If you currently own or are thinking of owning an online retail store, the 3 following statistics are a must read.
The internet is changing the way we do business. Ecommerce sales have skyrocketed over recent years thanks to developments in technology and data transfer speeds which show no sign of slowing down. Just about anything you can buy in person is now available on the web, smartphones and tablets are taking over as our favorite online shopping method, and shipping methods are now faster than ever. Online retail is becoming increasingly essential; are you selling online yet?
It is worth taking note that there are approximately 1 billion – yes billion – online shoppers in the world, and each one of them is your potential customer. If you currently manage or are thinking of creating an online retail website you can really help yourself out by reading the statistics below:
The stock forecast for online retailers looks sunny.
In December 2015 many retailers’ stock prices were going down including Walmart, Macy’s, Sears, Best Buy and Target. Amazon, on the other hand, saw their stocks rise 112% during the holiday season. It’s reasonable to believe that what is good for Amazon is good for all online retailers.
Statistica writes: “As it has grown the retail trade industry has had to remain flexible to cope with economic challenges, technological advances, consumer trends, new retail formats, globalization and increasing competition.” This has led to sink or swim competition between retailers that has left the businesses we see major growth in standing tall.
As a retailer yourself, this statistic should be enough to highlight the importance of ecommerce to help grow your business. If you’re not competing online then you’re not likely to be seen as competition at all.
Per person, total online spending is projected to climb.
Not only are more people shopping online, but the amount they are spending is also on the rise. In 2015 online sales accounted for 7.7% of all retail sales, a figure that’s projected to increase to 9% this year.
Forrester Research estimates that average spending per person will jump from $1,207 to $1,738 from 2015 to 2016. While 9% doesn’t sound much to rave about, it amounts to around $400 billion – that’s a lot of potential sales up for grabs.
Smartphones and tablets are ecommerce superstars.
Online shoppers are now surfing the ‘net from their small screens rather than their laptops and desktop screens. eMarketer claims that there are 166.3 million total US mobile shoppers in 2016 – 145.3 million from the smartphone sector and 121 million from the tablet.
These numbers mean that website optimization is an absolute must for your business website, as your customers will scare easily if your ecommerce website doesn’t fit their screen size appropriately. You could also take a hit from search engines if your ecommerce website isn’t optimized for mobile: Google, Bing and others punish sites that do not display across all devices. You can learn more about website optimization here.
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