When it comes to e-commerce, there are so many different factors to keep in mind. From website design to product pricing, there is a lot to consider if you want to succeed in the e-commerce industry. However, one thing that is often overlooked by online retailers is the statistics behind e-commerce. By understanding e-commerce statistics, you can make more informed decisions and set realistic goals for your business. In this article, we will take a closer look at seven surprising e-commerce statistics that you can’t ignore.
Mobile E-Commerce Is Booming
Did you know that mobile e-commerce accounted for 44.7% of all e-commerce sales in 2020? This is a significant increase from just a few years ago, where mobile sales accounted for less than 30% of all e-commerce sales. This trend is expected to continue, with experts predicting that mobile e-commerce will account for more than 50% of all e-commerce sales by 2023. This means that it is more important than ever to have a mobile-friendly website, as well as a seamless checkout process for mobile users.
Product Reviews Can Make or Break Your Business
Another surprising statistic is that 91% of consumers read online reviews before making a purchase decision. Additionally, products with reviews see a 62% higher conversion rate than those without any reviews. This means that it is essential to encourage your customers to leave reviews for your products. Not only do reviews help potential customers make informed decisions, but they can also help your website rank higher in search engines, leading to more traffic and sales.
Free Shipping Is a Must-Have
Did you know that 79% of consumers say that free shipping would make them more likely to shop online? Additionally, 76% of consumers say that they would be willing to add more items to their cart to qualify for free shipping. This means that offering free shipping can be a powerful tool for e-commerce retailers, as it can increase both order value and customer loyalty.
Social Media Influences Buying Decisions
Social media is a powerful tool for e-commerce retailers, as 54% of consumers say that they follow brands on social media to learn about new products. Additionally, 49% of consumers say that they use social media to make purchasing decisions. This means that having a strong social media presence can be crucial for e-commerce retailers. By regularly posting engaging content and promoting your products on social media, you can increase brand awareness and drive sales.
Abandoned Carts Are a Big Problem
Unfortunately, abandoned carts are a common problem for e-commerce retailers. In fact, the average cart abandonment rate is around 69%. However, there are steps you can take to reduce this rate. For example, offering discounts to customers who abandon their cart can be an effective way to entice them to complete their purchase. Additionally, sending abandoned cart emails to remind customers of the items in their cart can also be effective.
Product Photos and Videos Are Key
When it comes to e-commerce, high-quality product photos and videos can make all the difference. In fact, 93% of consumers say that visual content is the key deciding factor in a purchasing decision. This means that it is essential to invest in high-quality product photos and videos that showcase your products in the best possible light.
Returns Are Inevitable
Finally, it is important to remember that returns are inevitable in e-commerce. In fact, around 30% of all online purchases are returned. However, offering a hassle-free returns process can be a powerful tool for e-commerce retailers. By making it easy for customers to return products and offering free returns, you can increase customer loyalty and boost sales.
Conclusion
E-commerce is a constantly evolving industry, and keeping up with the latest statistics is essential if you want to succeed. By understanding these seven surprising e-commerce statistics, you can make more informed decisions and set realistic goals for your business. From offering free shipping to encouraging product reviews, there are many strategies you can use to increase sales and drive customer loyalty.
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