In business, your survivability depends on your ability to adapt. Those who ignore this tenet can’t expect to stay in operation. This past year, nine retail giants have gone extinct while Amazon flourishes, generating $80 billion in annual sales in North America alone. There’s absolutely no question that online retail will be your future. If you’re planning to jump on the bandwagon, here are 15 online shopping figures that you should know.
1. What percentage of American consumers shop online?
79 percent of U.S. consumers shop online, up from only 22% in 2000. (Source: TechCrunch 2016)
2. Which countries have the highest online retail sales concerning percent of total retail sales?
UK has the highest online retail revenue as percentage of overall retail revenue (15.6%), followed by China (13.8percent ), Norway (11.5percent ), Finland (10.8%) and South Korea (10.5percent ). The US comes in 8th at (8.3%). (Source: Invespcro)
3. Between Apple and Windows PC users, who spends money online?
Apple consumers win by a mile, their average order value is $228 in comparison to $187 for windows PC users. (Source: SmartInsights)
4. How a lot of people in the country are searching online and what is the projected
growth?
217.1 million men and women in the US are online shoppers. These figures are projected to achieve 224 million in 2019. (Resource: Statista 2017)
5. What’s the current value of cellular shopping?
Mobile shopping, the fastest growing section in e-commerce is worth $3.2 trillion in 2017, a leap of over $1.5 trillion because 2013. (Resource: ReadyCloud 2017)
6. Do online shoppers buy on impulse?
They do, as 48% of consumers have purchased or spent more than planned when purchasing online. (Resource: BigCommerce 2017)
7. What are the things that affect an American’s choice to buy online?
87 percent of internet shoppers indicated that cost was the main price variable, followed by transport cost and rate. (Source: CPC Strategy 2017)
8. Are consumers prepared to invest more to reach the free delivery threshold?
They are, 58% of 5,849 respondents were prepared to add items to a cart to take advantage of free shipping. (Supply: Econsultancy)
9. Are online shoppers aware of this retailer’s return policy?
Yes, as 63 percent of online shoppers look at a merchant’s return policy prior to making a buy. (Source: ComScore)
10. Can a searchable return policy drive customer loyalty?
Yes, it most definitely can. 95 percent of shoppers surveyed said they would shop again with a retailer that provided a satisfactory return encounter. 82 percent of participants who had returned an item to a merchant claimed they were repeat shoppers. (Source: PR News Wire 2017)
11. Considering that a customer-centric return policy drives customer loyalty, can it also boost revenues?
Offering free return shipping may boost sales by at least 25 percent in six months. (Source: Science Daily)
12. Whether there are significant advantages to a customer-centric return coverage, does this mean that lots of online retailers execute it?
Unfortunately, that is not the situation. 90% of internet retailers bill for return shipping and more than 30% don’t offer in depth information on their return shipping policies and charges on their site. (Supply: UpstreamCommerce)
13. What percent of online shoppers believe online reviews before buying?
6 out of 10 clients read online reviews before making a final purchase decision. (Source: FourthSource 2016)
14. What’s the effect of online reviews in the client’s decision to buy or not?
The effect of online reviews is striking. 90% of customers say that an online review is significantly more important than input from a sales specialist. In addition, roughly 80 percent of consumers purchase the product online after studying an online review and deciding to make a purchase. (Source: Influence Central)
15. Which are the websites providing the most dependable product reviews according to internet shoppers?
Reviews on Amazon are ranked by 80% of internet shoppers as extremely or very credible. Apart from Amazon, consumers rated the testimonials on the following websites as very or extremely important:
- Amazon (80 percent )
- Target (67%)
- Best Buy (64 percent )
- Walmart (62 percent )
- eBay (59%)
- Trip Advisor (55 percent )
- Toys R Us/Babies R Us (53%)
- Kohl’s (50%)
(Source: Course Hero)
In Conclusion
Retail sales is transitioning between conventional to internet as well as the survivability of your company depends on your capacity to seize the chance. What do you think about these internet shopping statistics? Feel free to talk about your thoughts in the comments section below.
Interested in setting up an online store for your business? Pay attention to the e-commerce section of our site.
