If you’re an ecommerce entrepreneur, you must often wonder what the future of ecommerce holds. This super list of the top 10 ecommerce statistics and trends of 2022 gives you a glimpse of the direction in which ecommerce is headed. Read this article to plan your ecommerce journey better.
Ecommerce has changed the world forever. Shopping, as we knew it, has undergone a tectonic shift. Today, online shopping is a necessity and not an option. As the world gets ready to embrace the future, ecommerce continues to evolve into a powerful business revolution that will define the way we buy and consume things.
The first incredible thing ecommerce did was made it simpler to purchase everything from clothing to groceries. Now you can even buy larger commodities like cars online. With a few clicks, the world arrives at your doorstep without you having to leave the comfort of your home. This was simply unimaginable even a few years ago.
It’s time to sit up and take note of how ecommerce has grown and where it will go with our list of interesting trends and statistics in 2022. This data can empower your own ecommerce business and help you generate more ideas for the future.
Top Ecommerce Statistics, Trends & Predictions in 2022
Ecommerce Sales Are Set To Reach $7.4 Trillion by 2025
Ecommerce will experience unprecedented growth over the next few years. This is exactly what every ecommerce business owner dreams of hearing. Well, this dream is soon coming true. It’s strongly predicted that total global ecommerce sales will reach a whopping $7.4 Trillion by 2025. This means a range of unlimited opportunities for both existing and first-time ecommerce business owners. Get a free consultation from a trusted ecommerce development company to understand how you can be part of this incredible journey too.
There Are Between 12 and 24 Million Online Stores Right Now
It’s estimated that there are between 12 and 24 Million online stores, as you read this. But this is just the beginning. There will be many more online stores steadily cropping up in the days ahead because of the ease with which one can start an ecommerce business today. Several popular ecommerce platforms inspire individuals to turn into entrepreneurs with the features and functionalities they offer. If you are thinking of starting your own ecommerce store, it’s a good idea to speak to an ecommerce development expert to understand how you can go about it.
Amazon Remains the World’s Top Ecommerce Store
With billions of online visitors every month, Amazon retains its position at the top, followed by eBay which sees monthly visitors of just over a billion every month. More competitors are not far behind. Successful ecommerce businesses like Amazon, eBay and several others are proof that ecommerce is indeed the future of business.
Free Shipping & Other Factors That Drive Ecommerce Success
It’s now a fact that free shipping was one of the biggest reasons ecommerce became a successful idea. Free shipping will continue to drive ecommerce success in the years to come. Today, 53% of people say free shipping is one of the main reasons they choose to shop online.
Here are some other factors that influence shoppers and drive high ecommerce conversions:
• Free delivery
• Reviews from other customers
• Easy returns policies
• Quick/easy online checkout processes
• Next-day delivery
• Loyalty points
• Positive comments on social media
• Knowing the product is environmentally friendly
• Ability to spread payments without interest
China, the U.S., and the UK are the World’s Largest Ecommerce Markets
Although several countries are catching up fast, these three countries are ruling the roost in ecommerce success right now. Shoppers in China, the US and the UK seem to love the concept of ecommerce and are willing to continue their online shopping far into the future. If you are an entrepreneur belonging to one of these countries, you must feel an extra surge of motivation to start an online business without further ado.
Millennials Make Up the Largest Chunk of Online Shoppers
Millennials are defined as individuals born from 1981 to 1996. They make up the largest section of global online shoppers. This is a clear indication that younger generations prefer convenience when it comes to shopping. For those thinking of new business ideas, it might even come across as an inspiration.
WooCommerce and Shopify Are the Most Popular Ecommerce Platforms
Although there are several successful ecommerce platforms out there, not all of them are taking the world by storm. Both Shopify and WooCommerce are ahead of the rest. These platforms have their benefits, which is why ecommerce business owners need to do their research before deciding which platform is best for them. Speak to a professional ecommerce development company to understand which ecommerce platform is ideal for your business.
Mobile Devices Are Used More In Online Shopping Purchases
Believe it or not, more than 60% of online shopping happens via mobile devices. Today is all about mobile shopping. Here’s another example for you. More than 70% of retail site visits in the UK came from a smartphone. This fact might be holding an insight into shopping behaviour. Shoppers aren’t dependent on their laptops for shopping anymore. They like to shop on the move. Shopping takes place will commuting, conversing, and dining. Ecommerce enables shopping to happen everywhere and at every moment.
The Top Reason for Abandoned Carts Is “Extra” Cost
Ever wondered why most shoppers abandon their shopping just before the final payment stage? According to the latest data, additional fees over and above the cost of a product negatively influences purchase decisions. For example, fees such as shipping, tax, and any other costs that are added to the final total during checkout discourage shoppers from taking the last step.
Other common reasons for abandoned carts include being required to open an account or long and complicated checkout processes.
An ecommerce business must stay true to its original philosophy of convenience and make the shopping experience easy and hassle-free for shoppers every step of the way.
AI is the next big thing in Ecommerce
It’s a proven fact that ecommerce can benefit a lot from bots and automation. Technology can play an uplifting role when it comes to the ecommerce experience. Something even as basic as chatbots ensures a higher conversion rate. In the future, advanced technologies will find themselves fundamentally integrating into ecommerce. AI can not only assist in answering basic queries, but it can also help in breaking barriers between customers and the act of purchasing. Ecommerce business owners of today and tomorrow must look for ways to tap into the power of technology which doesn’t just include AI but also others such as AR, VR, and much more.
These statistics illustrate how ecommerce is emerging to be the next big thing in global business. And there’s no time like the present to start your own ecommerce business. However, early adopters will benefit the most. Ecommerce is expected to only get better with time as it is the future of almost every business in the world. Although there are tons of ecommerce businesses already, it’s never too late to start. Consult a trusted ecommerce development company to plan your own ecommerce journey.