Business

10 Key Stats Every eCommerce Business Owner Needs To Know About

There are a lot of stats being thrown around by experts on how many people will be shopping online in 2022. But fast growth doesn’t always mean having to juggle a lot of numbers. All you need are these 10 key stats, which as a full-time eCommerce marketing agency, we believe you should be absolutely familiar with!

95% of purchases will happen online by 2040

The number of traditional brick-and-mortar stores will plummet in the next 20 years. People already love buying things on their computers and smartphones. As this statistic indicates, eCommerce will continue to grow and take over from regular stores. This means that business owners who want to stay successful need to start shifting their focus to the internet now before it is too late!

There are 12 to 24 million eCommerce websites worldwide

The eCommerce industry is booming—and it is easy to see why. The internet has made it possible for us to do everything online – from ordering food to finding a new apartment – and you want your business to capitalize on this opportunity. However, there are roughly 24 million active eCommerce websites worldwide. So, if you are going to succeed in this industry, you need to know what sets your business apart and how you can use that knowledge to woo potential customers.

93% of consumers read online reviews before making a purchase decision

Online reviews are the modern-day word of mouth. People trust the opinions of other people more than they do advertisements, and are more likely to make a purchase decision based on online reviews than any other factor.

Reviews can also be used by customers to learn about a product or service before making a purchase, so it is important for you to be aware of your company’s overall reputation.

39% of customers expect to receive a response to their social media comments within 60 minutes or less

And 46% of all customers expect a response within 4 hours or less! As you can see, customer service is now incredibly time-sensitive. But if you don’t have the resources available to respond quickly, set expectations by letting customers know when they can expect a reply.

More than just owning the best products, it is essential that you provide great customer service because it is the only thing that will allow you to increase your retention.

Customer retention is imperative for eCommerce businesses. In fact, according to Invesp Consulting, “increasing customer retention rates by 5% can increase profits by 25-95%.”

79% of consumers who make online complaints about poor customer experience never get a response

If you are an eCommerce business owner, it is likely that your team works hard to ensure that customers have a positive experience with your brand. However, if one customer does happen to have a negative experience, it is important to handle the situation swiftly and efficiently.

In fact, 79% of consumers who make online complaints about poor customer experiences never get a response from the company, so you could gain an edge over competitors simply by taking the time to respond.

A good apology can do wonders. Customer complaints are an opportunity for your business to demonstrate its commitment to its customers as well as its dedication to resolving issues in a timely fashion.

Here are some examples of effective responses to start you off with:

  • “I’m sorry we messed up on this order!”
  • “We apologize for not keeping our promise.”
  • “Why don’t you let us make it right the next time?”

By apologising and making amends for any problem you have caused, you are creating goodwill toward your brand. And if we are to trust research, more than 70% of customers who receive apologies are willing to spend more money with brands they perceive as having good customer service. So, simply taking some time to fix your complaint resolution communication can help you develop better loyalty among your buyers.

70% of all eCommerce sales are made on mobile devices

That’s not just a few people — it is millions of people doing billions of pounds in transactions from their phones and tablets.

Ultimately, these numbers indicate that consumers are trending away from PCs in favour of mobile technology. While it is still essential for your site to be PC-friendly, you will be much better positioned for long-term success if you optimise for mobile-first.

Food and beverage brands enjoy the highest conversion rate online

Food and beverage brands enjoy the highest conversion rate online at 3.07%, while apparel brands only convert customers 2.51% of the time.

So, if you are operating in the F&B space, make sure you set industry-specific benchmarks for your business, rather than those based on global standards.

Tablets have a higher conversion rate than any other device

Conversion rate is the number of people who took an action divided by the total number of visitors on your landing page. For example, if you had 100 visitors on your website and 25 of them bought a product, your conversion rate would be 25%.

A possible reason for tablets enjoying higher conversions than other devices could be that tablet users have 2x buying potential than mobile or desktop users – simply because they can afford two devices. In other words, rich people are more likely to use tablets. So, having a device-compatible site should be your need of the hour.

Free delivery was the leading reason among online shoppers for purchasing a product in 2020

You know that free delivery is a top eCommerce trend. But did you know that it actually boosts sales? 53% of shoppers say they are more likely to shop with a retailer again if they offer free shipping.

While that’s nice, free delivery can be an expensive proposition for an eCommerce business. With shipping costs rising, it is crucial for companies to consider how their customers will receive products without breaking their profit margins.

Free delivery can also be a competitive advantage for your business. When you offer free delivery with no minimum spend on qualifying orders, you are telling your customers that you care about the whole buying experience — from browsing to checkout and beyond.

Remember, as the old saying goes: if something is free, then something is you! So, while offering free shipping may seem like giving something away at first glance, in reality, it is just another way of increasing revenue and profits by attracting new customers or enticing existing ones into buying more often (and spending more money per transaction)!

That’s why we always recommend offering some type of “freemium” service, such as discounted or complimentary membership fees when launching online stores. Not only does it make sense from an economics standpoint (lowering costs) but also psychologically speaking, it makes people feel better about their expenditure when they feel like they are getting enough value out of their investment!

68% of small businesses don’t have a documented conversion rate optimization (CRO) strategy

A documented CRO strategy means you have a plan for increasing conversions. A solid strategy will also help you understand what changes have the greatest impact on your conversion rate and how to prioritise your efforts.

Here are a few benefits of having a documented CRO strategy:

  • It gives everyone on your team a roadmap to follow. With processes in place and a clear path forward, you can more easily collaborate with other people that may help you optimise your store (like marketers, developers, designers, copywriters — anybody who touches conversion optimization).
  • A CRO strategy, which includes various parameters, will allow you to identify growth opportunities and experiment with different elements of your site or product pages to determine what impacts revenue the most. These insights will help you inform those decisions that guesswork simply can’t.
  • It gives stakeholders confidence in their optimization efforts and marketing spend. If everyone is following proven processes and getting results, then there’s less gray area when determining where the marketing budget should be allocated each quarter (and as an aside, this also makes it easier to prove the ROI of optimising your store).

Obviously, all this is easier said than done. So, don’t hesitate to hire an eCommerce marketing agency to do the groundwork for you while you focus on the bigger picture.

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