It is a dream of every marketer to be a head of others in terms of knowing the needs of customers. The more information a marketer has regarding consumers, the better he/she can market his/her products. One needs to know what the customers expect, and look for while shopping online, in order to exceed their expectations. This article is going to give a detailed statistics on e-commerce, that can help you understand the current consumers, and their shopping behaviors.
Approximately 1.66 Billion digital buyers were reported in 2017. This means approximately 21.8% of the population in the world buys the products online, and the number is expected to increase in 2021, to 2.14 billion. This is a huge number of potential consumers. The more the people shop online, the more online businesses will increase, thus creating competition in the market. Meaning, there is need to innovate other ways to market the products.
Men spend more online as compared to women. In terms of expenditure, men spend $ 220 per transaction, while women spend $ 151 per transaction. This means that men will be able to buy highly priced items like luxury products, and electronics. While on the other hand, women tend to buy low priced items like cosmetics, and food stuffs.
The older generation tend to shop more online, as compared to the Millennials. The people born around 1966 to 1981 shop more online as compared to the other age groups. However, this might seem like a surprise because the Millennials are considered the digital natives in the society. Despite this, the Millennials will grow and start working which will increase their expenditure. It is an expectation that their online shopping should improve gradually in the near future, and even surpass the expenditures of the old generations. So for those who would like to market their products to this age group, they should create a value proposition that they can be identified with.
E-Commerce sales in all the retail sales accounted for 11.9% worldwide. Online shopping has become more popular nowadays, and it is expected that by 2021 the e-commerce sales will increase to 17.5% of the retail sales in the world. This suggests that, there will be more potential for online retailers to increase their traffic, and conversions.
There are more active PayPal accounts around the globe. This is an increase of 15% growth rate as compared to 2017. With the help of PayPal, customers can be able to buy various products online without the use of credit cards. This has simplified the process of check-out.
The people prefer online because of the 24/7 services. Their is no closure time for the internet as consumers can shop online at any time they want.
Consumers prefer to buy from websites they had transacted with before. Once a consumer has established a good experience with a certain brand, it is expected that, he/she is likely to come back to the same brand, and also recommend the brand to others.
In order to develop an efficient marketing strategies for ones online store, it requires one to have a concrete knowledge regarding statistics, trends, and consumer habits in e-commerce.