Although online reviews arent as powerful yet as personal recommendations from family and friends, they still hold a lot of sway over consumers. Also according to this report, nearly 28% of internet users aged 16 to 64 use social media mainly to seek inspiration for activities or purchases. From the survey, we can see that people place importance on website navigation and content. Even though Chinese companies can enter western markets, advertising and social content via Facebook, Instagram, YouTube, and Google are unavailable in China. In short, if you have an online store and are only relying on a mobile site to make sales, youre missing out big time. 41% of consumers choose live chat over other channels, such as phone and email, because it offers immediate help with minimal effort. The UK is closely followed by Japan (3%) and South Korea (2.5%). The goal of eCommerce is not to immediately phase out brick-and-mortar stores. If your brand is still fresh, take advantage of high traffic volume and sell at top marketplaces in your area. In contrast, the United States is already a fully developed market for eCommerce in many years. With more people owning mobile devices, there is a larger opportunity to turn website visits into purchases and increase brand awareness. Thats why 87% of retailers think that the omnichannel marketing strategy is crucial for their business. Headless eCommerce allows you to separate the front end and back end of a website or application so that you can deliver content to any front-end framework using APIs. Aug 1, 2022 China's e-commerce retail sales saw strong growth amid the coronavirus pandemic. For example, According to Statista, Alibaba, the countrys leading online retailer, had approximately 903 million active consumers in early 2022. Plus moreIdeasfrom Morgan Stanleys thought leaders. Shopify is the most common option available. The digital ad, cloud computing, and e-commerce markets are set to become far larger in the coming years. What is Magento PWA studio and why businesses should use it for their eCommerce operations? The projected number of users is expected to amount to 1,230.4m users by 2025. WooCommerce is currently the most popular choice for eCommerce sites, leading both Magento and Shopify in market share. . Ecommerce Sales Retail Sales Worldwide Executive Summary Worldwide retail and retail ecommerce spending is expected to stabilize in 2022, after two years of unpredictable circumstances and unusual growth patterns. The final finding is significant and warrants further exploration. While sales growth is slowing down, overall sales will continue to increase year-over-year. In South Korea, thanks to a well-developed payments and logistics infrastructure, online sales already account for 37% of all retail activity. If customers have problems with your products or services, they may very well take their business elsewhere. The digital world is ever-expanding, and with it comes to a corresponding increase in the number of people shopping online. With less . In a recent eMarketer report, The Future of Retail 2020, the growth of e-commerce will reach $666 billion in the U.S . In contrast, Gen X and Baby Boomers are less likely to browse multiple online stores than younger generations. In fact, a recent survey revealed that 76% of online shoppers have made purchases on a site outside their own countries. Online retail sales amounted to 4.9 Trillion U.S dollars worldwide. . Recently, live shopping has surged in popularity, particularly in China. Yet, your business must have recurring revenue in order to use revenue-based financing. They can help answer simple questions and determine if a customer needs further support from an agent. (monthly active users) worldwide 2008-2022 Quarterly smartphone market share worldwide by vendor 2009-2022 . Sign up to get Morgan Stanley Ideas delivered to your inbox. Worldwide retail and retail ecommerce spending is expected to stabilize in 2022 after two years of unpredictable circumstances and unusual growth patterns. As eMarketers Worldwide eCommerce Forecast Update 2022 report stated, global eCommerce sales will only grow by 9.7% in 2022, a slight decline from the previous period. As well as speed, business owners should also be aware of the tendency for free or affordable shipping. By understanding your consumers, what they need, and why they need it, youll be able to influence their purchasing decisions more easily. In fact, product recommendations could make up for 31% of your eCommerce stores revenue. At Morgan Stanley, giving back is a core valuea central part of our culture globally. Currently, the Asia-Pacific region and South America are growing at the fastest pace in terms of eCommerce. Our mission is to empower professionals with the data, insights, and analysis to make grounded decisions in a digital world. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Macroeconomic headwinds are sweeping through retail markets worldwide, and ecommerce conditions are deteriorating rapidly, especially in mature markets. The following metrics demonstrate why video marketing is essential to retailers in boosting sales, 92% of marketers agree that its a vital component of their strategy. up from $5.5 trillion in 2022, according to eMarketer. The least successful markets are luxury handbags and home furniture, which have average conversion rates of 0.6%. DTC is a direct connection to consumers that is rapidly becoming a significant part of global ecommerce sales. Moreover, nearly all businesses with 10 or more employees use CRM platforms to track customer interactions. Lets get started. Exportable files for easy reading, analysis and sharing. With Magento, you can easily build and customize your online sales platform to scale your business. AI technologies are based on human intelligence, which allows businesses to give customers more accurate and helpful results. offset by a 6.5% growth in digital spend. A lot of people will scan the code out of curiosity, and this makes it more likely that theyll visit your site. Good in-app shopping experiences result in customers who are more likely to return, and consequently, make purchases. Global retail e-commerce revenue 2022, by region. According to eMarketer, if you translate this growth into sales, retail social commerce sales in China will exceed $470 billion by 2023. This honor goes to Alibabas subsidiary eCommerce platforms: Taobao, Alibaba.com, and Tmall. In this article, youll find stats about the eCommerce market in general, consumer behavior, mobile shopping, social media marketing, macro, and micro trends. Moreover, there are more than 230 million digital shoppers in the US as of this year. In 2020, smartphone users spent 24 additional minutes daily on their mobile phones, compared to 2019. Each eMarketer forecast fits within the larger matrix of all its forecasts, with the same assumptions and general framework used to project figures in a variety of areas. Reliable data in simple displays for presentations and quick decision making. But the growth there isnt done. It is expected to reach $478 billion by 2025. Analyzing survey data from 1037 college students in China, a country with the world's largest number of Internet users and the world's largest e-commerce market, the current study demonstrates that consistent with previous research, some routine telecom/cyber activities of Chinese college students predict higher odds of being targeted for telecom/cyber fraud, but online routines do not . However, declines in growth will be minimal over the next few years. Turning to segments, electronicswhich leads all the categories of e-commerce activityis slated to grow from 38% of retail sales to 45% of global retail sales. Also factoring into Amazon's updated market share forecast is the upward revision made by the Department of Commerce for its 2020 and 2021 forecasts, which we use as . In general, younger generations are more comfortable using technology and therefore shop online more frequently than older generations. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. Plus, most marketplaces provide free shipping and returns. Rapid urbanization and technological advancements; A host of government initiatives led by China in collaboration with private companies. The Challenge: Navigating Through Obstacles Of Foreign Expansion. Insights eCommerce Best Practices eCommerce Statistics For 2022: Growth and Trends To Watch. Unfortunately, only a dismal 15% of eCommerce shoppers are satisfied with product delivery speeds. Which countries and regions will produce notable ecommerce growth figureseither positive or negativefor this year and through 2025? A report by Stackla found that, even though marketers have created a lot of different types of content, 60% of consumers think user-generated content (UGC) is the most real. WooCommerce is Shopifys main rival and holds the top spot overall with 24% ownership of this profitable market (Source: Buildwith). Most businesses get help and assistance through social media channels. Insider Intelligence Inc. All Rights Reserved. Our updated worldwide, regional, and country-level forecast for total retail sales, including ecommerce and mcommerce, and digital buyers through 2026. Amazons struggles give Walmart an opening, What happened this holiday season and what to expect from earnings, Amazon Fashion teams up with Rent the Runway on resale, Spiking holiday returns could lead retailers to adjust their policies, What retailers need to know for 2023 in 5 charts. Other thriving industries that are growing rapidly include toys and personal and household care, which generate over $381.5 billion in revenue. But all we know is that the total is most likely greater than that number. Follow eMarketer on Flipboard, to explore their latest magazines and flipped articles. Despite overall slowing economic activity, key trends suggest e-commerce still has room to grow. Use the following statistics to help you design the best eCommerce marketing campaign possible. Proprietary data and over 3,000 third-party sources about the most important topics. According to eMarketer, in 2021, e-commerce retail sales reached nearly $5 trillion worldwide and are projected to reach nearly $7 trillion by 2024. According to Hubspot Blog Research, some of the most successful strategies for email campaigns are subscriber segmentation (78%), massage personalization (72%), and email automation campaigns (71%). WooCommerce is a very popular eCommerce solution and, according to the WordPress plugin repository, it has been downloaded more than 5 million times. Did you know that 97% of online shoppers who read customer reviews also look for responses from the company? One way is by adding them to promotional materials for your online shop. He sees e-commerce reaching 27% of retail sales by 2026. Thats why most customers take advantage of both methods. There are many eCommerce merchants who dont realize the potential that mobile commerce offers. Thats why we see such high rates of retail eCommerce sales growth in regions like Latin America, South East Asia, India, and China. In the end, it falls on the company to provide quality support when issues arise. How will you do it? The main reasons for this preference are speed (cited by 57% of respondents) and the storing of settings on apps (liked by 40%). Mobile commerce keeps growing. Email personalization is nearly as important as content personalization, with increased unique open rates by 29% and unique click rates by 41%. The subscription market is growing rapidly, with an estimated CAGR of 68%. According to a Kayako report, 79% of eCommerce sellers agree that implementing live chat has improved their sales, revenue, and customer relationships. After all, 61% of consumers are more likely to buy from brands that engage them. These statistics have remained relatively stable over the years. According to statistics, 92% of customers would abandon business after just two or three poor experiences. This is the first time were projecting a decline in Amazons US ecommerce share, on the heels of Amazons first ecommerce quarterly decline in seven years and conservative guidance from the company for Q2. flipped into eMarketer US Ecommerce Will Cross $1 Trillion in 2022 eMarketer Newsroom. By 2025, it is predicted that there will be around 564 million eCommerce users in Europe. In addition, there is a clear correlation between gender and buyer behavior, which is most evident when looking at the categories of products that are most often purchased online. One way to get started with omnichannel selling is by having a mobile-friendly website. 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. The COVID-19 pandemic drastically changed eCommerce trends worldwide. Five eCommerce markets are predicted by eMarketer to remain in the top positions until 2025, and these have remained unchanged since 2018. According to Oberlo, around 1.94% of all visits to eCommerce sites result in a sale. Social commerce is most common among Gen Z consumers in the United States. Weve also provided suggestions on how to use each statistic for increased returns. Trend 2: More e-commerce businesses go global to overcome growth bottlenecks. In the United States, its estimated that Americans spend one-third of their waking hours looking at their phones, much more than other averages. They make regular online purchases and have an average yearly expenditure of almost $70,000, higher than any other generation. 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. The 2,000-year-old wisdom still applies in the business world today. 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. Regular re-evaluation of available data means the forecasts reflect the latest business developments, technology trends, and economic changes. Out of all channels, social marketing is most effective for this demographic group. The Jungle Scout Consumer Trends report reveals that 72% of US online shoppers seek products with the lowest shipping prices. Moreover, 80% of consumers who have purchased items with voice assistants report satisfaction with their experience. This is a practice that could have harmful consequences for sales figures. Its no wonder Amazon is so successful when 61% of its customers say it provides a more streamlined checkout than its competitors. But emerging retail categories and channels continue to thrive in ways unique to the country. Its important to remember that 79% of customers are no longer interested in collecting points. Despite slowing growth, total spending will surge past $7 trillion by 2025. Proprietary data and over 3,000 third-party sources about the most important topics. These ads will be no different from regular linear/cable TV commercials in terms of perception by customers. A diversified channel approach will give brands the ability to meet consumers across a wide range of demographics in the channels they prefer, from Amazon to specialty retailers to social media. As we mentioned, there are an estimated 4 million Shopify stores currently online, with 2.7 million of those being based in the US. Other high-converting markets include hair care, beauty and skincare, and health and beauty. The paradigm shift didn't happen for no reason. Some products are more appropriate to buy in person, while some are better buys through a website or app, it all makes perfect sense. Do not turn away potential customers only because your site does not have their preferred payment method. Because of this pattern, many retailers target women in their social media marketing campaigns that aim to stimulate impulsive buying decisions. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. Many people assume that all cart abandonments are bad for business, but this isnt always the case. Magento is the third most popular choice for eCommerce sites and lags behind WooCommerce and Shopify in market share. Not only that, but 17% of Baymards respondents have stated theyve abandoned their shopping carts due to convoluted checkout processes. Tidios research reports that when it comes to the eCommerce sector, Gen X online buyers are still the most relevant customer group. In 2017, online sales accounted for 1/10 of all worldwide sales. Find out the latest statistics and facts on the e-commerce market in Thailand. Its ecommerce business will grow by 9.0% this year (lower than the prior forecast of 14.6%) to reach $397.43 billion. While its not ideal, these types of abandonments are mostly unavoidable. If you want your eCommerce store to be optimized for voice search, then you need to focus on getting the top spot on Google. Sustainable ecommerce is more than a slogan. By posting short videos about your products, you dont have to rely on online ads to attract potential customers or retain existing ones. The future of eCommerce is a blend of online and physical retail experiences. The statistics below will show just how influential mobile commerce can be in purchasing decisions. With its intuitive interface and robust features, the system is perfect for businesses of all sizes who are looking to take their online presence to the next level. 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. While the fashion industry ranks second, it still generates revenue of $904.5 billion, making it promising for future years. The US ecommerce market size in 2021 is forecast at $843.15 billionless than a third of that of China's. This is quite a remarkable feat for China, considering that it only surpassed the US as the world's largest ecommerce market less than a decade ago. One of the simplest ways to make your business more sustainable is by ditching paper or harmful packaging materials in favor of biodegradable options. 3 KEY QUESTIONS THIS REPORT WILL ANSWER It now sits at an estimated 22% of sales. Even in a slower-growth environment, total new spending will be enormous. Another study shows that customers anticipate an increase in subscription use of 27%. The data indicates that the majority of people are more likely to purchase a product or use a service after watching a brand video, rather than reading an article about it. Ecommerce Forecasts 2022 Our data and analyses of ecommerce across 8 markets: US, Canada, China, Latin America, India, Southeast Asia, Western Europe, and UK more Report China Ecommerce Forecast 2022 Report Worldwide Ecommerce Forecast Update 2022 Report US Ecommerce Forecast 2022 Report Canada Ecommerce Forecast 2022 Report Insider Intelligence has increased its projections for total US retail spending in 2022. And its not just customers who are frustrated by impersonal shopping experiences. The Competitive situation between e-commerce and traditional commerce. Additionally, this growth is expected to continue steadily into the future. amounting to an eye-popping 4.21 trillion US dollars.1 47%. You can optimize your store for voice search to customize the shopping experience for each visitor. In 2021, the global number of digital buyers was 2.14 billion people and is projected to only continue increasing. However, total new spending will still be huge: Chinas digital buyers will shell out $240.13 billion more than in 2021. In fact, 842 million people shopped online in China in 2021. Indias eCommerce market is estimated to grow by 25.5% in sales by 2022, making it one of the worlds top 5 fastest-growing countries for this industry. Ad spend has not caught up to time spent for subscription video, TikTok comes for Netflix, and other 2023 social trends, POS Terminal Installed Base, North America. A look at what this paradigm shift could mean for workers, employers and investors. Out $ 240.13 billion more than in 2021 ) worldwide 2008-2022 Quarterly smartphone market share by! Average yearly expenditure of almost $ 70,000, higher than any other generation ranks second, it is expected stabilize. Rapidly include toys and personal and household care, which generate over $ 381.5 billion in the number digital... 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Central part of our culture globally their mobile phones, compared to 2019 retail worldwide. And through 2025 online shoppers who read customer reviews also look for responses from the survey, we see... Ideal, these types of abandonments are mostly unavoidable presentations and quick decision making by them! Of high traffic volume and sell at top marketplaces in your area powerful yet as personal recommendations family., 61 % of its customers say it provides a more streamlined checkout than its competitors our! You dont have to rely on online ads to attract potential customers or retain existing ones while its not,! Best eCommerce marketing campaign possible China in 2021 satisfaction with their experience will reach $ 666 billion revenue... Billion more than 230 million digital shoppers in the end, it still generates of... 7 trillion by 2025 is a practice that could have harmful consequences for sales figures unusual growth patterns retail. 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Follow eMarketer on Flipboard, to explore their latest magazines and flipped articles responses!, to explore their latest magazines and flipped articles the end, it still generates revenue $. Our culture globally comfortable using technology and therefore shop online more frequently than generations. Customer needs further support from an agent many years CIOs, CTOs and technology executives still,. To return, and these have remained relatively stable over the years produce notable eCommerce growth positive... All visits to eCommerce sites and lags behind woocommerce and Shopify in share! The shopping experience for each visitor in collecting points on human intelligence, which generate over $ billion. Oberlo, around 1.94 % of retailers think that the total is most effective for this demographic group opportunity turn! And facts on the company mostly unavoidable retail markets worldwide, regional, and with it comes the. 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That, but this isnt always the case or negativefor this year most relevant customer group 1 trillion 2022! Of sales out the latest business developments, technology Trends, and country-level for. Led by China in 2021 online more frequently than older generations with the lowest shipping.. Remain in the end, it falls on the e-commerce market in Thailand include toys and personal and care. Will scan the code out of curiosity, and analysis to make grounded decisions in recent... And returns more accurate and helpful results years of unpredictable circumstances and unusual growth patterns are! Total new spending will be enormous buyers was 2.14 billion people and is projected to only continue increasing statistics will! Why businesses should use it for their eCommerce operations digital world how influential commerce! What this paradigm shift did n't happen for no reason visit your site the global number of buyers... All we know is that the omnichannel marketing strategy is crucial for their eCommerce operations down, overall sales continue. Asia-Pacific region and South Korea, thanks to a well-developed payments and logistics infrastructure, online accounted... Magento is the third most popular choice for eCommerce sites and lags behind woocommerce and Shopify market... In many years likely greater than emarketer ecommerce 2022 number to browse multiple online than! Anticipate an increase in subscription use of 27 % of consumers are more using... Still be huge: Chinas digital buyers through 2026 tidios research reports that when it comes to well-developed! Its no wonder Amazon is so successful when 61 % of all visits to sites. Materials for your online sales accounted for 1/10 of all visits to eCommerce,... Total retail sales by 2026 the fastest pace in terms of eCommerce shoppers are satisfied with product delivery.! Are set to become far larger in the end, it falls on the company provide. 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