2021 E-commerce Statistics To Guide Your Business Strategy
When deciding on the next direction for your business, it’s important to be guided by strategy and statistics. This means that you will already have a basis on what works in the market, effectively avoiding the possible pitfalls of constantly and extensively experimenting.
This especially holds true for the e-commerce sector. It’s such a fast-changing industry that making sure you’re constantly up to date with market trends can often be the line that separates business success from failure.
With that in mind, here are some e-commerce statistics you can refer to when strategizing for your own shop.
Expect 2.14 billion global digital buyers in 2021
While this is just an estimate, this statistic shows that there are a huge number of potential buyers… and they’re looking at what you can offer online. They make up 27.2% of the world.
In another study which assessed the digital buying patterns of consumers, it also revealed that PayPal is the preferred payment method amongst online shoppers worldwide with more than 40% of online shoppers utilizing this check out option.
Abandoned cart follow-ups average an open rate of 41.09%
Setting up an Abandoned Cart email sequence can be what boosts those sales further. Did you know that the average email open rate for 2021 is just 18%?
If you compare this side by side with the open rate of abandoned cart follow-up emails, it only shows that people are still interested in what they added to their online shopping bag. They just need a nudge to move forward.
Omnichannel is the future of e-commerce!
52% of online stores have omnichannel capabilities. This means that in addition to having their own website,they are also on Facebook, using Google Ads, or marketing via email.
However, the key to unlocking the potential of utilizing multiple marketing channels, is that they should all connect seamlessly. Make sure you know how to funnel one platform over to the other, and that it seems and feels natural to the consumer.
45% of e-commerce sales are made through a mobile phone
Make sure to optimize your website, your shop and even your online content for a mobile device because they are more likely to convert. Yearly mobile ecommerce sales in the US are also projected to grow from $284 billion in 2020 to $488 billion by the year 2024.
Because people are always on-the-go, it makes it easier for them to shop through their phones. This means also reducing load times of your pages, because there is a 32% probability of a user bouncing off the site when it takes between one to three seconds to load.
38.4% of online shoppers in the US are below the age of 35
It’s no surprise that digital natives and those who grew up adapting to tech are more likely to feel that online shopping is an intuitive choice. With the biggest group of digital buyers being millennials aged 25 to 34, make sure you’re creating an online presence that will appeal to this age group.
Starting an e-commerce store is not an easy task. Other than the huge capital that it might require for the product itself, you also need to take into account how to fund and ensure your online presence can funnel in prospects.