Online shopping is one of the most significant retail categories in the world today. There are many advantages to shopping online but also many disadvantages. Online retailers don’t have to pay sales or property taxes. In contrast, they have access to a broader range of inventory, can operate 24/7, and ship orders directly to their customers at lower costs than physical stores.
Therefore, there’s a high demand for information about what shoppers should know before purchasing from an online retailer. Are you planning on making your first online purchase? Do you want to know which online shopping sites are the most secure? If you answered yes to any of these questions, keep reading! Here are some mind-blowing statistics about online shopping that will help you make an informed decision before buying anything from an e-retailer.
80% of consumers start their research online
Before contacting a company According to the Boston Consulting Group, 80% of consumers start their research online before contacting a company. This statistic is interesting because it shows that people rely on reviews and ratings for information about e-commerce websites. With this information in mind, it makes sense that many companies are taking steps to ensure that their review score is as high as possible. Retailers want to make sure that they’re getting positive feedback from customers. They want to know if the products are of good quality and if the retailer is reliable. With this in mind, many retailers offer free or discounted shipping and return policies to entice customers into shopping with them for a long time. One way retailers can protect themselves against negative reviews and feedback is by creating an official customer service portal where customers can leave feedback and request help while shopping. Like any other business, retailers have devised ways to keep customers happy while maximizing their profits. You need to be informed about what you’re purchasing..
70% of internet users have bought something online
It’s not surprising that e-commerce is one of the most significant retail categories in the world. Seventy percent of internet users have purchased something online. During the pandemic, there was a massive surge in online shopping of about 43% as lockdowns changed consumer habits.
E-Commerce Sales Are Growing at 5% Per Year, More than Physical Stores.
When you’re thinking about shopping online, you should know that e-commerce sales are growing at around 5% per year. The percentage represents a staggering amount of growth in the retail industry and expects to rise higher in the future. According to an article from Statista, e-commerce sales account for more than three-fourths of all retail revenue in the United States. For this reason online retailers are so attractive to businesses of all sizes and types. In 2017, $1 trillion was spent on U.S. e-commerce, which is a staggering figure!
There are 7 billion people on earth. By 2020, there will be 8 billion, which is more than twice as many people as there are now; in 20 years, that number will almost double again. That means by 2050; we’ll all be buying things online.
Some other facts about online shopping are: – In 1983, the internet was created, but commercial use didn’t become common until the first user-friendly search engines came along. – The number of searches on Google increased by 10% last year. – More than half of all people shopping online will buy something on a mobile device. – Nearly 70% of consumers say they use social media when deciding what to buy. – There’s been a 260% increase in eCommerce traffic since 2010 and an 87% increase in retail sales since 2000.
Nearly Half of Online Shoppers Use Their Mobile Devices to Research Products
Do you know how often you’ve used an online retailer to look for a product? A recent study reported that nearly half of online shoppers use their mobile devices to research products. This statistic is a huge indicator of the importance of mobile shopping as it goes to show just how easy it is to shop on your phone or tablet. Additionally, online retailers can utilize this new way of shopping by offering unique digital coupons and deals to drive more traffic. Many important factors go into deciding which online retailer is suitable for you, but one factor should be the security of your purchase. Always check the terms and conditions before making your purchase to know exactly where you stand with the retailer. Clarification will help ensure that your purchase won’t fail at any time.
And with mobile commerce expected to grow by more than 20% per year over the next few years, that number will only rise higher.
Here are the top four unbelievable statistics on online shopping: ~76% of people regret their first purchase from an e-retailer. ~8 out of 10 consumers would instead shop in a physical store than on the web. ~$158 billion is lost to fraud every year. ~6% of purchases were made on mobile devices in 2015.
Shoppers Are More Satisfied With Their Online Purchases Than They Are with Store Purchases
According to a study by the NPD Group, shoppers are more satisfied with their online purchases than they are with store purchases. When asked which of two choices they’d prefer—an investment made in a store or one made online—50 percent of respondents said they would instead shop online than in-store. Furthermore, 80 percent of those surveyed feel that online shopping is convenient and easy. This survey was conducted with 1,100 adults and is representative of U.S. consumers from ages 16-64 who make at least $75,000 annually and have children under 18 living in their homes. So, if you’re looking for an easier way to buy your favorite items without leaving the house, now might be your chance!
Online Retailers Pay Lower Inflation-Adjusted Prices for Goods Compared to Physical Stores
Statistics like these should make online shoppers feel good. It’s said that online retailers pay lower inflation-adjusted prices for goods than physical stores do. With this in mind, it makes perfect sense to purchase your next purchase from an online retailer. Not only will you save money on the product itself, but it’s also a safe way to avoid overspending at traditional retailers.
Shopping from a catalog or an e-retailer’s website is considered a purer experience than shopping in-store — even if you’re not buying anything at the moment.
One of the top reasons why people prefer shopping online is because it’s a purer experience. People feel that it’s easier to find what they want on an e-commerce site and are less likely to be influenced by salespeople or limited space in a physical store. It’s not just about the products; people like browsing around online without interruption from other shoppers. Online shopping is an easy way to avoid being pressured into buying something you don’t need.
Thanks for reading and feel free to share these stats with your friends, or leave us a comment if we missed anything!