In our global and mobile culture, shopping online is becoming a standard practice. E-commerce websites and the mobile commerce industry is changing and becoming more fragmented.
The global expansion of the Internet has considerably contributed to the transformation of store transactions and product purchases. E-commerce, or electronic commerce, largely means buying and/or selling products through the Internet and is mostly associated with online shopping.
Current e-commerce statistics state that 40 percent of worldwide Internet users have bought products online via computers, smart phones, tablets or other online devices. This amounts to more than 1 billion online buyers and is projected to continuously grow.
10 E-Commerce Statistics Worth Knowing
Here are some interesting statistics that could motivate entrepreneurs and business owners to improve their e-commerce websites and online store conversions.
1. Global e-commerce sales are growing by more than 20% yearly and are expected to be of over total 1,5 trillion by the end of 2014.
2. Customer reviews of products on shopping websites have strong influence on site visitors shopping. 45% of online shoppers would not purchase without online reviews.
3. 70% of shoppers overall believe that they will get a much better deal online than in traditional retail stores that are brick and mortar.
4. 70% of tablet owners browse products online in a variety of places and 47% of them place orders online and shop.
5. 80% of consumers use mobile devices such as tablets and smart phones to enhance their overall shopping experience.
6. 50% of the Internet population has purchased online through e-commerce websites more than once.
7. By 2017, mobile commerce will account for more than 25% of the worldwide e-commerce market.
8. The average online shopper will spend around $1,800 annually by 2016.
9. The fastest growing e-commerce markets are Brazil, Russia, India and China.
10. Online customers prefer free shipping with their purchases rather than discounted products.
Benefits of Owning an E-commerce Business
Open 24/7 and 7 days a week
E-commerce websites can operate all day and night and every day of the week on a worldwide level. Websites do not close like traditional brick and mortar businesses.
Reach new Markets
Operating e-commerce websites allows owners to reach markets traditionally not possible or too expansive. New markets are acquired with less effort.
Sell many Items
Selling through e-commerce websites allows business owners to sell many more items. Products can be easily organized with online shopping sites and promoted.
Easier Up-sale and Cross-sale
Selling to online shoppers can be when done right through e-commerce websites very effective. It is much easier to up-sale and cross-sale with online stores.
Less Expansive to Start
E-commerce websites are much less expansive to start than a traditional retail store. Many expanses such as rent, employees, and inventory are not required.
Increased Speed to Market
Online stores and e-commerce websites are much faster to start and open for business than retail stores and traditional types of businesses.
E-commerce business is more flexible than a traditional business. Websites can be changed quicker, updated, added too, and maintained with less cost.
For individuals and companies that wish to take advantage of e-commerce opportunities, can always research the details online and read many articles about it. There is plenty of information online about this topic.
If not sure how to get started, consulting services can always assist with the process. To avoid pitfalls and costly mistakes, individuals and companies can always work with experts and cut out the uncertainty of e-commerce.