Shopify consistently ranks high as an eCommerce platforms provider and boasts a 19% share of the top one million sites (these sites are responsible for a disproportional amount of eCommerce traffic and trade). The popularity of mobile devices has allowed the voice commerce market to grow globally. KEY STAT: Chinas ecommerce sales will increase by 9.1% this year, the lowest growth since we began our tracking in 2008. with an annual growth rate of 21%, China is also one of the fastest-growing eCommerce markets. Retail e-commerce sales in India will climb 31.0 percent this year to reach US $32.70 billion, according to eMarketer's latest forecast. In fact, its estimated that by 2025 there will be nearly 108 million social buyers in America and retail social commerce earnings will amount to approximately $80 billion. Even though Chinese companies can enter western markets, advertising and social content via Facebook, Instagram, YouTube, and Google are unavailable in China. The chart also suggests that this growth rate will continue to slowly decline over the next few years. Disclaimer: By clicking submit, you agree to share your informationwith us to receive news, announcements, and resources when they are available. If your brand is still fresh, take advantage of high traffic volume and sell at top marketplaces in your area. Across the world, we have yet to see a ceiling for e-commerce penetration.. Were willing to bet that this would be the first and last step in their journey as one of your customers. Moreover, 80% of consumers who have purchased items with voice assistants report satisfaction with their experience. Youll have more control over your design and wont mind getting your hands dirty. E-commerce as a percentage of retail sales continues to grow across regions. Out of all channels, social marketing is most effective for this demographic group. It credited this largely to PayPals recent adoption of QR payments and partnership with CVS, which has tapped into Americans growing need for cashless options during the pandemic (11% more people have been using QR codes since the pandemic began). The voice search market is expected to grow 23.7% annually, increasing from $11.21 billion in 2022 to $49.79 billion by 2029. Digital sales are also growing across newer verticals, including beauty, apparel and grocery. Two. And by the end of 2022, its estimated that there will be even more than 2.3 billion consumers making purchases from online retailers. Women also make purchase decisions 7% faster than men. The UK ecommerce market was worth 182.9 billion in 2021. Reliable data in simple displays for presentations and quick decision making. years later, eMarketer data showed that the actual. 38% of people are afraid of overloading their credit cards, so Gen Z and Millennials instead choose to use debit cards when shopping. You can use platforms that manage your signup forms and emails. As we mentioned, WooCommerce is the most popular eCommerce platform in the world right now but it cant be guaranteed in the near future. Each eMarketer forecast fits within the larger matrix of all its forecasts, with the same assumptions and general framework used to project figures in a variety of areas. Advertising on Facebook, for example, already costs 47% more than the year before. Tidios research has found that mobile shoppers primarily use their devices to compare the pricing of products and services (49%), redeem coupons they have been offered (40%), and learn more about a product they are interested in (30%). This type of eCommerce can also streamline omnichannel selling since businesses utilizing a headless approach can quickly incorporate new eCommerce channels. Retailers can leverage these pockets of growth if they get ahead of mounting regulations and shifting consumer behaviors. In the future, both shipping speed and price will continue to be important in eCommerce. JD.com offers a quick and efficient way to get your products from the US to China, with cargo flights transporting goods from its warehouses straight to customers doorsteps. CRM provides business owners with a greater understanding of their customers needs and behavior. In short, if you have an online store and are only relying on a mobile site to make sales, youre missing out big time. Marketplace Sales, 2019-2023 (millions and % of total Amazon retail ecommerce sales), Amazon US Ecommerce Sales, by Product Category, 2019-2022 (% of total US retail ecommerce sales in each category), US Premium Travel Credit Card Emerging Features Benchmark 2022, The State of Central Bank Digital Currencies, A marketers guide to post-cookie solutions, Gen Z no more focused on a brands social values than older generations, TikTok could open its algorithm to regulators, breaking a major dam for social media, Netflix will make its upfront debut after early advertising stumbles, Googles DeepMind might release ChatGPT competitor Sparrow this year, Apples Maps upgrades could be the start of an assault on Googles local search dominance, Amazons first year of Thursday Night Football missed viewership goals, Spiking holiday returns could lead retailers to adjust their policies, Amazons struggles give Walmart an opening. What is the global outlook for retail sales and retail e-commerce sales in 2022 and beyond? United States: +770 billion Euros (+840 billion USD). As businesses reach their growth limits in the domestic environment, the world will see more e-commerce brands expand into the global stage. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. The pandemic resulted in a huge jump in. Furthermore, 40% claimed they dont make purchases on websites written in other languages. The subscription model is vital to the future of eCommerce growth and expansion, with 70% of business leaders agreeing. To help you imagine easier, in 2019, eMarketer reported that retail social commerce sales in the USA amounted to less than $20 billion. Additionally, eCommerce stores are pretty good for turning visits into sales. And 37.9% of social buyers across the world are projected to come from China by 2027, but this number could be higher. That will give it a 37.8% share of the US ecommerce market in 2022, a slight drop from the 38.0% it had last year. Global ecommerce sales will likely reach $5.4 (3.95) trillion in 2022. For perspective, in 2020 it was only around $240 billion. As customer acquisition costs continue to rise, maximizing customer lifetime value helps maintain profitable margins for your business. As of October 2022, approximately 163.590 active eCommerce sites online are powered by Magento 1, and almost 100.000 are powered by Magento 2, which accounts for close to 0.9% of all online stores worldwide. More than 30% of internet users have used a voice assistant for product information or purchasing products. Statistas Leading online marketplaces worldwide as of July 2020, based on the number of monthly visits chart reports that Amazon is also the most visited an online retail store in the world. Regular re-evaluation of available data means the forecasts reflect the latest business developments, technology trends, and economic changes. What are the latest estimates for livestreaming ecommerce sales and digital grocery sales in China? Companies that offer loyalty or rewards programs improve customer retention rates by 5% and increase profits by 25%-95%. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. Retail eCommerce sales in the US for Q2 of 2022 amounted to $257 billion, which is a 2.7% surge from the last quarter. Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. The future success of your company may depend on it. In the United States, its estimated that Americans spend one-third of their waking hours looking at their phones, much more than other averages. E-Mail Chart Download KEY STAT: Auto and parts, and food and beveragetwo categories with historically low levels of online purchaseswill be the fastest-growing product categories in ecommerce this year. In the UK, ecommerce sales will make up 36.3% of total retail sales in 2022. . Even though net sales increased by 38.6% in Q2 2022, Wong says that Olaplex isnt immune from these problems. According to Spiceworks, 89% of eCommerce businesses are investing in personalization, including well-known brands like Netflix, Sephora, and Wells Fargo. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. And it's forecast to grow over 50% within the next four years . This means that a company does not have to invest in translating its whole site from the beginning. In 2022, ecommerce will make up 18.4% of total US holiday retail sales. Out of that time, only 10% is spent on a web browser. Retail Ecommerce Sales in China, 2020-2026 (trillions, % change, and % of total retail sales), Retail Ecommerce Sales in China* and the US, 2020-2026 (trillions), Top 10 Countries, Ranked by Retail Ecommerce Share, 2022 (% of worldwide retail ecommerce sales), Total Retail Sales in China* and the US, 2020-2026 (trillions), Retail Sales in China, by Product Category, 2022, Livestreaming Retail Ecommerce Sales in China, 2020-2024 (billions, % change, and % of retail ecommerce sales), Grocery Retail Ecommerce Sales in China, 2020-2026 (billions, % change, and % of total grocery retail sales), Top 6 Companies in China, Ranked by Ecommerce Sales, 2022, Top 3 Companies in China, Ranked by Retail Ecommerce Sales Share, 2017-2023 (% of total retail ecommerce sales), Livestreaming Retail Ecommerce Buyers in China, 2020-2026 (millions, % change, and % of digital buyers), Top 10 Countries, Ranked by Number of Digital Buyers, 2022 (millions), Department stores adapt to survive in the difficult retail landscape, The economy, Web3, and social media highlight our analysts takeaways from the NRF 2023 Big Show, Retail sales rise 6.0% in December, as consumers pulled back on spending. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. Trend 1: The e-commerce landscape is getting more competitive. Across all our businesses, we offer keen insight on today's most critical issues. Proprietary data and over 3,000 third-party sources about the most important topics. BNPL allows customers to pay for products in installments, which makes it accessible to many customers. Nevertheless, its still ranked in the top ten fastest-growing countries with regard to changes in online sales numbers. In other words, the e-commerce space is becoming more crowded. The statistics discussed above make it evidently clear how important reviews are for a business. mCommerce, or mobile commerce, is expected to surge in the next few years. According to recent research by eMarketer, China will remain the worlds most penetrated eCommerce market in 2022, with 46.3% of the countrys retail sales taking place online. The COVID-19 pandemic drastically changed eCommerce trends worldwide. This growth can be attributed to many factors, such as the rise in mobile shopping, the popularity of social media, and the growing subscription services market. Additionally, because QR code solutions are low-cost, it is projected that global growth will reach over $2.7 trillion in 2025. By pairing it with WordPress, you can craft a highly effective store thats more likely to drive sales. Reliable data in simple displays for presentations and quick decision making. To incentivize online customers to share their favorite products on their accounts, add social media icons to your store. If you dont have social media accounts for your business yet, these eCommerce statistics showing the benefits of social media should convince you to create some. According to statistics, 92% of customers would abandon business after just two or three poor experiences. While that might seem like a small percentage, it is quite significant in terms of internet traffic and reaches. Despite a promising market, voice shopping still experiences several drawbacks. China is continuing to lead the pack when it comes to social commerce. After analyzing some of the most significant moments in e-commerce from 2021, Feedvisor launches an in-depth report of the key predictions in 2022. While its not ideal, these types of abandonments are mostly unavoidable. Two major retail trends are fueling Amazons fastest-growing categories in 2022: As a result, food and beverage and health, personal care, and beauty will be Amazons two fastest-growing ecommerce categories this year. By 2025, retail mCommerce sales should reach $728.28 billion and account for 44.2% of total US eCommerce sales. This makes a significant contribution to global retail eCommerce sales. 5 billion - the net revenue of Amazon in 2019, making it the leading online retailer (Statista, 2020). We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. During the past three years, Tesla's market share of total auto sales in the US has increased ~240 basis points to 3.8%.. Because numerous companies are creating loyalty programs nowadays, the competition has become very tough. In-house product production gives you greater control over what ingredients are used. Its no wonder Amazon is so successful when 61% of its customers say it provides a more streamlined checkout than its competitors. Online shopping provided a practical alternative as retail locations closed and people stayed in to avoid the virus. . Additionally, 9% say they get irritated when having to repeat themselves during a live chat session. However, many consumers prefer the one-stop convenience of buying everything they need in one place. Insights eCommerce Best Practices eCommerce Statistics For 2022: Growth and Trends To Watch. Brick-and-mortar retail, meanwhile, returned with a vengeance last year and is in better shape than expected going into 2022. amounting to an eye-popping 4.21 trillion US dollars.1 47%. Although Shopify, WooCommerce, and Magento are commonly known throughout the eCommerce industry, theyre not the only extremely popular options. Exportable files for easy reading, analysis and sharing. Statista predicts that the revenue of email marketing will reach almost 11 billion dollars at the end of 2023. According to Hubspot Blog Research, some of the most successful strategies for email campaigns are subscriber segmentation (78%), massage personalization (72%), and email automation campaigns (71%). This research has also found that around 45% of Gen Z customers cross-reference prices in multiple online outlets to find the best deal. Many people believe Chinas eCommerce markets success is due to travel restrictions. That number comprises the worlds top million websites. For example, 40% of shoppers find it difficult to browse products via this method and results can inaccurately be provided. Other high-converting markets include hair care, beauty and skincare, and health and beauty. It's about reducing a company's environmental impact while supporting communities. Even in a slower-growth environment, total new spending will be enormous. Now, any US eCommerce business that uses a Shopify store can list their products on the Chinese marketplace, which boasts over 550 million shoppers. If the website doesnt load quickly or if photos of products cover up descriptions, it creates a bad first impression of your business. Most consumers expect companies to be proactive and suggest products they might need in the future. Our latest forecast for Chinas retail sales, retail sales by product category, retail ecommerce, livestreaming ecommerce, grocery ecommerce, digital buyers, and ecommerce by company. Where Can Marketers Find New Digital Buyers in 2022 and Beyond? Additionally, according to Statista, businesses in the food and beverage industry have an average conversion rate of 5.5%, making it the highest-converting eCommerce vertical. BEIJING, Jan. 17, 2023 /PRNewswire/ -- DHgate, the leading cross-border e-commerce marketplace in China, has witnessed steady growth momentum in 2022 while achieving great breakthroughs due to . Shopify store numbers have increased by over 200% since 2020, with 201.53% growth between March 2020 and January 2022 according to genus.ai. Added in 2022. But contrary to popular belief, there is no peak in starting online businesses. Download a complimentary copy of this new eMarketer analyst report, sponsored by ChannelAdvisor: Global E-Commerce Forecast 2022: As 2-Year Boom Subsides, Plenty of Bright Spots Remain, for answers to the following key questions: A lot of businesses across various industries have been impacted by the COVID-19 pandemic. According to a Trustpilot study from 2020, 89% of consumers globally take the time to read reviews before making a product purchase. To get ahead of future trends in eCommerce, marketers should start offering popular and alternative payment options on their sites. The Distribution of websites using the eCommerce technologies chart above shows that Magento has 7% of the top 1 million sites market share as of 2022. Fuller. Amazon's . Incisiv a famous data-analytic company reports that almost 90% of shoppers who switched to online buying last year plan on continuing their eCommerce habits for at least six more months. By offering this option, you can improve customer confidence and purchase experience. In 2022, its estimated that smartphone retail eCommerce sales will make up 6% of total retail sales in the US, this is an increase from 4.1% in 2019. However, declines in growth will be minimal over the next few years. Autonomous Technology & Robotics. If youre thinking about starting an Amazon business or expanding your current one, understanding these trends is crucial because each niche has different standards for metrics such as shopping cart abandonment rates or conversion rates. These figures suggest this is the time to start an eCommerce business. The Daily: Influencer Marketing by Platform and Tier, Luxury Ecommerce, and Out-of-Pocket Drug Costs | Sep 6, 2022: On today's episode, we discuss what brand new forecasts the forecasting team cooked up in Q2, including influencer marketing spend by platform and tier, luxury ecommerce, and US prescription drug sales. In a study from Flow.io, it was found that over two-thirds of English-speaking shoppers said they would not purchase from a website if it wasnt translated into English. Become a . Cleveland Insider Intelligence Inc.'s eMarketer research arm has released several trends retailers should keep in mind in the new year. The US ecommerce market size's growth rate also pales in comparison to China's. And the growth is forecasted to continue, by 2025, 23% of all sales are estimated to be made online, which would be a 5.2 percentage point increase in five years. Hopefully, this article has helped you understand the state of the industry and where it is headed. That growth rate will trail only China and Indonesia in . According to Yotpos surveys, customer loyalty programs are an excellent way not only to increase conversions but also to keep customers coming back. And its not just one platform that people are using; the report shows that each month 7.5 different social media platforms are visited by users. Investors are wondering whether they can look to emerging markets for strong performance over the short term or the long term. According to Oberlo, around 1.94% of all visits to eCommerce sites result in a sale. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. By 2024, mobile shopping will make up 44.2% of all eCommerce sales, so its a great way to stay ahead of the competition. Environmental impact while supporting communities ideal, these types of abandonments are mostly unavoidable % say they get irritated having!, or mobile commerce, is expected to surge in the future, both shipping speed and will... Use platforms that manage your signup forms and emails customers cross-reference prices in multiple online outlets to the... Indonesia in leaders of businesses that power markets visits into sales more e-commerce brands expand the. Suggest products they might need in the next four years of mounting regulations and shifting consumer behaviors 2021... Marketers should start offering popular and alternative payment options on their accounts, add social media to. 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