Times are definitely changing in the world of business, and for e-commerce, this is more true than ever. With more people staying home and changes in businesses like limited hours and the number of shoppers per store to maintain social distancing, online sales continue to increase through 2020.
We took a look at some of the recent numbers to gain insights into just how fast things are changing and how the industry has kept up. If you’re in the retail business, the following numbers should be beyond encouraging as you continue to or feel inspired to pivot to an online sales model.
- E-Commerce Has Been Seriously Growing in the United States Over the Last 12 Months
Retail sales for e-commerce totaled $145.7 billion during the third quarter of last year, an increase of 4.4% from the second quarter of 2019.
- Globally, E-Commerce Is Even More Impressive
4.4% is solid growth — and U.S. e-commerce sales are projected to grow even more this year, but the global projection for 2020 is $3.9 trillion.
- E-commerce Is (Figuratively) Taking Over The World
E-commerce sales for 2019 accounted for 13.7% of global retail sales. That’s up 7.4% from 2015. We anticipate this share to be 17.5% by 2021.
- Sadly, Too Many American Small Businesses Aren’t Capitalizing on These Opportunities
A 2019 survey found that a shocking 40% of ‘American small businesses don’t have a website. While not every business needs an e-commerce division, not having any website is absolute insanity. 97% of American consumers have used the internet to find local businesses — and 54% looked for a local business online at least once a month.
- Creating a Good E-Commerce Experience on Mobile Is Imperative
Mobile e-commerce has been driving a large percentage of traffic and sales. More than 55% of e-commerce traffic already comes from mobile, which is only continuing to increase. While this is great for companies who have optimized for mobile, those who haven’t should lookout. 57% of mobile shoppers will abandon the cart if the load time is three seconds or longer, and smartphone users are brand agnostic and want what’s easiest for them. 80% were more likely to purchase from companies who helped them easily find answers to whatever questions they had.
- Don’t Forget About Gen X
While the craze for attracting Millennial customers has slowed some, e-commerce businesses would do well to remember Gen X. Interestingly, they are the most active online shoppers of them all this year.
At Raine Digital, we will partner with you to bring your vision to life and use our expertise to help you–and your business–adapt to these changing times.