70 E-commerce Statistics and Trends to Familiarize Yourself with in 2023

E-commerce, the process of buying and selling products and services online, has become increasingly popular in recent years. Customers use electronic payments to make purchases from websites and online stores, and many merchants use e-commerce platforms to manage their online sales operations. The global e-commerce market has grown significantly, with sales reaching $4.9 trillion in 2021 and expected to rise to $6.4 trillion by 2024. Online shopping has become a common practice, with 2.14 billion people worldwide making online purchases in 2021. The market for online groceries is projected to reach $334 billion by 2025, and the global online fashion market is expected to reach $1.002 trillion by the same year. Free shipping is a major incentive for online shoppers, with 49% stating that it increases their willingness to make a purchase. Product reviews also play a crucial role in the decision-making process, with 77% of internet buyers checking reviews before making a purchase. Mobile devices have become the preferred platform for e-commerce, with 54.8% of all e-commerce sales in 2021 being made via mobile devices. The average e-commerce conversion rate is approximately 2.58%. The global e-commerce market is predicted to reach $6.3 trillion in 2023 and $8 trillion by 2026. In terms of regional markets, Argentina is expected to see a growth rate of over 25%, making it the fastest-growing e-retail market in the Americas, while Asia leads with $1.8 trillion in revenue. China is projected to have a $43.67 billion revenue lead in the global footwear e-commerce market by 2023, and Brazil will lead in developing retail e-commerce between 2023 and 2027. Major e-commerce companies like Alibaba, Facebook, YouTube, and Amazon have had a significant impact on the industry. Alibaba ranked as the top global retailer on the internet in 2022, and 57% of online shoppers have engaged in international business transactions. Facebook advertising has an average conversion rate of 9.21% for e-commerce companies, and YouTube visitors are 1.9 times more likely to make a purchase after watching a video ad. Instagram Checkout users have a 70% higher likelihood of completing their transactions compared to those sent to external websites. Walmart’s online sales in the US totaled $64.9 billion in 2021. Mobile commerce, or m-commerce, has become increasingly popular due to its convenience. In 2023, it is estimated that 6% of all retail purchases will come from mobile commerce. Over 91% of people use their smartphones to make online transactions, and mobile commerce sales generated over $360 billion in 2021. By 2026, tablet mobile commerce revenues are expected to reach $54.01 billion, and mobile commerce sales as a whole are projected to represent $710 billion in total commerce revenues by 2025. E-commerce is transforming the retail sector, with online sales accounting for 21.3% of all retail sales worldwide in 2021. Mobile users generated $3.56 trillion in retail e-commerce purchases in the same year, and it is anticipated that online retail sales will increase by over 50% in the next four years. Consumer behavior has also shifted, with 63% of consumers conducting online research before making a purchase and 84% preferring brands that offer personalized experiences. Social media has become a valuable tool for e-commerce, with 25% of US consumers consulting social media before making gift purchases and sales increasing by 32% when a store has a social media presence. Instagram leads the pack with an average order value of $65, followed by Facebook, Twitter, and YouTube. Social media engagement increases by 66% for posts with less than 80 characters, and 75% of Instagram users take action after viewing an advertising post. Overall, social media and e-commerce go hand in hand, with social media platforms playing a crucial role in brand recognition, customer interaction, and product promotion.