The e-commerce industry is growing fast, but there’s still lots of room to grow even more. We’ve compiled some of the most interesting statistics from a variety of sources, including Gartner and IBM that highlight this exciting industry.
1. The e-commerce industry is projected to command over $6.5 trillion.
The ecommerce industry is projected to command over $6.5 trillion in 2023. This is a 14% growth rate from 2022, and it’s still only 10% of total retail sales.
2. Online retail accounts for only 10% of total retail sales.
While e-commerce is growing, it still only accounts for 10% of total retail sales. This is a good thing, because it means there’s still lots of room to grow.
However, if you’re an e-commerce business owner or someone who wants to start an eCommerce store and reach your goals as quickly as possible, this should be exciting news! You don’t want your competition to beat you in terms of market share–and they won’t be able to if they’re not keeping up with the latest trends (which we’ll discuss later).
One great example of this is Amazon Prime Video (APV). APV launched in 2007 with just one show: “Alpha House.” Since then, its viewership has skyrocketed and now includes over 100 original series including shows like The Marvelous Mrs Maisel which won several Emmy awards last year including Best Comedy Series at both the Primetime Emmys and Creative Arts Awards ceremonies held on September 22nd 2019 at Radio City Music Hall in New York City NY USA where many celebrities were seen wearing black tonight as part of their protest against sexual harassment/misconduct by powerful men within Hollywood’s entertainment industry
3. Online shoppers spend an average of 5 hours a month researching products online.
- The average person spends 5 hours a month researching products online.
- The average person spends 1 hour a week on social media.
- The average person spends 3 hours a week watching TV.
- The average person spends 2 hours a week reading newspapers and magazines
4. The lifespan of an online cart is roughly 10 days.
If you’re like most eCommerce businesses, your biggest challenge is getting customers to convert. You might have the best-looking website and product images, but if people don’t buy from it, then all that hard work was for nothing.
To help with this issue, we’ve compiled a list of statistics about online shopping cart abandonment that will help you understand why people abandon their carts and how to fix it:
- The lifespan of an online cart is roughly 10 days. That means if someone starts checking out but doesn’t finish by day 11 or 12 (or even earlier), they probably won’t come back later either–and now there’s no way for them to purchase what they wanted!
- People are distracted when they shop online due to other things going on in their lives at this moment–a phone call from work or family members needing attention–and this makes them lose focus on completing the transaction process before leaving empty-handed again when distracted by something else happening outside their browser window while shopping around again later down the line…
5. 1 in 10 consumers have no interest in buying clothes online.
- 1 in 10 consumers have no interest in buying clothes online.
- The majority of online shoppers would rather see what they’re buying and try it on before making a purchase.
- 49% of consumers are more likely to buy clothing from an eCommerce site if they can return the item if it doesn’t fit or match their expectations, according to an industry study by Fashion Networking International (FNI).
6. 70% of Gen Z prefers to shop at small businesses than larger retailers.
Gen Z is a generation of consumers who are more likely to shop at local businesses than their parents. They prefer to shop at small businesses because they want to support local economies and communities.
Gen Z also has a stronger interest in buying products that are made by small businesses, including food, clothing, and home goods.
7. The most popular mobile device for shopping among consumers is a smartphone, leading the pack by 55%.
The most popular mobile device for shopping among consumers is a smartphone, leading the pack by 55%. This is followed by tablets (38%), desktops (33%) and laptops (21%). Mobile devices make up more than half of all online sales in 2019.
8. 28% of all online sales occur on a mobile device, a number that increases every year, indicating consumer habits are also changing yearly.
28% of all online sales occur on a mobile device, a number that increases every year. This indicates consumer habits are also changing yearly. We live in a digital world where everyone is on their phone, so it’s important to have a mobile friendly website if you want to get your products out there and make money!
Mobile devices are used for shopping, research and price comparison – meaning they’re perfect for eCommerce businesses who want their customers to be able to buy from them anywhere at any time of day or night!
9. The average ticket size for items purchased on mobile devices is $87, compared to the $107 average for desktop purchases.
Mobile shoppers are more likely to buy smaller items, and they tend to purchase impulse purchases. Mobile shoppers are also more likely to buy from small businesses.
10. B2B transactions are expected to nearly double over the next 4 years and could account for 20-30% of all e-commerce transactions by 2023.
- B2B transactions are expected to nearly double over the next 4 years and could account for 20-30% of all e-commerce transactions by 2023.
This means that there is a lot of opportunity for companies to sell their products online, especially if you’re in an industry like manufacturing or technology where many buyers are already familiar with buying online.
Ecommerce is growing fast, but there’s still lots of room to grow even more
The ecommerce industry is growing fast, but there’s still lots of room to grow even more.
In 2018, online sales reached $1.9 trillion worldwide–a 14% increase compared with 2017 figures. The average amount spent per consumer on ecommerce platforms increased by 11% compared with 2017 data and reached almost $3,000 per person (in the U.S.).
Mobile commerce will continue to grow as well: In 2019, 49% of all online retail transactions were made via mobile devices; this figure is expected to increase further by 2022 when it reaches 61%.
The number of B2B ecommerce platforms has also been steadily increasing over time; according to a recent study conducted by Forrester Research Inc., there were around 1 million such sites in 2016–and this number could reach 3 million by 2023!
We hope you enjoyed this list of the top 10 e-commerce statistics for 2023. As we said before, there’s plenty more where that came from! If you want to learn even more about the world of e-commerce today and tomorrow, check out our other articles on these topics: