We all know that information is power and this is especially true for eCommerce businesses. According to PipeCandy, there are two to three million eCommerce companies in the world, excluding China. And everyone wants to stay ahead of the curve.
And in order to do that, you need information regarding consumer behavior, performance marketing and more – information you can use for increasing sales, changing up your marketing strategy and growing your business with web design services that deliver results.
2020 has demonstrated that a lot of what we do can be done online ― shopping being no exception. In fact, eCommerce has boomed this year, as the stats to come will show.
These stats, covering a variety of different topics, will guide your overall business strategy next year.
Let’s take a look.
The Impact Of COVID-19 On eCommerce Businesses
1. 43% of shoppers have a more positive attitude when shopping online (Wunderman Thompson Commerce)
2. In the US, 20.2% of online buyers were millennials aged between 25 and 34 in 2020 (Statista)
3. The food and groceries industry has increased by 605% (Wix)
4. Almost 90% of shoppers will continue shopping for Christmas and other seasonal holidays (Rakuten)
As we’ve previously mentioned, this year has shown us that most of our shopping can be done online as well.
And it’s most likely that they will continue doing so, which is to be expected. In fact, according to Nasdaq, it is expected that 95% of all purchases will be facilitated by eCommerce by 2040. The holidays are just around the corner, and previous data has shown us that in August, gift stores saw a year-to-year increase of over 490%. (Wix)
And that number is expected to grow. As we’ve previously mentioned, almost 90% of shoppers will continue shopping for seasonal holidays. With that being said, now would be a good time to broaden your audience and generate extra sales.
5. 85% of consumers prefer free shipping (Deloitte)
6. 83% of US shoppers expect regular communication about their purchases (Narvar)
7. Extra costs are the biggest reason why shoppers abandon their carts (Baymard)
The main reason why shoppers choose one store over the other is not because of the quality of the products you offer. It’s mainly about convenience. For example, according to Deloitte, most consumers prefer free shipping over fast shipping.
In fact, shipping costs are one of the reasons that potential customers abandon their carts
If your company doesn’t cover shipping costs, be sure to notify your customers right from the start. This way, you’ll alleviate the shock that the shopper might be getting when seeing the total amount they have to pay, with shipping and taxes included
This can help you reduce the chances of potential customers abandoning their cart mid-way through checkout.
8. The peak time of sales for eCommerce is between 8 AM and 9 AM (SaleCycle)
How does this information help you? Well, adjusting your marketing strategy during peak time could potentially drastically increase your sales. Be sure your eCommerce store is up and running during peak hours and customer service agents are available to help.
9. 40% of consumers have made purchases through Facebook (Avionos)
Not too long ago, we used to buy goods online by searching for the products we want on Google. However, this may be changing.
Buying through social media apps seems to be more convenient for some, Consider focusing your marketing campaigns on social media platforms such as Facebook, to increase your reach.
10. 83% of smartphone users say that product photography is influential in purchasing decisions (FieldAgent)
11. The average perceived value of a larger image was higher compared to a smaller one (CXL Institue)
12. 73% more visitors who watch product videos will make a purchase (Animoto)
13. 22% of returns happen because the product looks different in person (Bussines2Community)
14. 42% of site display too little information in their product gallery (Baymard)
When it comes to online shopping, images matter. If a consumer can’t see a detailed, high-res photo of the product, there’s a good chance they won’t purchase it.
That’s why product images are so important ―they have a major influence on purchasing decisions. Make sure you have large and clear images that showcase the product from all angles.
Considering that 22% of returns occur because the products look different in person, think about adding videos to your product pages as well.
Photos are often edited to make the product stand out and look that much better. Think about it: how many times have you seen a restaurant ad that showcases a hamburger in all of its splendor?
It made your mouth water, right? However, when you got to the restaurant you found out that the burger you ordered looks like nothing like the one showcased in the ad.
That made you feel like you’ve been tricked. And chances are that you’re not going to go to that restaurant ever again. That’s exactly why, when displaying your products, you should invest in videos as well.
It’s all about making sure the customer has a realistic expectation of how your product is going to look when it’s in their hands.
15.Consumers read 10 reviews before buying a product on average (BrightLocal)
16. 83% of users think that reviews older than three months are not relevant (BrightLocal)
17. 84% of purchase decisions are influenced by recommendations from friends (Deloitte)
Yet another thing that drastically influences the buyer’s purchasing decision is social proof. People love giving out their opinions regarding what they’ve bought.
Potential customers will also enjoy reading reviews about the products they are considering. Gather as much social proof as you can, including customer testimonials, reviews and ratings.
Give customers a reason to leave a positive review. For example, give them an entry to a contest, or a discount code that they can use for future purchases.
18. Only 29% of online shops accept payment via mobile wallets (Statista)
19. Digital and mobile payment accounted for 41.8% of online transaction volume worldwide (Statista)
And finally, there are payment methods. Try to give the customers as many payment options as possible. Don’t leave them with just one.
For example, some people may not have a Paypal account or they simply might not want to go through the process of signing into it. Give the customer multiple options of payment so they don’t leave your website to find an easier checkout process.
Mobile wallets are on the rise, yet only 29% of online shops accept this payment method. So, it might be time to take advantage of that.
These 19 powerful statistics will guide your strategy in 2021.
Ecommerce has boomed this year and is on track to continue growing. Be sure to keep all of these statistics in mind, so you can keep up in this fast-growing, ever-changing environment.