The times, they are, indeed, a-changin’ — and in no industry is this more true than in e-commerce. We took a look at some of the recent numbers to see exactly how fast things are changing, and how well the industry has been keeping up. The following numbers may fill your heart with glee and confirm that you’re on the right track — or inspire a potential pivot.
For the third quarter of 2019, retail e-commerce sales totaled $145.7 billion, an increase of 4.4% from the second quarter of 2019.
That’s some healthy growth — and U.S. e-commerce sales are projected to grow even more in the final quarter of 2019 and increase further in the next year. But the projected global sales for e-commerce in 2020 is amazing — perhaps $3.9 trillion.
It’s no surprise that China, with the world’s largest population, 1.42 billion, is the top spender globally, with an annual e-commerce total revenue of $706 billion. But more surprisingly, residents of the United Kingdom are the top spenders per capita, at $4,057 — compare that to the U.S.’s $3,459 and China’s $1,871.
We’re anticipating that e-commerce retail sales will account for a full 13.7% of global retail sales in 2019 — that’s up from 7.4% in 2015. And this number is only expected to rise: we’re anticipating this share will be 17.5% by 2021.
A 2019 survey found that 40% of small businesses don’t have a website. While not every business needs an ecommerce arm, to not have any website at all is simply bananapants — and yes, that’s the technical term. 97% of American consumers have used the internet to find a local businesses — and 54% looked for a local business online at least once a month.
Mobile e-commerce — aka m-commerce — has been driving an increasingly large percentage of traffic and sales. More than 55% of e-commerce traffic already comes from mobile, and that number is just going up. And while this is great for companies who have optimized for mobile, those who haven’t should look out: 57% of mobile shoppers will abandon the cart if the load time is three seconds or longer, and smartphone users are brand agnostic and want what’s easiest for them: 80% were more likely to purchase from companies who helped them easily find answers to whatever questions they had.
While the craze for attracting Millennial customers has died down — although that eponymous rose gold tone doesn’t seem to be going anywhere — e-commerce businesses would do well to remember Gen X, who are surprisingly the most active online shoppers of them all.