The E-commerce industry is highly competitive and growing rapidly. To succeed in this industry, it is crucial to make the right business decisions. We have gathered the latest E-commerce statistics to help you make data-driven decisions that will boost your sales and ROI.
Before starting an E-commerce business, it is important to understand what it entails. E-commerce, short for electronic commerce, involves buying and selling goods and services online. To launch and run a successful E-commerce venture, you need to conduct market research to understand your target audience and competitors, create a business plan, and choose a suitable business model.
Building a user-friendly website is essential for your E-commerce business. You need to select a suitable platform, design an appealing and mobile-responsive website, optimize it for search engines, and list your products or services with high-quality images and detailed descriptions. Implementing an easy-to-use shopping cart system and efficient order management and payment processing systems are also important.
Delivering products and services to your customers requires careful consideration. You may consider using fulfillment centers and collaborating with reliable shipping partners. Providing a stellar customer experience is crucial, so offer multiple channels of customer support, establish a clear returns and refunds policy, and collect and act upon customer feedback. Marketing and branding are also key to promoting your E-commerce business, so utilize social media, email marketing, and paid advertising.
Legal and compliance aspects cannot be ignored. You need to register your E-commerce business, obtain necessary licenses and permits, and ensure privacy and security measures are in place.
The growth of the E-commerce industry is evident worldwide. Retail E-commerce sales are projected to reach $6.3 trillion globally by 2023. China leads the way with E-commerce sales contributing to 47% of total retail sales, while the US trails behind at 16%. Growth rates vary across regions, with Southeast Asia showing the highest growth rate at 19%.
Online shopping is on the rise, with around 2.64 billion digital buyers worldwide. This number is expected to reach 2.77 billion by 2025. The frequency of online shopping varies, with 31% of digital buyers shopping monthly and 38% shopping weekly. Popular online shopping categories include clothing, shoes, food and beverages, accessories, and consumer electronics.
Amazon is the largest E-commerce company worldwide, followed by Walmart, Home Depot, Alibaba Group Holding Limited, and Reliance Industries. The global E-commerce market is expected to reach $21,168.6 billion by 2030, with retail consumer goods E-commerce accounting for 22% of total global retail sales by 2024.
Small and medium E-commerce businesses are embracing online selling, with 6 in 10 US SMEs prioritizing E-commerce. Mobile shopping has had a significant impact on the industry, with m-commerce expected to reach $534.18 billion in the US in 2024, accounting for 40% of total E-commerce sales. Around 65% of all E-commerce traffic comes from mobile devices.
The future of mobile E-commerce looks promising, with the number of mobile shoppers expected to reach 187 million in the US by 2024. M-commerce is projected to amount to around 10% of total retail sales in the US by 2025.
In conclusion, the E-commerce industry is rapidly growing, and understanding the latest statistics and trends is essential for success. By making data-driven decisions, creating user-friendly websites, providing excellent customer experience, and staying updated on market trends, you can thrive in the E-commerce market.