Key Online Shopping Figures for 2024 That You Must Be Aware Of
Would you like to learn about the most recent statistics and trends in online shopping?
In recent years, online shopping has experienced substantial expansion and is projected to continue growing due to the opportunities presented by digitalization and the internet, enabling companies to sell without physical storefronts.
Factors like convenience, broader product choices, and competitive pricing have driven the surge in online shopping among consumers.
Whether you’re considering launching an online business or already have one, exploring the following statistics on online shopping trends will offer valuable insights into the evolving landscape of this swiftly advancing ecommerce industry.
Let’s explore the essential online shopping statistics:
If you’re seeking particular online shopping trends, here’s a menu for quick navigation!
1. Online Shopping Statistics: General
Let’s kick off with some general online shopping statistics to provide an overview of the industry’s scale.
In 2022, the United States had 268 million online shoppers, a figure anticipated to soar to nearly 285 million by 2025.
However, online shopping isn’t exclusive to Americans. Worldwide, people recognize its benefits. In China, close to 50% of social commerce consumers have completed purchases via social networks, marking the highest global rate.
Recent estimates predict that global e-commerce sales will hit a staggering $58.74 trillion by 2028, a substantial surge indicating the escalating popularity of online shopping.
Furthermore, online retail sales are projected to grow at a compound annual growth rate (CAGR) of 14.6% from 2021 to 2028, signaling sustained rapid expansion in the online shopping industry.
In terms of gender breakdown, the disparity between male and female shoppers isn’t staggering: 72% are women, while 68% are men.
It’s often noted that the disparity between men and women in online shopping lies in their preferred purchases. Men tend to gravitate towards robust items such as furniture and computers, while women typically focus on items like groceries and clothing.
Additionally, the most sought-after product categories in online purchases encompass clothing and footwear, books, and electronics. This trend isn’t unexpected, considering the ease and convenience of shopping for these items from the comfort of one’s home.
2. Online Shopping Statistics: eCommerce Stores
Amazon, Walmart, eBay, and AliExpress hold top positions among e-commerce platforms based on visitor traffic.
These four giants have cemented their status as household names, dominating the online marketplace by offering a vast array of products at competitive prices, attracting a significant portion of online shoppers.
If you believe you can’t compete with these industry giants, think again. Moreover, if you’re contemplating entering the eCommerce market, the timing couldn’t be better. Estimates suggest that by 2024, the global count of eCommerce stores will range between 12 million and 24 million.
This is an opportune moment to optimize your existing eCommerce store or launch a successful new site.
Given the rapid growth of online shopping, the following statistic shouldn’t be surprising: eCommerce retail purchases are projected to surge from 14.1% to 22% by 2023.
However, ensuring your eCommerce site prioritizes user experience is critical.
Even seemingly minor issues, like an inconvenient return policy, drive away as many as 80% of potential customers.
Detailed product pages play a vital role, too. Research shows that 88% of customers consider comprehensive product information crucial before making a purchase.
And let’s not overlook the significance of website design. Ever encountered an unattractive website resembling this?
Absolutely, encountering an unappealing website is an experience nobody wishes for, and I hope you never do either. Ensuring your customers don’t face this issue is crucial. Surprisingly, 38% of shoppers will swiftly exit a website if they find it visually unattractive.
3. Online Shopping Statistics: Mobile
Smartphones and tablets, regardless of whether they operate on Apple or Android systems, are witnessing a surge in their role for online shopping. Projections indicate that mobile e-commerce revenue will likely hit $728.28 billion by 2025. This trend isn’t unexpected, considering the rising preference for mobile devices and their convenience in facilitating online shopping.
The typical conversion rate for mobile e-commerce hovers around 0.55%, while the average cart abandonment rate in this sphere stands at approximately 85.65%.
Enhancing your SEO strategies can significantly aid in capturing those impulsive shoppers.
The shift towards mobile shopping is rapidly closing the gap with desktop shopping. Its ease aligns with people’s mobile lifestyles, enabling shopping from virtually anywhere with a network connection.
The projected rise of mobile shoppers in the US to 187 million by 2024 implies that a significant chunk of your traffic will originate from mobile users. Consequently, optimizing your website for mobile accessibility becomes paramount.
Mobile phones serve more than just online shopping purposes; 65% of users also employ them for price comparisons while physically present in stores. Surprisingly, these comparisons have swayed 51% of shoppers to opt for a different company than their initial choice.
Your store could be the alternative shoppers turn to, underscoring the importance of ensuring your mobile website is regularly updated with accurate prices and information while being effortlessly navigable.
4. Online Shopping Statistics: Abandoned Cart
The primary cause behind shopping cart abandonment is unexpected additional costs, accounting for 48% of all abandoned carts. It’s a significant factor for a compelling reason.
No one enjoys being blindsided by unforeseen expenses just as they’re on the brink of an exciting purchase.
Given this insight, transparency regarding all costs becomes crucial. Failure to be forthright might lead to significant losses. With an average abandonment rate of 69.99%, e-commerce businesses stand to lose $3 billion or more annually.
Other contributors to cart abandonment include delayed delivery (22%) and the requirement for users to create an account before checkout (24%).
However, strategies exist to diminish cart abandonment for your business. Firstly, sending follow-up emails for abandoned carts boasts an average open rate of 45%, with 21% of those achieving click-throughs—an impressive outcome.
Secondly, to combat abandonment, offering discounts on items left in the cart proves effective. A striking 54% of shoppers proceed to purchase the items in their abandoned carts upon witnessing a discounted price.
5. Online Shopping Statistics: Technology
Around 47% of consumers express readiness to utilize a chatbot for their online purchases. As per Juniper’s study, chatbots are anticipated to contribute approximately $112 billion to retail ecommerce sales by 2023.
For Millennials and Gen Z consumers, chatbots emerge as the favored support channel.
The primary allure of chatbots lies in their swiftness in addressing inquiries—a critical factor when seeking rapid responses. Waiting to speak with a service agent on the phone can provoke frustration within just 11 minutes, while a chatbot typically responds within seconds.
Voice assistants constitute another prevalent trend. If you’ve used Siri on an iOS device, you’ve engaged with a voice assistant. Surprisingly, voice assistant usage accounts for 20% of searches on Google. Moreover, 27% of the global population utilizes voice chat technology.
6. Online Shopping Statistics: Black Friday and Cyber Monday
Get ready to seize the opportunity for staggering online sales as shoppers gear up for their purchases.
Black Friday and Cyber Monday continue to reign as the busiest periods for spending. In 2021, a whopping 155 million Americans participated in this shopping extravaganza, splurging an average of $430 per person.
Notably, 93% of the most significant spenders, particularly millennials aged 24-35, intend to shop during this weekend. On average, this demographic shells out approximately $419.52 per person during this frenzy.
The lion’s share of shopping, a staggering $8.9 billion, occurs online. Considering this, venturing into physical stores on Black Friday could spell chaos, prompting 50% of people to opt for the comfort of their homes, browsing and shopping on their devices instead.
On Cyber Monday, 53% of online purchases were made using a mobile device, underlining the increasing trend of mobile-centric shopping during this period.
7. Online Shopping Statistics: Gen Z
Even though the eldest members of Generation Z are just starting to enter adulthood, their purchasing influence and power should not be underestimated. Marketers must grasp this generation’s distinct needs and spending behaviors to remain relevant.
Predictions indicate that Gen Z, born after 1998, will wield an impressive $44 billion in buying power. Presently, 93% of parents acknowledge that their Gen Z child significantly influences household spending. In just a few years, this generation is poised to dominate 40% of all consumer shopping.
With 95% of Gen Zers owning smartphones and spending nearly 10 hours or more daily on these devices, they exhibit a tendency to shop twice as much on mobile devices compared to millennials.
A substantial 54% of Gen Z individuals allocate at least four hours daily to social media apps, with nearly 38% spending even more time. YouTube reigns supreme as the most-utilized social platform among this generation, followed closely by Instagram, while TikTok and Snapchat share the third position.
A striking 85% of Gen Zers leverage social media platforms to discover new products, highlighting the pivotal role these platforms play in their purchasing decisions.
8. Online Shopping Statistics: Payment Method
Debit and credit cards maintain their status as the preferred payment methods for online transactions. An impressive 70% of online shoppers favor card payments due to their convenience, security features, and extensive acceptance.
The implementation of EMV chips and secure online verification methods has contributed to a 15% decline in fraud rates within card transactions over the past three years.
Digital wallets like PayPal, Apple Pay, and Google Wallet have witnessed a notable 40% surge in usage over the last two years. Specifically, 60% of millennials and Gen Z shoppers opt for digital wallets for their online purchases, drawn to their swiftness and convenience.
In regions such as Europe and parts of Asia, 25% of online shoppers lean towards direct bank transfers, particularly for high-value items. These transfers are perceived as more secure, enjoying a 10% higher trust rating compared to other payment methods.
In areas where trust in online payments is still emerging, Cash on Delivery (COD) accounts for 35% of online transactions. Interestingly, COD orders exhibit a 20% higher return rate compared to prepaid orders.
Services like Afterpay and Klarna have experienced a notable 50% surge in adoption over the past year. Among their users, 45% are millennials who appreciate the payment flexibility these services offer.
Although still a niche, 5% of online retailers now embrace cryptocurrencies like Bitcoin and Ethereum as legitimate payment methods. The volume of cryptocurrency transactions for online shopping has escalated by 30% in the last two years.
QR code payments dominate in countries like China and India, constituting 55% of online transactions in these regions. Prominent apps such as WeChat and Paytm have seamlessly integrated QR code payments, streamlining consumer adoption.
In summary, online shopping is a swiftly expanding industry characterized by convenience, variety, and ease.
The highlighted online shopping statistics delineate the surging popularity, evolving trends, and industry shifts in the realm of online commerce.
With the persistent trajectory of eCommerce growth, online shopping is poised to maintain a prominent position in the retail landscape for the foreseeable future.