As the e-commerce industry continues to grow, businesses must adapt to the changing landscape and prioritise certain factors to stay competitive. Mobile commerce is expected to dominate e-commerce sales in the coming years, making it crucial for businesses to optimise their websites for mobile devices. With the projected global e-commerce sales reaching $6.54 trillion in 2023, businesses must stand out in a crowded market to capture a share of the sales. Additionally, reducing cart abandonment rates, prioritising high-quality product images, leveraging social media platforms, offering fast and reliable shipping, displaying customer reviews, providing personalised experiences, and optimising site speed are essential factors for e-commerce success. While it may seem daunting to invest in all of these areas, businesses must consider the long-term benefits and lifetime value of a customer to justify the initial investment.
- Mobile commerce (m-commerce) is expected to account for over 72.9% of total e-commerce sales by 2023. (Statista) This means that it’s crucial for e-commerce websites to be mobile-friendly and optimised for mobile devices.
- In 2023, global e-commerce sales are projected to reach $6.54 trillion, up from $4.28 trillion in 2020. (Shopify) This shows the significant growth potential for e-commerce businesses, but also highlights the importance of standing out in a crowded market.
- Around 87% of online shoppers abandon their carts, resulting in an estimated $18 billion in lost sales each year. (Barilliance) E-commerce websites should focus on optimising their checkout process and reducing cart abandonment rates.
- 93% of online shoppers consider visual appearance to be the key deciding factor in making a purchase. (Vendasta) E-commerce websites should prioritise high-quality product images and user-friendly design to attract and retain customers.
- Social media is the top marketing channel for e-commerce businesses, with 73% of shoppers purchasing products after seeing them on social media. (BigCommerce) E-commerce websites should leverage social media platforms to reach and engage with potential customers.
- More than half (53%) of online shoppers expect delivery within three days, and 25% expect same-day delivery. (MetaPack) E-commerce websites should offer fast and reliable shipping options to meet customer expectations.
- Product reviews are an essential part of the purchasing decision for 90% of online shoppers. (Qualtrics) E-commerce websites should encourage and display customer reviews to provide social proof and build trust with potential customers.
- Nearly 80% of shoppers say they’re more likely to buy from a brand that provides personalised experiences. (Epsilon) E-commerce websites should use customer data to personalise the shopping experience and increase the likelihood of conversions.
- Nearly 70% of e-commerce carts are abandoned due to high shipping costs. (Baymard Institute) E-commerce websites should consider offering free or discounted shipping to reduce cart abandonment rates.
- Over 40% of shoppers will abandon a website that takes more than three seconds to load. (Google) E-commerce websites should focus on optimising site speed and load times to improve the user experience and reduce bounce rates.
In conclusion, understanding these statistics and their impact on the commercial aspects of an e-commerce website can help owners make informed decisions and optimise their online stores for success. At Yellow Moose, we work closely with our clients to create user-friendly and visually appealing websites that resonate with their target audience and help them achieve their business goals.