If you’re looking for a way to boost your sales and take your business to new heights, e-commerce should be on your radar. By pairing a strong web presence with the latest e-commerce platforms, you can broaden your offerings, increase your reach and remain open 24/7. These top e-commerce statistics for 2023 are sure to give you a better idea of the power of online sales.
General E-Commerce Statistics
20.8% of retail purchases are expected to take place online in 2023
Quickly departing are the days when shoppers would trek to the local mall to spend the day perusing various shops.[1] Nowadays, the first touchpoint a customer has with a business typically takes place online, especially if the company has a presence on social media. As entrepreneurs look to start new businesses with little overhead, renting a physical retail space may no longer be a top priority. The focus is shifting to establishing a web presence that can capture online sales. Code-free website builders make this possible with a low barrier to entry.
By 2026, 24% of retail purchases are expected to take place online
There’s no denying that online shopping is popular in today’s day and age. But how will it look a few years from now? Research shows that it’s more than just a trend. Customers will likely continue to turn to the internet every time they want to make a retail purchase.[1] It’s clear that turning your business into an e-commerce venture is more than just a fad. It’s a great long-term investment, especially if you hope to scale.
E-commerce sales are expected to grow 10.4% in 2023
Since 20.8% of retail purchases are expected to take place online in 2023, it’s no surprise that e-commerce sales are supposed to increase as well.[1] With more customers shopping online, your business can sell more and earn more as a result. Whether your goal is to boost your sales by a small percentage or you hope to completely transform your business from a startup to a large organization, e-commerce can help.
The global e-commerce market is expected to total $6.3 trillion in 2023
One of the greatest benefits of e-commerce is that you can sell your products and services to anyone, from anywhere. As long as a customer has access to your website, they can purchase from it, even if they’re on the other side of the world. If you currently have a local or national presence, this strategy can give your brand the global presence it needs to enjoy unmatched growth.[1]
By 2026, the e-commerce market is expected to total over $8.1 trillion
When we say e-commerce is not a fad but a valuable long-term strategy, we mean it. In just three years from now, it’s supposed to take up trillions of dollars in market share.[1] So what does this mean for your business? If you don’t jump on the online sales bandwagon now, you’ll likely miss out on a lot of money.
The U.S. e-commerce market will reach over $1.1 trillion in sales in 2023
While the global e-commerce market is expected to take off, so is the U.S. e-commerce market.[1] This is great news if you’d like to target customers on a national level. Even if you’re located in one state, you can sell to those across the country. E-commerce is an easy and affordable way to boost your U.S. sales.
In the U.S., 16.4% of retail purchases are expected to take place online in 2023
Whether you sell T-shirts, furniture, supplements or anything in between, rest assured that taking your products online is worthwhile. Shopping online rather than at a brick-and-mortar location is the norm among many U.S. customers.[1] After all, it caters to their busy lifestyles and provides them with a sense of convenience they can’t resist.
Amazon accounts for 37.8% of e-commerce sales, the highest market share of all e-commerce companies
Amazon is a household name, just like Kleenex and ChapStick. When customers have a need for a specific product, they often hop on Amazon to search its options and make a purchase. This international e-commerce company and online marketplace leads the way in e-commerce sales so it only makes sense to utilize it. Right behind Amazon are Walmart, Apple, eBay and Target.[2]
Walmart, eBay and AliExpress are the most visited e-commerce websites
There are countless e-commerce websites but Walmart, eBay and AliExpress win in the popularity department. As of December 2022, Walmart.com was the most visited e-commerce website with about 854.9 million monthly visits. Coming in second was eBay.com, generating 669.5 million visits. AliExpress.com received the third place spot with almost 651.9 million visits in sales. Other commonly visited e-commerce websites include Etsy.com, Samsung.com, PlayStation.com and BestBuy.com.[3]
Online Shopping Behavior Statistics
57% of online shoppers report shopping internationally
When online customers can’t find a business that meets their needs on a local or national level, they don’t give up. Instead, more than half of them look abroad.[4] This means e-commerce can transform your business into a global organization. You don’t have to stick to customers in your area if you don’t want to.
The most common reason online shoppers abandon their cart is because of additional costs like shipping, taxes and fees (48%)
If you plan to add e-commerce to your business, you should know what will deter, rather than attract, customers. Almost half of online shoppers reported that extra fees, such as shipping and taxes, will prevent them from moving forward with their purchase during the checkout process. Other inhibitors include requiring shoppers to create an account, slow delivery times, website privacy concerns and a long or complicated checkout process.[2]
24% of online shoppers abandon their cart because the site wanted them to create an account
While you can ask online shoppers if they’d like to create an account on your website, you shouldn’t require them to do so. This is because some of them may simply leave your online store and look elsewhere for what they need. They’d prefer to checkout as a guest and don’t want to go through the time and hassle of creating a username and password.[2]
22% drop out of an online shopping session because shipping is too slow
When a customer orders a product online, they may not expect it that hour or that day. But many of them want it as soon as possible. If it takes weeks or months for you to ship orders, they’ll likely leave their online shopping session on your website and turn to a competitor with faster shipping times.[2] E-commerce and slow shipping are not a good combination so it’s important to streamline your shipping processes and do whatever you can to expedite the time it takes for customers to receive their orders.
79% of shoppers shop online at least once a month
While some customers might shop online every once in a while, most of them do so on a monthly basis.[5] Online shopping is simply a part of their regular routine, regardless of what they’re looking for. It’s second nature for them to turn to the internet every time they have a particular purchase in mind.
The online shipping cart abandonment rate on mobile devices is 84%
Customers can use their desktop or mobile devices to shop online.[2] Even though it’s great that they have this flexibility, it can hurt you as an e-commerce business, especially if you don’t optimize your website for mobile devices. An alarming percentage of online shoppers will abandon their carts if they’re on their phones or tablets. Make sure your online shopping and checkout experience is easy and intuitive or you’ll lose sales.
The online shipping cart abandonment rate on desktops is 72%
Many of those who shop online with their desktop computers will also abandon their shopping carts.[2] This reinforces the importance of a well-designed, easy-to-use website and convenient checkout process. Customers simply don’t have the time or desire to jump through hoops to make an online purchase. It’s your responsibility as an online retailer to ensure it’s a breeze.
Social Media E-Commerce Statistics
$992 billion was spent on social media commerce in 2020
Social media commerce refers to the use of social media platforms such as Facebook and Instagram to promote and sell products and services online. It allows customers to make purchases while on their social media apps. In 2020, e-commerce retailers took complete advantage of this strategy.[2]
Social media commerce is expected to reach $2.9 trillion by 2026
Just like e-commerce, social media commerce is not a fad. Research shows that it will continue to be popular and lead to trillions of dollars in sales over the next few years.[2] This means that if you’re an e-commerce business with no brand presence on major social media platforms, you’re bound to miss out.
96.9 million people in the United States shop on social media
Nowadays, making online purchases on social media platforms such as Facebook and Instagram is the norm in the U.S. While 96.9 million people currently do it, this figure is expected to grow to 114.3 million social buyers—an 18% increase.[2]
Millennials shop on social media the most—55% of people aged 18 to 24 in the United States have made a purchase on social media
In 2021, more than half of 18- to 24-year-old social media users in the U.S. placed at least one online order via social media. While these millennials make up the age group that shopped the most on social media, 25 to 34 years earn the second place spot. It’s clear that social media commerce is most effective with the younger generations.[2] Keep your target audience in mind when trying to determine whether to implement social media in your e-commerce strategy.
China has the highest rate of social commerce shoppers—nearly 50% have purchased from social networks
Social commerce goes beyond the U.S. In fact, almost half of the online shoppers in China have used social media to make online purchases.[2] If you’d like to move into the global market or expand your global reach, selling your products or services on social media is certainly worth exploring.
Facebook is the most popular social media platform for social commerce transactions
There is no shortage of social media platforms these days but not all of them are effective for selling your offerings online. About 51% of survey respondents stated that they use Facebook for online purchases so keep this in mind when determining which platforms to use. According to research, there were over 90 million U.S. social commerce buyers in 2021.[2]
40% make a purchase because of social media influence
Social media gives many people the feeling that they need to “keep up with the Joneses.” As a result, many of them make purchases they might not have considered if they didn’t use a platform such as Facebook or Instagram. The most influential products on social media include clothing or accessories, health or beauty items, food or drinks, event tickets and vacation experiences.[6]
49% of social commerce shoppers have had an influencer’s recommendation impact their purchase
Social media influencers are active social media users who have built a reputation for their expertise and knowledge on a certain topic. Almost half of social media commerce shoppers have been encouraged to make a purchase based on what they saw or heard from these influencers. Believe it or not, 70% of teens trust influencers more than traditional celebrities and 86% of women use social media for purchasing advice.[7]
Mobile E-Commerce Statistics
91% make online purchases using their smartphone
Most people depend on their smartphone on a daily basis. Whether they have an Apple, Android or other device, many of them turn to it every time they want to make an online purchase.[8] While it’s vital to create a seamless shopping experience on a desktop, it’s almost more important to ensure your website looks and works well on mobile devices.
Mobile commerce sales are expected to account for 6% of all retail sales in 2023
Also known as m-commerce, mobile commerce sales will hit the $415.93 billion mark, accounting for 6% of retail sales, in 2023.[1] Despite this, however, growth is expected to fall to 9.9%. This is the first time it ever dropped below double digits.
Mobile commerce accounted for more than $360 billion in sales in 2021
In 2021, retail m-commerce sales in the United States exceeded 360 billion. This figure increased to 431.4 billion in 2022. And it’s expected to grow even further to 511.8 billion in 2023, 604.5 billion in 2024 and 710.42 billion in 2025.[2]
Mobile commerce sales are expected to account for $710 billion in commerce sales by 2025
In just two years, m-commerce sales will likely hit $710 billion.[2] If your website is not currently optimized for mobile devices, this statistic should encourage you to get to work. Otherwise, you may miss a prime opportunity to capitalize on online shoppers who use their mobile devices to make purchases.
Tablet m-commerce sales are expected to reach $54.01 billion by 2026
Smartphones are widely used for online shopping, but what about tablets? Tablet e-commerce sales reached $61.08 billion in 2022. Surprisingly, this figure is expected to go down to $54.01 billion by 2026.[1] This is likely because tablets are becoming less popular and e-commerce retailers have improved the mobile shopping experience.
E-Commerce Fraud Statistics
$41 billion was lost to e-commerce fraud in 2022
Fraud that occurs on an e-commerce platform, such as using a stolen or fake credit card to make a purchase, is considered e-commerce fraud. Unfortunately, e-commerce retailers missed out on about $41 billion due to e-commerce fraud in 2022.[2]
$48 billion is expected to be lost to e-commerce fraud in 2023
Sadly, e-commerce fraud is not going away any time soon. In fact, it’s likely that online retailers will lose $48 billion to e-commerce fraud in 2023.[2] If you’re using e-commerce to boost your sales, prioritize fraud prevention measures, such as routine security audits, an Address Verification Service (AVS) and a Hypertext Transfer Protocol Secure (HTTPS).
The e-commerce fraud detection and prevention market was over $28 billion U.S. dollars in 2020
While e-commerce fraud is detrimental to online stores, there are many ways to detect and prevent it. The fraud detection and prevention market topped $28 billion in 2020 and is expected to increase in the coming years.[2]
By 2025, the e-commerce fraud detection and prevention market is estimated to reach over $69 billion
Online retailers will continue to reduce the risk of e-commerce fraud as much as possible. That’s why research predicts that the e-commerce fraud and prevention market will grow from over $28 billion to more than $69 billion in 2025.[2]
The average monetary loss in an e-commerce scam is $96
Just one e-commerce scam can cost your e-commerce business $96.[2] While this might not seem like a lot of money, multiple occurrences can add up quickly and eventually lead to hundreds or even thousands of lost dollars. Be proactive and do your best to shield against fraud and scams.
Black Friday and Cyber Monday Statistics
Online shoppers spent $9.12 billion on Black Friday in 2022
If you’re an online retailer, it’s important to step up your game on Black Friday. Here’s why: $9.12 billion was spent on Black Friday in 2022—more than the $5.3 billion that customers spent on Thanksgiving and $3.14 billion they spent on Veterans Day that same year.[9]
Online shoppers spent $11.3 billion on Cyber Monday in 2022
While Black Friday was a big day for e-commerce businesses in 2022, Cyber Monday proved to be even more profitable. Customers spent $11.3 billion on Cyber Monday, compared to the $9.12 billion they spent on Black Friday.[9]
87.12 million people shopped online for Black Friday in 2022
Some people still enjoy the thrill of waking up early the day after Thanksgiving to hit up their favorite retailer and score a doorbuster deal. But many customers have decided to skip the chaos and shop online on Black Friday instead.[10] As an online business, it’s vital that your website (and storefront if you have one) are in tip-top shape this day.
77 million people shopped online for Cyber Monday in 2022
Cyber Monday has only been around since 2005. But just because it’s newer than Black Friday, which became an exciting holiday in the late 1980s, doesn’t mean you should ignore it. In 2022, 77 million customers shopped online on Cyber Monday and a record 59% of these shoppers did so on their mobile devices—up from 52% in 2021.[10]
Sources
- Forbes
- Insider Intelligence
- Statista
- SEMrush
- Paypal
- IPC
- Intuit
- Digital Marketing Institute
- PewResearch
- Adobe Analytics
- National Retail Federation
source: https://www.forbes.com/advisor/business/ecommerce-statistics/#general_e_commerce_statistics_section