E-Commerce has completely revolutionised the way consumers used to shop. It has taken the hassle out of shopping and replaced it with a fun-filled activity which everyone looks forward to. It has become an irreplaceable part of global consumerism and has become an intrinsic part of daily lives of millions of consumers. So much so that names like Amazon and Flipkart come to the mind when we think about buying something.
The popularity of E-commerce has been further fuelled by the rapid popularity of Smartphones, which has even made possible for users to shop on the go.
Here we have compiled a list of 20 most amazing facts about E-commerce: -
- Research shows that more than 66% of the customers use their mobile phone apps to make an online purchase.
- Asian countries especially South East Asia dominates the percentage of people making purchases online.
- With many women using smartphones, the most significant growing e-commerce sector is apparels and fashion accessories.
- Even if they do not make a purchase online, more than 80% of customers research online before making a purchase.
- Almost 60% of customers use a search engine to look for the products whereas 40% directly go to the desired portal or use the particular app.
- More than 70% of customers believe that buying online offers a better shopping experience than buying in a retail store.
- Mobile e-commerce, i.e. purchasing through mobile apps now has more than 40% share of the e-commerce industry.
- More than 35% of online sales take place after 6.00PM, implying that customers make a purchase only after they get back from office.
- The facility of free shipping offered by e-commerce platforms is expected to go up to 80% by the end of 2018.
- Research shows that more than 25% of customers abandon their carts if asked for separate shipping charges.
- E-Commerce Industry is expected to reach the annual sales figure of $ 410 billion by the end of 2018.
- On an average, a customer visits an e-commerce platform three times before making a purchase.
- The highest expenditure online is done by customers in the age bracket of 18-35 years.
- Almost 50% of customers report that while using the app of an e-commerce site, they do not compare with others and make the purchase of the app itself.
- The customers from the USA account for almost 33% of mobile-based e-commerce transactions
- E-commerce is the fastest growing business sector globally and is expected to be the most significant business sector in the near future.
- More than 45% of internet users globally have made a purchase online, at least once in their lifetime.
- Paypal is one of the leading E-commerce platforms with more than $14 billion worth of mobile transactions annually.
- Japan is the most significant e-commerce market in the world
- E-commerce sales originating from Social Media Platforms are expected to grow by 95% every year.
With E-commerce representing such a tremendous money-making opportunity for numerous entrepreneurs along with very few barriers to entry, it is interesting to see and understand the latest trends that are causing disruptions in the industry.