Online
In 2016, this number was approximately 58.3% of global web users. By 2019, it will grow to 63%. And by 2021, digital buyer penetration is expected to surpass 65%. As these numbers illustrate, online shopping is becoming increasingly more popular with buyers from all backgrounds, and the trend will only continue to grow in coming years.
Because so many people are turning to digital platforms to purchase their items, online retailers must be especially careful about targeting their marketing and defining customer groups. This is a relatively small task but can save thousands of dollars in marketing and advertising down the road, all while making online advertising much more effective.
3. B2B Will be Worth $6.7 Trillion by 2020
This is another side of ecommerce that retailers can’t afford to ignore are B2B ecommerce statistics. While B2C has gotten big in recent years. B2B has as well, and retailers will do well to adjust their strategies accordingly.
By targeting the B2B market and adapting marketing to continue to speak to it effectively, online retailers can take advantage of growing trends and ensure they’re staying abreast of their industry.
Wondering what to pay attention to? Given that 89% of B2B searchers use the web to compile information, and most conduct an average of 12 searches before they choose to engage with a specific brand, you’ll do well to focus on things like SEO and making your website easy to navigate.
4. Mobile Shopping is Worth $3.2 Trillion
The fastest-growing segment in the entire ecommerce world, mobile shopping has increased in value by more than $1.5 trillion since 2013. As of right now, Apple dominates the market, commanding about 50.6% of total market share.
Don’t get discouraged, though: you can claim your own market share by ensuring your site is easy to navigate via mobile, and that you’re taking steps to enhance your mobile approach at every turn. Simple steps like ensuring your online sales process works well with digital wallets can also help.
5. Bad Returns Policies Deter 80% of Shoppers
Today, you can’t afford to offer a sub-par returns policy. Modern customers care deeply about your return policy, they read it and they’re going to abandon ship if what you’re offering doesn’t suit them. With this in mind, it’s essential to ensure you’re making your return policy as customer-centric as possible.
Things like free return shipping, no restocking fees, and preprinted shipping labels included in packages can go a long way toward making your returns offerings less headache-inducing and more user-friendly.
6. 88% of Customers Want Details About Products
Today, the grand majority of customers say that detailed product content is essential to their shopping decisions. This makes sense when you consider the dynamic of ecommerce. Since customers can’t taste, touch or feel the products in question, they want to be able to read about them in close detail.
When this is a reality, it helps them purchase with confidence and can go a long way toward making digital shopping more efficient and targeted for consumers.
7. Drone Shipments Are the Future
Today, there are about 600,000 commercial drones in operation, and they represent a new wave of reality for ecommerce shipments. As it stands now, nearly 50% of customers would be willing to receive deliveries via drone, a number that increase as this technology becomes more readily available.
Drones are increasing in popularity thanks to their convenience, expedience and cost-effectiveness, and the ecommerce industry stands to see many more of them in the coming years. Even if your company isn’t a candidate for drone use right now, it’s worth being aware that they’re becoming increasingly popular, and that the things they offer to consumers are in increasing demand in the world of fulfillment and shipping.
Better Marketing Starts Here
Ecommerce is changing at a rapid rate, and keeping pace is essential for ecommerce retailers across the board. Between automated shipping, mobile browsing and buying, and exploding retail sales rates, the ecommerce industry is one of most fluid verticals out there, and retailers have a responsibility to keep up.
Luckily, one of the best ways to do this is through information. By understanding ecommerce statistics as they relate to this year, e-tailers can power marketing plans, reduce the cost of acquisition, and improve bottom lines and ROI. Here’s to the future of ecommerce!
Need even more information? We’ve got you covered in with this infographic about cross-channel shopping statistics for 2018.
