E-commerce platforms are growing at an unprecedented rate all over the world. People from every age group loves to shop from different e-stores. Over the past couple of years, mobile shopping has seen increases year on year, with 18% now shopping either through their mobile phone or portable tablet device.
Studies and Findings on e-commerce
- According to a joint study done by ASSOCHAM and Forrester, the e-commerce revenue is expected to increase from $30 billion in 2016 to $120 billion in 2020 which is an annual growth of around 51%.
- A study by Statista says that the amount of product sales through online digital mediums have come around to be $16.08 billion for the year 2016 and is expected to grow by $45.17 billion for the year 2021.
- The worldwide e-commerce sales topped $3.5 trillion, an increase of approximately 18% from the year before. E-commerce is expected to nearly double by 2023 to more than $6.5 billion.
- Around 33% of the consumers shop online for at least once a month using mobile phones.
Facts about e-commerce industry
- Michael Aldrich is credited with the inception of e-commerce business and creating the first e-commerce marketplace.
- Amazon, which was launched in 1995 did not make any profit for first seven years and recorded its first yearly profit in 2003. Rest is history.
- Global spending on e-commerce in 2012 reached just over $1 trillion. The US market spent the most, roughly around $384 billion with China trailing at just over $180 billion. The UK and Japan spent just over $140 billion while Belgium spent $53 billion.
- In March 2020, global retail website traffic hit 14.3 billion visits signifying an unprecedented growth of e-commerce during the lockdown of 2020. Studies show that in the US, as many as 29% of surveyed shoppers state that they will never go back to shopping in person again. In the UK, 43% of consumers state that they expect to keep on shopping online even after the lockdown is over.
- Twitter ads have the most conversion rate of any social media platform, converting online advertisement into genuine sales.
- E-commerce businesses register only 0.8% fraudulent activities owing to the highly technologically advanced model.
- Three of the top reasons for cart abandonment were change of mind (61%), comparison shopping (57%) and checkout process being too long (44%).
- The founders of Flipkart, Sachin Bansal and Binny Bansal, the youngest Indian billionaires were on 86th position in Forbes India Rich list in 2015 and climbed to 65th position in 2016 with an individual wealth of 1.24 billion each.
- By 2021, analysts estimate 9% of all e-commerce sales will happen on mobile devices.
- Around 63% of men shop for at least once in a month online rather than the 44% women as compared.