eCommerce has revolutionized the way businesses operate and consumers shop. This article aims to provide an in-depth understanding of eCommerce, its significance, and how eCommerce statistics reports play a crucial role in driving business success. From its definition to the value of eCommerce statistics reports, we will explore the immense potential and impact of this transformative industry.
What is eCommerce?eCommerce, short for electronic commerce, refers to the buying and selling of goods and services over the internet. It encompasses various online transactions, including business-to-consumer (B2C), business-to-business (B2B), consumer-to-consumer (C2C), and consumer-to-business (C2B) interactions. The entire process, from product discovery to payment and delivery, occurs in the digital realm, offering convenience and accessibility to both businesses and consumers.
The Value of eCommerce Statistics Reports:
- Global eCommerce Sales: According to insider intelligence, global eCommerce sales reached $4.28 trillion in 2020, and it is projected to reach $5.4 trillion in 2022.
- Mobile Commerce Growth: Mobile commerce (mCommerce) is experiencing rapid growth. Statista reports that mCommerce sales accounted for 54% of total eCommerce sales worldwide in 2021.
- Cross-Border eCommerce: Cross-border eCommerce is gaining popularity, with consumers increasingly shopping from international online stores. A study by Accenture found that 57% of online shoppers made a purchase from an overseas retailer in 2020.
- Online Marketplaces: Online marketplaces continue to thrive. Amazon remains the dominant player, accounting for 50% of eCommerce sales in the United States, according to Marketplace Pulse.
- Social Commerce: Social media platforms are playing a significant role in driving eCommerce sales. A survey by GlobalWebIndex found that 44% of internet users worldwide use social media platforms for product research before making a purchase.
- Personalization and Recommendations: Personalized product recommendations are highly effective in driving sales. According to Accenture, 91% of consumers are more likely to shop with brands that provide relevant offers and recommendations.
- Customer Reviews and Ratings: Customer reviews and ratings have a significant impact on purchase decisions. A BrightLocal survey revealed that 87% of consumers read online reviews for local businesses, and 72% of consumers won't take action without reading reviews.
- Shopping Cart Abandonment: Shopping cart abandonment remains a challenge for eCommerce retailers. According to Baymard Institute, the average global cart abandonment rate stands at around 70%.
- Voice Commerce: Voice-activated shopping is on the rise, thanks to devices like smart speakers and virtual assistants. OC&C Strategy Consultants predicts that voice shopping will reach $40 billion in the United States by 2022.
- Sustainability and Ethical Shopping: Consumers are increasingly focused on sustainable and ethical shopping practices. Nielsen's Global Corporate Sustainability Report found that 73% of consumers are willing to pay more for sustainable products.