The UK is closely followed by Japan (3%) and South Korea (2.5%). Additionally, 9% say they get irritated when having to repeat themselves during a live chat session. With auction sites VakantieVeilingen and SlaJeSlag and deal site ActievandeDag, Talpa eCommerce (Emesa) makes online shopping more fun and exciting. When COVID-19 first broke and supply chains around the world were disrupted, companies began to focus on building resilience into their supply chains or ways to keep them from halting completely and restore them quickly if they did. 2022 (New York, NY) - Will Apple's entry into the buy now, pay later (BNPL) space upend the already competitive industry? The goal of this activity is to improve customer experience. Insider Intelligence Inc. All Rights Reserved. Personalization provides users with product recommendations and targeted email campaigns that match their interests. Discover who we are and the right opportunity for you. This is due in large part to technological advances such as branded shopping apps, 5G wireless connections, and social shopping platforms that make it easier for people to shop on their phones. . Live chat plays a significant role in the overall eCommerce experience and user engagement. If you want your eCommerce store to be optimized for voice search, then you need to focus on getting the top spot on Google. From our origins as a small Wall Street partnership to becoming a global firm of more than 60,000 employees today, Morgan Stanley has been committed to clients and communities for 85 years. Social Commerce Is Also Popular in Asia-Pacific Regions Promotional material is great, but its not the only thing that this can do. Hopefully, this article has helped you understand the state of the industry and where it is headed. Negative customer interactions can quickly lead to a loss of business, so its crucial for eCommerce companies to have excellent customer relationship management. And when Shopify Plus sites are included in the calculation, that percentage rises to 22%. Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. According to McKinsey, manufacturing production is being disrupted every 3.7 years on average now. Our mission is to empower professionals with the data, insights, and analysis to make grounded decisions in a digital world. To help you make a more informed decision about which route is best for you and your business goals, lets take a look at some statistics regarding these popular platforms. Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry, 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com. If youre just starting out, it will be trickier to launch your online store with WooCommerce rather than Shopify. Although Shopify, WooCommerce, and Magento are commonly known throughout the eCommerce industry, theyre not the only extremely popular options. To incentivize online customers to share their favorite products on their accounts, add social media icons to your store. Current State of The Ecommerce Industry: Size, Demands, and Channels. Many companies are now using chatbots as their initial form of customer service, due to the increasing demand for real-time assistance. Live chat has become the preferred customer support method because consumers demand instant interaction. According to Invesp, by 2020, 50% of searches will be voice searches, and Voice Shopping is expected to reach $40 Billion in the US by 2022. Customers often use multiple channels when shopping, and sometimes they end up making online purchases even as they stand in line at a physical store or use smartphones as shopping assistants in stores. As we mentioned, in 2022, global eCommerce sales are projected to reach over $5 trillion. The Challenge: Navigating Through Obstacles Of Foreign Expansion. The path of international business expansion will not be frictionless. Also, 31% of users are worried about their privacy when using these tools, and 27% fear the safety of their financial information. Companies that offer loyalty or rewards programs improve customer retention rates by 5% and increase profits by 25%-95%. Against this backdrop, e-commerce companies have started exploring new and unsaturated marketing channels. Would you like to help us improve our coverage of topics that might interest you? Two major retail trends are fueling Amazons fastest-growing categories in 2022: As a result, food and beverage and health, personal care, and beauty will be Amazons two fastest-growing ecommerce categories this year. In fact, 84% of respondents said they had been convinced to buy something after watching a brands video, while only 18% said they would prefer to read text on products or services. What is the outlook for US retail and ecommerce sales growth in 2022? In-depth analysis, benchmarks and shorter spotlights on digital trends. The subscription market is growing rapidly, with an estimated CAGR of 68%. And as of 2022, . Macroeconomic headwinds are sweeping through retail markets worldwide, and ecommerce conditions are deteriorating rapidly, especially in mature markets. As we mentioned, WooCommerce is the most popular eCommerce platform in the world right now but it cant be guaranteed in the near future. Amazons two fastest-growing ecommerce categories this year will be health, personal care, and beauty as well as food and beverage. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. . Women also make purchase decisions 7% faster than men. Updated 2023, Check out the comprehensive eCommerce SEO checklist to optimize your site. What is the global outlook for retail sales and retail e-commerce sales in 2022 and beyond? CRM provides business owners with a greater understanding of their customers needs and behavior. Developing a mobile app for your customers provides them with a better shopping experience and will result in more eCommerce sales. Challenging macroeconomic conditions have ushered in an era of more modest spending growth in China. Did you know that 97% of online shoppers who read customer reviews also look for responses from the company? See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. Digital buyers frequently shop in both places. Our latest forecast for Chinas retail sales, retail sales by product category, retail ecommerce, livestreaming ecommerce, grocery ecommerce, digital buyers, and ecommerce by company. Consider the best Magento PWA examples on the market now, Top 15 Shopify Design and Development Agency to Look out for in 2023, Shopify Plus vs Bigcommerce Enterprise: Primary Pros and Cons, 15 Top Shopify Development Companies in the USA 2023 to Help You Getting Started, Best Progressive Web App Examples 2023 to Take into Account. Many aspects of eCommerce can use AI technology, but the top area where businesses implement it is personalization. With Europe and US eCommerce sales equating to about $738 billion annually, its estimated that optimized checkouts could save up to $260 billion worth of lost orders yearly. Moreover, 80% of consumers who have purchased items with voice assistants report satisfaction with their experience. In fact, a large portion of abandonment is simply due to users exploring and window shopping. This means more branded shopping apps, SMS and Facebook campaigns, as well as TikTok and Instagram videos specifically catered towards promoting a product. Interactive projections with 10k+ metrics on market trends, & consumer behavior. eWallets (including mobile payments, like Apple Pay). With physical stores forced to close, customers started buying everything they needed online. As a leading digital-payments . E-commerce as share of total retail sales worldwide 2015-2021, with forecasts to 2026. Weve also provided suggestions on how to use each statistic for increased returns. Female shoppers, on average, buy online 7 times per year compared to men who only make online purchases 5 times a year. eCommerce Statistics and Trends for 2022 [Infographic] Published Jan. 10, 2022. By 2025, they are expected to reach almost 25% of total retail sales. In September 2022, Builtwith reports that a total of 6,607,128 websites use WooCommerce. According to Tidio, on average, global shoppers spent $1,060 on online purchases in 2015. View a slide-show representation of this reports key insights, where carefully vetted data is combined with industry trend analysis, included at no extra cost. This is because more than 2.5 million new Shopify stores were set up in the last two years, during the Covid pandemic saw a huge number of traditional offline retailers move their business online via Shopify. Stay abreast of the latest trends and developments. Although retail has had it tough since 2020, every national market covered by eMarketer saw double-digit ecommerce growth. 173.578 Shopify websites are operating in the UKs eCommerce market. With 59% of online shoppers using the site to find reviews, not being listed means potential customers could simply move on to your competitor. The U.S. D2C online market is forecast to grow to almost 213 billion U.S. dollars by 2023 and includes international brands like the eyewear seller Warby Parker, men's grooming brand Dollar Shave. These statistics show that live chat support is important to customers when deciding whether to make repeat purchases from an online company. This is because it reads the highest-ranking content first and searchers usually ask complete questions instead of just using keywords. growth rate of ecommerce in 2020 was 25.7% 45%. flipped into eMarketer US Ecommerce Will Cross $1 Trillion in 2022 eMarketer Newsroom. Inventory issues are here to stay. The subscription model is one of the most practical solutions for fulfilling recurring expenses. Even in a slower-growth environment, total new spending will be enormous. up from $5.5 trillion in 2022, according to eMarketer. The increase in overall retail spending is driven mainly by inflation and higher fuel prices. The number of shoppers is constantly increasing and so is the frequency of online shopping. More traditional retailers will go DTC. Large numbers of e-commerce businesses emerge as the times require. By choosing eco-friendly ingredients, you can make your brand more appealing to sustainability-focused customers. How many new digital buyers will come online this year, and what are the trends for existing buyers. Global retail e-commerce sales 2014-2026. Based on February 2019 research of the top product categories purchased by Amazon shoppers in the US, electronics are the most popular, comprising 44% of customers. Forecasts say cross-border ecommerce will account for A 22% share of the ecommerce market by 2022 (Altman et al., n.d.) Source: eMarketer Ecommerce Benchmarks Statistics The data below highlightS recent benchmarks set in the ecommerce market, from the fastest-growing countries TO the most popular online stores and marketplaces. 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