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If you can’t buy it online, they say, it doesn’t exist. A glance at Amazon or eBay suggests there is truth to the adage. But how true is it? Are brick-and-mortar shops going away ultimately?
E-Commerce is the new goldmine as billions of people have seamlessly migrated to buying whatever they need online without much stress. Physical stores have noticed a significant decrease in patronage over the years after the emergence of online shopping.
These e-Commerce statistics tell us where we are so we can figure out where we are going.
Key E-commerce Statistics for 2023
- Over 50% of e-Commerce purchases made during the holiday were via smartphone.
- 80% of American consumers see free shipping as the top reason for shopping online.
- The average shopping cart abandonment rate as of 2023 is 69.99%.
- The global e-Commerce market will be worth $6.3 trillion in 2023.
- By 2026, the e-Commerce market will amount to $8.1 trillion.
- The U.S. e-Commerce market will reach over $1.1 trillion in sales in 2023.
- In the U.S., 16.4% of retail purchases will occur online in 2023.
- E-Commerce sales will grow by 10.4% in 2023.
- Amazon accounts for 37.8% of e-commerce sales, the highest market share of all e-commerce companies.
- The top 5 most popular e-commerce websites are; Amazon, eBay, Walmart, Esty, and Target.
E-commerce Platform Statistics
The world of e-commerce has been on a sporadic increase since the advent of the pandemic and is not slowing down any time soon.
Let’s dive in and look at the trending e-Commerce statistics for 2023.
1. The North America B2B e-Commerce market will reach $1.8 trillion by 2023.
Projections suggest that reliance on e-Commerce transactions is only going to increase. Today, North America, one of the leading retailers, is investing in building market share and boosting sales. Projections were made that its B2B e-Commerce market share will reach $1.8 trillion by the end of 2023.
2. The U.S. e-Commerce market accounts for about 16.4% of retail sales – and almost half belongs to Amazon alone.
(Oberlo & Fit Small Business)
According to global e-Commerce statistics, Amazon surpassed eBay in 2023, claiming 47% of all e-Commerce transactions, which translates to 37.8% of total U.S. retail sales. E-Commerce growth statistics show that digital shopping accounts for over three-quarters of real retail growth, fueling the industry’s expansion.
3. Amazon earned $220 billion in 2022 and will reach $746.22 billion by 2023, making it the king of online retailers.
Amazon has been at the forefront of e-Commerce for years, and revenues keep rising, jumping from $178 billion in 2017 to $232 billion in 2018 and now $220 billion in 2022. Amazon’s sales rival those of enormous brick-and-mortar franchises like Walmart and Ikea. Alibaba and eBay are significant forces in e-Commerce, but Amazon wins the prize as the world’s largest online retailer.
According to Insider Intelligence, the continuous rise in online shopping and e-commerce will significantly increase Amazon’s revenue generation to about $746.22 billion by the end of 2023.
4. Online retail sales statistics suggest that Prime members spend an average of $1,400 annually at Amazon.
While Amazon Prime members spend around $1,400 on online shopping yearly, their non-Prime counterparts spend about $600.
5. Amazon’s e-Commerce app has over 310 million mobile users worldwide.
Amazon’s e-shopping app leads the way as the most popular online shopping application on the web. Walmart, which ranks second, has just 86 million users. Business Insider says more than half of Amazon’s mobile customers purchase via mobile browsers, not the app.
6. As of 2023, there are over 167.2 million U.S. Amazon Prime members.
With a user base more prominent than the population of all but a handful of countries, Amazon pioneered free shipping as the norm, driving its competitors to do the same.
Data from 2023 suggests that Amazon Prime subscribers have increased from 165.5 million in 2022 to 167.2 million as of 2023, a 3.7 million increase.
7. Amazon has over 1,541,000 full-time and part-time employees as of 2023.
Amazon’s broad customer base and efficient management system allow them to employ more employees. This is to cater to all their platforms, such as Amazon, Amazon Prime, and more.
8. Retail e-Commerce statistics show that 93.79% of companies integrate social media marketing into their business.
The power of social media has proven numerous times to be a game-changer, especially regarding marketing. Social networks like Facebook, Twitter, and Instagram have become invaluable platforms for cost-effective marketing. Reaching target audiences has been challenging.
9. E-Commerce statistics suggest that if you want customers to find your site and your products, Google is the key.
Some 43% of e-commerce site traffic comes from Google searches, 26% from Google AdWords. Most internet consumers rely on search engines for items and the latest releases, making the platform a reliable place to find products and brands.
10. In 2022, consumers in China paid over $159 billion through mobile payments alone.
China’s $159 billion consumers is a considerable jump from 2015, when mobile payments via QR codes accounted for approximately $1 trillion. The country has made significant efforts to push e-Commerce into the mainstream, which accounts for about 42% of the world’s online shopping.
According to Statista, in 2022, China spent $159 billion in mobile transactions, up from $151 billion in 2021.
11. Adblocking threatens e-Commerce. Today, about 27% of American internet users employ advertising-blocking tools.
U.S. e-commerce statistics reveal that over a quarter of Americans block ads on connected devices. In response, companies have begun paying more attention to customer retention and organic methods of driving sales without ads.
12. Only 71% of small businesses have an online platform or website.
With little more than half of American small businesses using the internet to generate sales, it’s no wonder the prominent e-Commerce vendors are snapping up market share. E-Commerce statistics show that as many as 44% of small business owners planned to create one – 28% don’t even have company websites.
13. Mobile e-Commerce statistics show that over 50% of purchases made during the holiday season of 2022 were made via smartphones.
As far back as 2015, e-Commerce mobile statistics claimed that mobile traffic overtook desktop use in online shopping. Online retailers must adapt their businesses for mobile users.
From website design to apps to search engine optimization, companies do everything they can to reach millions of potential customers who are more comfortable on their smartphones than desktops.
According to online shopping statistics, 50% of Black Friday 2022’s online purchases were made via smartphone.
14. Facebook e-Commerce statistics reveal that the platform is home to 85% of all social media purchases.
Facebook’s marketing capabilities are unprecedented. Studies show that a Facebook user who clicks on an ad is ready to spend an average of $55. The company’s annual ad revenues will grow to $113.6 billion by 2022.
Consumer Behavior in e-Commerce
How many people shop online worldwide? How many use credit and debit cards? What is the cart abandonment rate?
All these questions are answered below with their current statistics.
15. Online shoppers could climb up to 2.64 billion by the end of 2023.
E-Commerce growth statistics like these drive entrepreneurs to invest in online retail enterprises. With a global population of about 8 billion, online shopping will soon be a reality for 33.3%.
16. Studies say millennials make 58% of their purchases online.
Demographics of online shoppers show that millennials love e-Commerce. They are a driving force behind the expansion of online shopping today, and millennials’ online shopping statistics show they will continue to fuel e-Commerce expansion in the future.
17. The average shopping cart abandonment rate as of 2023 is 69.99%.
About 53% of respondents name high shipping rates as the justification for logging off without completing their purchases. Another 31% complain about creating an account for making a purchase, and 23% consider the checkout process too long or complicated.
18. European eCommerce statistics show that 19.3% of online shopping is paid with a debit card.
(Payments Cards and Mobile)
Debit card payments increased by 19.3%, almost twice the rate of credit card payments. The second-most-popular payment option is Paypal (32%). More than half (58%) of European e-shoppers prefer to stick with their leading bank when purchasing.
19. E-Commerce brands lose $18 billion in sales revenue yearly because of Cart abandonment.
According to Drip, there are several reasons for cart abandonment, and this causes brands to lose over $18 billion yearly. They include;
- The extra costs online buyers encounter when purchasing a product or service.
- When forced to create an account with the shopping site, people abandon shopping carts.
- Difficulty entering their personal information
- 46% of shoppers leave because a discount code doesn’t work
- 55% of shoppers abandon their carts if they have to re-enter their credit card or shipping information
- 57% of shoppers abandon their carts if they have to wait over 60 seconds for a page to load
20. Shopify statistics show that those who click on ads spend an average of $65 at the sponsoring eCommerce sites.
What is a click worth? On Facebook, the average click on an ad nets the advertiser $55. At Shopify, it’s $65. Click rates vary from platform to platform, but it brings consumers to targeted ads, increasing a brand’s sales.
21. According to social commerce statistics, 71% of online shoppers say recommendations on social media influence their purchases.
As many as 71% of online shoppers say they’ll likely buy products through the influence of social media referrals, listing Facebook, Pinterest, Instagram, Twitter, and Snapchat as their favorite platforms for finding products.
22. E-Commerce shopping statistics show that voice and image searches make up over 51% of all searches.
Smartphones, tablets, smart speakers, and digital assistants demonstrate that keyboards are rapidly becoming optional. This shift will significantly impact e-Commerce, as more people expect to make orders using voice commands alone.
Over 51% of U.S. shoppers use voice assistants to research products, as about 33.2 million Americans use smart speakers online.
23. According to e-Commerce statistics, most American adults have made online purchases at least once.
E-commerce statistics worldwide reflect that over 79% of Americans have made at least one online purchase. The convenience of online shopping and door-to-door delivery attracts Americans to e-Commerce.
24. E-Commerce return statistics suggest that 30% of online products are returned, compared to only 8% bought in brick-and-mortar stores.
Online shopping can never beat physical shops when trying out the product. Images on the internet can’t tell you everything you want to know.
25. According to e-Commerce statistics, as many as 65% of shoppers compare prices on their phones while browsing brick-and-mortar stores.
People love to make cost comparisons, and smartphones make it easy. Sometimes they learn they can save money online or by visiting a different shop. Suppose e-Commerce search bar statistics have taught us anything. In that case, the internet has created a culture of savvy consumers who are challenging to con.
26. In large retail franchises like Amazon, Wayfair, and Walmart, e-Commerce statistics show that small changes in checkout design could mean billions in extra revenue.
Over 35% of buyers who abandon full shopping carts say the checkout process was too complicated. According to a nine-year research project from Baymard Institute, making checkout simpler and easier could translate into enormous sums.
The EU and the U.S. have annual e-Commerce sales of $738 billion. A 35% increase would result in $260 billion in added sales – more than enough to justify the cost of a redesign.
27. 83% of consumers say they are willing to share their experience with e-Commerce sites and brands if it results in a more personalized shopping experience.
According to e-Commerce statistics, most consumers are open to sharing their data. What they expect in return is a quality shopping experience. Trust is key. If users suspect they’re receiving recommendations based on purchases made elsewhere or vendor “push,” the relationship is seriously jeopardized.
The Benefits of e-Commerce: Consumers’ Perspective
Online shopping has numerous ranging from time-saving to free shipping and non-stressful procedures.
Below are the benefits of e-Commerce, as reported by the latest e-Commerce statistics.
28. E-commerce industry statistics reveal that 80% of American consumers see free shipping as the top reason for shopping online.
Online retail sales statistics show consumers don’t like shipping fees. Free delivery is becoming the norm in online retail, with significant players absorbing transport costs, and it has been a challenge for smaller retailers.
29. Being able to shop 24/7 is cited by consumers as the primary benefit of e-Commerce.
Online shopping statistics reveal that most consumers perceive around-the-clock availability as a great benefit. Other advantages of online shopping include the ability to compare prices, online sales promotions, lower prices, saving time, a wider variety of products, and free shipping offers.
The reign of online shopping shows no signs of stopping, as the predictions have already clearly indicated that 95% of all retail shopping will be online by 2040.
Future technological developments will further alter and reshape the e-commerce environment. Success for those investing in the future of retail will depend on their capacity to adapt to change.
There has never been a better time to start an e-commerce store and brand than today.