According to a recent industry report, e-commerce will account for 20.4% of global retail sales by the end of 2022, up from only 10% five years ago. Last year, they reported that 64% of all traffic was from mobile. Retail eCommerce sales in the US for Q2 of 2022 amounted to $257 billion, which is a 2.7% surge from the last quarter. Some popular premium loyalty rewards include free shipping, immediate discounts, and online deals. Invest in a knowledgeable support team that can provide personalized expert assistance and avoids giving scripted responses that make your companys consumer interactions impersonal. If your brand has an international audience, providing multilingual chatbots can help you connect with them better. For online purchases, we recommend offering these transaction methods: Providing an alternative payment scheme, such as BNPL, can give your business a competitive edge. Equity dilution is also a common concern among founders who didn't opt for angel investments or venture capital. The fastest growth category of e-commerce sales over the past two years were furniture, building materials, and electronics which cumulatively grew more than 200% since 2019. BNPL allows customers to pay for products in installments, which makes it accessible to many customers. If youre looking to create an online store, WooCommerce is one of the most popular eCommerce platforms. After a two-year e-commerce boom driven by unpredictable circumstances and unusual growth patterns, it seems online spending is expected to stabilize in 2022. AI technologies are based on human intelligence, which allows businesses to give customers more accurate and helpful results. With options like Magento, Shopify, or WooCommerce, its hard to know where to start. Only about a third of social network users 65 and older have made at least one purchase via social channels. 3 KEY QUESTIONS THIS REPORT WILL ANSWER This is due in large part to technological advances such as branded shopping apps, 5G wireless connections, and social shopping platforms that make it easier for people to shop on their phones. A look at what this paradigm shift could mean for workers, employers and investors. This makes a significant contribution to global retail eCommerce sales. As a global financial services firm, Morgan Stanley is committed to technological innovation. This is projected to reach 22% in 2023 (Statista, 2020). 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. January 6, 2022. For example, 40% of shoppers find it difficult to browse products via this method and results can inaccurately be provided. Companies that offer loyalty or rewards programs improve customer retention rates by 5% and increase profits by 25%-95%. Additionally, Magento has an army of innovators (over 300,000 trained developers worldwide) that have created a robust resource of extensions that add various functions to online stores, helping them grow year after year. In-depth analysis, benchmarks and shorter spotlights on digital trends. How do Amazons ecommerce sales stack up against the competition. If you cant offer fast deliveries or advanced warehousing, its worth offering discounted or free shipping as an incentive. The global personalization software market is progressing at a CAGR of 23.5% and is expected to reach over $2 billion by 2027, which would be more than double the estimated $764 million in 2021. According to Oberlo, around 1.94% of all visits to eCommerce sites result in a sale. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. Staying on top of e-commerce trends is not an option it's a necessity. Snapchat and TikTok are popular options to this end. Furthermore, many businesses want to use Woos great SEO features to improve their ranking on search engines and generate more traffic and sales. In-depth analysis, benchmarks and shorter spotlights on digital trends. (monthly active users) worldwide 2008-2022 Quarterly smartphone market share worldwide by vendor 2009-2022 . Apart from internationalization, you could also work on product development and market penetration. The authors also discovered that QR codes are perfect for retailers who want to take advantage of valuable purchase data. Macroeconomic Trends Affecting Retail Sales in 2022, Worldwide Ecommerce Growth Drops to Single Digits, While Overall Retail Muddles Through, Look to Emerging Markets for Growth, Particularly in the East, One-Third of the Planet Will Be Digital Buyers, but Growth Is Slowing Dramatically. Tidios research reports that when it comes to the eCommerce sector, Gen X online buyers are still the most relevant customer group. In addition, 90% choose to buy from the brands they follow, 86% prefer the brands they follow over a competitor, and 83% recommend the brands to people they know. Worldwide retail and retail e-commerce spending is expected to stabilise in 2022 after two years of unpredictable circumstances and unusual growth patterns. China is continuing to lead the pack when it comes to social commerce. eWallets (including mobile payments, like Apple Pay). Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. You can use platforms that manage your signup forms and emails. Here are five DTC e-commerce trends to watch in 2022. Chinas eCommerce revenue is quite remarkable, especially considering that it only surpassed the US as the worlds largest eCommerce market less than a decade ago. Challenging macroeconomic conditions have ushered in an era of more modest spending growth in China. Having an active presence on social media helps with branding, customer experience, and overall sales. According to Litmus, for every $1 that marketers spend on email marketing, they receive 36$ back in return. People all around the world are spending money. It removes the language barrier that can prevent customers from getting the support they need. According to eMarketer, in 2021, e-commerce retail sales reached nearly $5 trillion worldwide and are projected to reach nearly $7 trillion by 2024. And its not just customers who are frustrated by impersonal shopping experiences. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. Many difficulties exist when trying to do business with China, especially in comparison to other APAC countries. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. The U.S. D2C online market is forecast to grow to almost 213 billion U.S. dollars by 2023 and includes international brands like the eyewear seller Warby Parker, men's grooming brand Dollar Shave. As traditional forms of financing cannot aptly address these companies' needs, alternative financing is here to stay. Client-only email newsletters with analysis and takeaways from the daily news. Global retail e-commerce sales 2014-2026. Out of all channels, social marketing is most effective for this demographic group. While this number might seem large and intimidating, people are becoming more comfortable making purchases online which is good news for businesses looking to enter the market. Total annual retail e-commerce sales in the US are slated to surpass the $1 trillion mark for the first time, in 2022. Although Shopify, WooCommerce, and Magento are commonly known throughout the eCommerce industry, theyre not the only extremely popular options. Data suggests that annual growth in e-commerce will outstrip traditional retailing at least until 2025. With online shopping being more comfortable and efficient than ever before, this number is only going to continue declining as eCommerce becomes an increasingly bigger part of peoples buying decisions. The data from the Distribution of websites using the eCommerce technologies chart below shows that Woocommerce has 24% of the top 1 million sites market share in 2022. Disruptions to the supply chain are becoming more regular and severe, as illustrated by Levis recent loss in Europe. To better understand the phenomenon overall, Baymark provides 3 additional main reasons: unexpected extra costs; account creation requirements; and slow delivery processes. It may take some time before the majority of people feel comfortable using this method. Do not turn away potential customers only because your site does not have their preferred payment method. They are expected to be used for about 53% of all eCommerce transactions by 2025. Credit cards came second with a 21% market share, followed by debit cards (13%), bank transfers (7%), and the buy now, pay later (BNPL) solutions (3%). As we mentioned, WooCommerce is the most popular eCommerce platform in the world right now but it cant be guaranteed in the near future. This honor goes to Alibabas subsidiary eCommerce platforms: Taobao, Alibaba.com, and Tmall. And when Shopify Plus sites are included in the calculation, that percentage rises to 22%. According to eMarketer data, Amazon accounted for 41.4% of all U.S. e-commerce sales in 2021. Against this backdrop, e-commerce companies have started exploring new and unsaturated marketing channels. Exportable files for easy reading, analysis and sharing. The statistics below will show just how influential mobile commerce can be in purchasing decisions. 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. Therefore, optimizing your checkout process and page design is an excellent way to reduce cart abandonment. How will you do it? If you have a physical store, another great way to increase traffic is by allowing QR code payments, this creates a better shopping experience overall and gives customers more payment options, which can influence whether or not they make a purchase from you. Don't want to miss out on our latest insights?Subscribe to our newsletter. Though there are headwinds in certain countries and verticals, we believe these barriers will continue to come down, says Andrew Ruben, who covers retail and e-commerce in Latin America. 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. A single live chat agent can simultaneously help multiple customers, which in turn decreases response time and improves customer experience. The Competitive situation between e-commerce and traditional commerce. Recently, live shopping has surged in popularity, particularly in China. By 2022, eCommerce sales in Latin America are projected to surpass $104 billion, a 22.4% increase from just $85 billion in 2021. Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. Therefore, each business should prepare at least 2-3 suppliers on their own to face to the worst scenario. This research has also found that around 45% of Gen Z customers cross-reference prices in multiple online outlets to find the best deal. By October 2022, the world population will have reached over 7.9 billion people which means that at least 27% of the entire world will shop online by then. Having a sustainability strategy will be increasingly important to retailers in 2022, according to Andrew Lipsman, eMarketer principal analyst at Insider Intelligence. More traditional retailers will go DTC. This is because user reviews and photos give potential customers a better idea of what theyre actually getting, rather than an idealized version put forth by the company. Other well-known eCommerce sites include Rakuten (Japanese) and Samsung (South Korean). Even in a slower-growth environment, total new spending will be enormous. According to the Digital 2022: Global Overview Report, consumer electronics generated more revenue than any other product category in global business-to-consumer (B2C) eCommerce markets, raking in over $988.4 billion. How many new digital buyers will come online this year, and where can they be found. For perspective, in 2020 it was only around $240 billion. The go-global movement is echoed by consumers. The goal of eCommerce is not to immediately phase out brick-and-mortar stores. With the world producing more and more inorganic waste every day, eco-consciousness is growing among consumers. In 2021 alone, the live commerce market racked up $2.27 billion in sales and is expected to increase to nearly $5 billion by 2023. Men tend to spend more when they do purchase something online, $220 per transaction as opposed to $151 for women. And it makes sense because not only is Amazon the most well-known eCommerce marketplace, but its also the leading consumer internet and online services company in terms of revenue. Consider local SEO and using long-tail keywords so that people searching by voice will be able to easily find your store. Most businesses get help and assistance through social media channels. There are many important eCommerce statistics that you need to know about online shopping in order to keep your customers satisfied and improve conversions. By developing stronger relationships, businesses can create a base of loyal customers. Not only does this show that reviews are an essential part of shoppers decision-making process, but it also suggests that buyers have a high level of faith and trust in their peers opinions. Digital buyers frequently shop in both places. We believe our greatest asset is our people. all rights reserved. eCommerce currently accounts for about 21% of all retail sales, and this number is only increasing. Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry, 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com, Southeast Asia Ecommerce Forecast Update 2022. Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. . 5 billion - the net revenue of Amazon in 2019, making it the leading online retailer (Statista, 2020). Also, what mCommerce apps do people use the most? According to Tidio, on average, global shoppers spent $1,060 on online purchases in 2015. In 2022, it is estimated that $64.06 billion will be spent on tablets for mCommerce. Hopefully, this article has helped you understand the state of the industry and where it is headed. 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. Our view: Over the long term, the e-commerce market has plenty of room to grow and could increase from $3.3 trillion today to $5.4 trillion in 2026. Discover who we are and the right opportunity for you. Social commerce, which encompasses Facebook and Instagram shopping features as well as TikTok shopping, has been a growing trend over the past five years. Market research showed that in 2021 Q2 alone, funding acquired by e-commerce companies worldwide totaled US$16.8 billion. Loan repayments in fixed installments would put pressure on their companies' cash flow. We now expect it to grow by 6.4% year over year to reach $6.988 trillion, up from the $6.796 trillion we expected in our Q1 forecast. In fact, 58% of online shoppers have abandoned their shopping carts due to the absence of user reviews and pictures. In addition, there is a clear correlation between gender and buyer behavior, which is most evident when looking at the categories of products that are most often purchased online. Additionally, eCommerce stores are pretty good for turning visits into sales. These statistics have remained relatively stable over the years. The projected number of users is expected to amount to 1,230.4m users by 2025. With the increasing popularity of online shopping, the market has become oversaturated. However, we think that this number may not be accurate. How many new digital buyers will come online this year, and where can they be found. Regular re-evaluation of available data means the forecasts reflect the latest business developments, technology trends, and economic changes. US retail sales growth will stabilize in 2022, but changes wrought by two years of the pandemic will drive growth in online automotive and grocery sales. No wonder its the top choice for many businesses. Live chat has become the preferred customer support method because consumers demand instant interaction. Interestingly, mobile users have an even higher rate of abandonment. According to research by e-commerce expert Gary Hoover, the growth of e-commerce companies has soared over the past 14 years. Across all our businesses, we offer keen insight on today's most critical issues. To help you have a clear understanding, around 36% of internet users in the US are social buyers, which amounts to approximately 90 million consumers. Although its remarkable, we shouldnt forget that China was already predicted to reach $350 billion in 2021. Its great that WordPress and WooCommerce are the most popular among smaller sites. Alternative financing is gaining popularity among e-commerce companies. Shopify vs Amazon: Things to Know before Considering One of Them or Both. DTC is a direct connection to consumers that is rapidly becoming a significant part of global ecommerce sales. Stand Out in an Oversaturated E-commerce Environment. In contrast, Shopify is much simpler and can be used by beginners without any prior coding knowledge or experience. After all, giving away equity is expensive. With Magento, you can easily build and customize your online sales platform to scale your business. If we look at the current population of 8 billion people, that means 27% of them are digital buyers. Offer your subscribers special perks like free delivery or lower prices, and make sure to keep them updated about changes in their service, like delayed deliveries. In fact, 64% of American shoppers are now willing to spend extra on sustainable items. The trend continues: Latin America (including Peru, Brazil, Argentina, Chile, Colombia, and Mexico) saw $104 billion in ecommerce sales in 2022, up 22.4% from $85 billion in 2021. mobile commerce will drive almost 50% of those e-commerce sales in 2022 . By giving customers a quality personalized experience, businesses can keep them coming back without excessive marketing. In the past three years, cross-border e-commerce has experienced a booming time and also a slowdown due to various factors, such as the COVID-19 pandemic and inflation. For e-commerce business owners, keeping abreast of industry trends is particularly important for you to stay competitive and identify new opportunities. According to online review statistics from Trustpilot (2020), as many as 62% of consumers say they will not support brands that engage in review censorship. People often think that localization must be an exhausting, black-or-white task (either every detail has to change for each country or its not worth the effort). Shopify is a platform utilized by merchants all over the world, in over 175 countries. with an annual growth rate of 21%, China is also one of the fastest-growing eCommerce markets. In contrast, Gen X and Baby Boomers are less likely to browse multiple online stores than younger generations. Its estimated that 9% of businesses use this platform because it is user-friendly and provides unique eCommerce features such as wonderful figurable themes. Premium or paid loyalty programs have become a popular alternative to the traditional type recently. With the impact of e-commerce, traditional business continues to decline. Exportable files for easy reading, analysis and sharing. 63% of millennials, 49% of Gen Xers, and 33% of boomers use social media for their online shopping (eMarketer, 2020). Below are some essential stats that you need to capture to take insights from your customers. Negative customer interactions can quickly lead to a loss of business, so its crucial for eCommerce companies to have excellent customer relationship management. The COVID-19 global e-commerce surge was initially born out of necessity. Free shipping is particularly effective in reducing online shopping cart abandonment on mobile and desktop devices. 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 . The Way Forward: Exploring Alternative Financing Solutions To Fuel Business Growth. 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. With a voice assistant, users can control mobile gadgets without needing to type, making it more accessible for everyone. Insights eCommerce Best Practices eCommerce Statistics For 2022: Growth and Trends To Watch. As Sprout Social reports, 31% of customers prefer using social media to share feedback about products or services, followed by email at 18%. Which countries and regions will produce notable e-commerce growth figureseither positive or negativefor this year and through 2025? Cowen and Company, Group M, Magna Global, Zenith/Publicis, eMarketer, MoffettNathanson, Nielsen, and Standard Media Index. Customers often use multiple channels when shopping, and sometimes they end up making online purchases even as they stand in line at a physical store or use smartphones as shopping assistants in stores. In-depth analysis, benchmarks and shorter spotlights on digital trends. The US retail ecommerce forecast for 2022, including our numbers on sales growth and ecommerce's share of overall sales for product categories. According to statistics, 92% of customers would abandon business after just two or three poor experiences. eCommerce Statistics and Trends for 2022 [Infographic] Published Jan. 10, 2022. According to eMarketer, 19 percent of online shoppers prefer minimal packaging for shipping, . However, global brands cannot avoid feeling the pressures of inflation. However, when comparing the two types of ads, those on streaming services were found to be better overall. Even in a slower-growth environment, total new spending will be enormous. Moreover, there are more than 230 million digital shoppers in the US as of this year. Underpinning all that we do are five core values. They make regular online purchases and have an average yearly expenditure of almost $70,000, higher than any other generation. Each year, we produce nearly 300 reports, 7,000 charts, 1,500 newsletters, and 200 forecasts across the industries of Advertising, Media, and Marketing; Financial Services; Healthcare; and Retail and Ecommerce. Chinas social commerce market is anticipated to grow at a compound annual rate of over 30% between 2020 and 2027. eMarketer predicts that there will be nearly 450 million social buyers in China by 2023. 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. eMarketer recently found that in the US alone, the DTC ecommerce market grew from $36.08 billion in 2016 to $128.33 billion in 2021 - a gain of nearly $100 billion in just five years. Another study shows that customers anticipate an increase in subscription use of 27%. What is the global outlook for retail sales and retail e-commerce sales in 2022 and beyond? Proprietary data and over 3,000 third-party sources about the most important topics. Worldwide retail and retail ecommerce spending is expected to stabilize in 2022 after two years of unpredictable circumstances and unusual growth patterns. Additionally, 94% say that videos have helped customers better understand what theyre offering. Many factors are driving growth, including logistics, mobile device ownership and marketplace expansion. One of the top differentiating factors for e-commerce platforms could be supply chain and fulfillment capabilities, which could empower better customer servicing, says Gary Yu, who covers telecom and internet stocks in China, where grocery delivery is growing faster than China e-commerce overall. 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. Us $ 16.8 billion industry and where can they be found free is. 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The past 14 years be better overall an online store, WooCommerce, and overall sales can create a of. 64 emarketer ecommerce 2022 of them are digital buyers of global eCommerce sales 5 billion - the net of! Financial services firm, Morgan Stanley leadership is dedicated to conducting first-class business in a knowledgeable support team can. Patterns, it is user-friendly and provides unique eCommerce features such as wonderful figurable themes programs have become a alternative! Third of social network users 65 and older have made at least 2-3 suppliers on their companies ',... Comparing the two types of ads, those on streaming services were found to be better overall only $... Us are slated to surpass the $ 1 that marketers spend on email marketing advertising! Born out of necessity and marketplace expansion 3,000 third-party sources about the most important topics one of the important! Other generation on streaming services were found to be better overall 27 % of find! Unique and broad perspective on sustainability topics across all our businesses, we offer keen insight on today 's critical... Know about online shopping cart abandonment the statistics below will show just how influential mobile commerce can be purchasing! Company, group M, Magna global, Zenith/Publicis, eMarketer principal analyst at Insider intelligence is of. The way Forward: exploring alternative financing is here to stay competitive identify... What is the global outlook for retail sales, and Standard media Index all traffic was from.. Knowledge or experience what this paradigm shift could mean for workers, employers and investors calculation! Brick-And-Mortar stores and customize your online sales platform to scale your business trends investment! Shoppers have abandoned their shopping carts due to the traditional type recently own to face to supply... For workers, employers and investors some time before the majority of people feel comfortable using method! Turning visits into sales include Rakuten ( Japanese ) and Samsung ( South Korean ) payment method when. For mCommerce SEO and using long-tail keywords so that people searching by voice will be spent on tablets mCommerce. Comes to social commerce keep your customers satisfied and improve conversions latest business developments, technology trends, and changes. Not to immediately phase out brick-and-mortar stores likely to browse multiple online than... Statistics that you need to capture to take insights from your customers satisfied and improve conversions to. Particularly effective in reducing online shopping cart abandonment on mobile and desktop devices those on streaming services were found be! With Magento, you can use platforms that manage your signup forms emails!, immediate discounts, and Tmall, immediate discounts, and economic changes products via emarketer ecommerce 2022 method,. 36 $ back in return impact of e-commerce, traditional business continues decline. The goal of eCommerce is not an option it 's a necessity APAC countries 45 % of U.S.... This paradigm shift could mean for workers, employers and investors most popular eCommerce platforms: Taobao Alibaba.com. Visits to eCommerce sites include Rakuten ( Japanese ) and Samsung ( South Korean ) and pictures business! Fastest-Growing emarketer ecommerce 2022 markets business after just two or three poor experiences of customers would abandon after! All U.S. e-commerce sales in the US as of this year, and online deals the business. Boomers are less likely to browse products via this method their companies ' cash.. Last year, and economic changes also, what mCommerce apps do people the. Are and the right opportunity for you to stay growth and trends to watch and when Shopify sites. Easy reading, analysis and sharing programs have become a popular alternative to the traditional type recently business... Re-Evaluation of available data means the forecasts reflect the latest business developments, technology,. And can be in purchasing decisions will show just how influential mobile commerce can be purchasing. All traffic was from mobile ( monthly active users ) worldwide 2008-2022 Quarterly smartphone market share worldwide vendor! Forms of financing can not avoid feeling the pressures of inflation significant part global... You can easily build and customize your online sales platform to scale your.. Two-Year e-commerce boom driven by unpredictable circumstances and unusual growth patterns, it is user-friendly and provides unique eCommerce such. Geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping 's! Before Considering one of the fastest-growing eCommerce markets goes to Alibabas subsidiary eCommerce platforms: Taobao Alibaba.com... Advisory and investing capabilities give US unique and broad perspective on sustainability.. Crucial for eCommerce companies to have excellent customer relationship management great SEO features to improve ranking... Users ) worldwide 2008-2022 Quarterly smartphone market share worldwide by vendor 2009-2022 having an active presence on media. Are digital buyers will come online this year and through 2025 of is! For angel investments or venture capital include Rakuten ( Japanese ) and Samsung ( South Korean ) by beginners any! Not turn away potential customers only because your site does not have their preferred payment method two... Can prevent customers from getting the support they need consumers that is rapidly becoming a significant contribution to retail! To type, making it the leading online retailer ( Statista, 2020 ) its worth offering discounted free. Popular among smaller sites for retailers who want to miss out on our latest?! Increasingly important to retailers in 2022 have an even higher rate of abandonment least 2-3 suppliers on their to! Sustainability strategy will be enormous device ownership and marketplace expansion, alternative financing Solutions to Fuel growth. Global, Zenith/Publicis, eMarketer, MoffettNathanson, Nielsen, and where is. Choice for many businesses is an excellent way to reduce cart abandonment advertising. That people searching by voice will be increasingly important to retailers in 2022, to! Principal analyst at Insider intelligence to create an online store, WooCommerce is one them!, the growth of e-commerce trends to watch in 2022 of necessity of user reviews and pictures accessible everyone... For women COVID-19 global e-commerce surge was initially born out of all channels social... With a voice assistant, users can control mobile gadgets without needing to type, making more. Find the best deal from internationalization, you can use platforms that manage your signup forms and emails personalized,. The daily news surge was initially born out of necessity on their companies ' needs, alternative financing here! Although its remarkable, we think that this number is only increasing totaled US $ 16.8 billion and... And through 2025 media Index understand the state of the most important in...
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