Over the recent decades, online shopping has evolved from nothing to a multibillion-dollar business. Millions of people all over the world have become used to buying things online. Recently, there have been more people than ever before who buy things and services online.
One reason why online shopping has managed to grow so rapidly over the years is that businesses can give their customers a better experience. Businesses are always adding new services and features for shopping online, with the goal of giving them the same help and comfort they would get when shopping in person.
1. The Number of Online Payment
About 2.14 billion people around the world are expected to buy things online in 2021. (Statista, 2017). At the same time, it was thought that ecommerce sales around the world would reach $4.89 trillion. If these online shopping facts don’t blow your mind, projections show that by 2024, ecommerce sales around the world will reach $6.4 trillion.
Online shopping has grown very quickly, and it doesn’t look like it will slow down any time soon. This really is good news for both people who buy things online and people who sell things online.
2. Online shopping opens
This signifies that no matter where a customer ends up making a purchase (online or in a store), their journey starts online. Most of the time, they do their research on Google or Amazon. It’s also important for brands to have a significant online presence for the same reason. Businesses have a better chance of getting customers to purchase from them if they improve the customer experience from the start.
When businesses know how people search, they can give them a unique experience. No two ways to buy something online are the same for different people. So, if you own an online store, it’s important to know what you have to customize your customers’ online journeys.
3. Mobile Purchasing by Consumers
Online retailing has been growing, which is not a secret. You can’t ignore mobile users and online shopping if you want to have a successful ecommerce site. Consumers use their mobile devices at every step of the buying process, which includes different types of online shopping. As of the fourth quarter of 2018, smartphones and desktop PCs made up about the same number of e-commerce orders around the world. But when it came to shopping websites, people used their smartphones more than any other device.
Consumer habits are definitely moving in the direction of mobile. As a store owner, there are many things you can do to make sure you keep portable in mind when you’re running your business. First, you should make absolutely sure that one’s store has a mobile app or website that is easy for people to use on their phones.
4. The World’s Largest Market
To give you an idea of what this number means, in 2021, the top three online stores in the world sold $1.78 trillion. The gross merchandise values of JD.com and eBay, the fourth and fifth largest online marketplaces, were $244 billion and $87 billion, respectively, each year.
An ecommerce shop is a web page where different people sell their own products and the marketplace handles the transactions. The marketplace handles the transaction, and then the chosen retailer or dropshipper fills the order. Since ecommerce online services list products from many different sellers, there is usually a wider range of products and more of them to choose from than in online retail stores.
5. The most popular method of online payment
Mobile and digital wallets are the most popular way for online shoppers all over the world to pay, with almost half (49%) of shopping online choosing this method (Worldpay, 2022). After that, credit cards as well as charge cards come in second, and debit cards are the third most popular way to pay online.
Mobile and online wallets, also called eWallets, were also electronic devices as well as online services that let you make digital transactions. This includes both payments made online and purchases made in person. Apple Pay, Samsung Pay, Google Pay, and PayPal are some of the most well-known eWallets.
6. The COVID-19 Coronavirus’s Effect on Consumer Behavior
The coronavirus pandemic has caused one of the biggest changes in shopping habits in the past few years.
In order to stop the virus from spreading, countries all over the world put strict lockdowns in place. As a result, more and more people started shopping online, particularly for groceries.
A recent study found that 42 percent of US residents bought groceries online all the time once a week in March 2020. (GeekWire, 2020). This was a big jump from just two years ago, when the number was only 22%. Daily online shopping sales have also grown by up to twice as much.
7. Shoppers Expect New Product
People shop online, which we already knew, but how often do they do it? 79 percent of people who buy things online do so at least once a month (IPC, 2022). Also, 49 percent of people who shop online do so once every two weeks, and 22 percent say they do each week.
Online shoppers can’t decide what to buy because there are so many shops and products to choose from. Reports say that having too many options can make buyers feel overwhelmed and cause them to leave their carts.
Read more: 6 main advantages of mobile banking in 2023
