Personalization provides users with product recommendations and targeted email campaigns that match their interests. One of the simplest ways to make your business more sustainable is by ditching paper or harmful packaging materials in favor of biodegradable options. Reliable data in simple displays for presentations and quick decision making. To make informed decisions for your business, it is essential to stay up-to-date with the latest eCommerce statistics and trends. 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, included at no extra cost. With WooCommerce, you need a hosted website as well as WordPress installed. In 2022, ecommerce will make up 18.4% of total US holiday retail sales. If you want to stay ahead of your competition, its crucial that your marketing campaign is on point. Are you a member of the press with a question about eMarketer? Women are more likely to buy fashion and clothing items (71% vs 49% for men), while men are more interested in new technology-related products (49% vs 31%). Thats an increase of 9.4% over last year, the first time since 2009 that US retail ecommerce sales growth will dip into single digits. These days, many people love to shop online, and its no surprise given the pandemic has limited so many peoples movement. But all we know is that the total is most likely greater than that number. By understanding your consumers, what they need, and why they need it, youll be able to influence their purchasing decisions more easily. Its great that WordPress and WooCommerce are the most popular among smaller sites. Despite a promising market, voice shopping still experiences several drawbacks. In fact, some retailers are starting to move towards a model where you can try products in the store and then have them shipped to you. Moreover, nearly all businesses with 10 or more employees use CRM platforms to track customer interactions. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. How do global retail giants stack up on their home courts? As traditional forms of financing cannot aptly address these companies' needs, alternative financing is here to stay. By 2025, retail mCommerce sales should reach $728.28 billion and account for 44.2% of total US eCommerce sales. When asked about why they switched from loans to revenue-based financing at Choco Up, my company's clients shared the following views: Bank loans are time-consuming to apply for. 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. Customers have also gradually shifted from limiting their appearance in stores to ensuring their safety and looking for products combined with home delivery services. Our mission is to empower professionals with the data, insights, and analysis to make grounded decisions in a digital world. In fact, Morgan Stanleys industry model, along with other data, suggests that e-commerce will continue to gain traction, even in countries where online shopping is already popular. Mobile ecommerce market was projected to amount to 41.6% of total ecommerce sales by the end of 2022, and 44% by 2025, slowly evening out the mobile commerce vs ecommerce ratio. Insider Intelligence Inc. All Rights Reserved. Advertising on Facebook, for example, already costs 47% more than the year before. So if youre thinking about starting a loyalty program, consider offering immediate rewards instead of points. Conversely, eBays ecommerce business will contract by 7.6% in 2022, reducing its sales to $36.69 billion and equating to 3.5% of US ecommerce sales. The primary reason driving such a quick rise in smartphone penetration among Chinese consumers are 1 billion active smart devices and mobile phones currently being used on a daily basis. We value our commitment to diverse perspectives and a culture of inclusion across the firm. According to an estimate, the CRM market size will reach $128 billion by 2028 and grow at a rate of 12% annually. In fact, growth forecasts estimate that by 2022, in the United States alone . This is because bigger-budgeted enterprises are more likely to have custom or enterprise solutions. Reliable data in simple displays for presentations and quick decision making. Hear their stories and learn about how they are redefining the terms of success. Global ecommerce sales are expected to reach $4.89 billion in 2021. E-commerce as a percentage of retail sales continues to grow across regions. Ecommerce sites have been optimizing the mobile experience to increase their online sales for years. Ad spend has not caught up to time spent for subscription video, TikTok comes for Netflix, and other 2023 social trends, POS Terminal Installed Base, North America. If you still have questions or need assistance developing an eCommerce business, please contact our experts for advanced consultancy services. Some experts say that the virus sped up the transition to online shopping by five years or more. Despite slowing growth, total spending will surge past $7 trillion by 2025. But emerging retail categories and channels continue to thrive in ways unique to the country. According to Morris Cohen, Wharton Professor of Operations, Information, and Decisions, the COVID-19 pandemics effects on supply chains were as big as an earthquake or tsunami. The number of people using mobile devices and social media platforms is constantly growing, so its no surprise that social sites have become one of the best places to market and sell products online. In-house product production gives you greater control over what ingredients are used. Data is weighted based on methodology and soundness. By developing stronger relationships, businesses can create a base of loyal customers. This means that 65% of all Shopify stores are in America. In South Korea, thanks to a well-developed payments and logistics infrastructure, online sales already account for 37% of all retail activity. Marketplace Sales, 2019-2023 (millions and % of total Amazon retail ecommerce sales), Amazon US Ecommerce Sales, by Product Category, 2019-2022 (% of total US retail ecommerce sales in each category), US Premium Travel Credit Card Emerging Features Benchmark 2022, The State of Central Bank Digital Currencies, A marketers guide to post-cookie solutions, Gen Z no more focused on a brands social values than older generations, TikTok could open its algorithm to regulators, breaking a major dam for social media, Netflix will make its upfront debut after early advertising stumbles, Googles DeepMind might release ChatGPT competitor Sparrow this year, Apples Maps upgrades could be the start of an assault on Googles local search dominance, Amazons first year of Thursday Night Football missed viewership goals, Spiking holiday returns could lead retailers to adjust their policies, Amazons struggles give Walmart an opening. How many new digital buyers will come online this year, and what are the trends for existing buyers. We are an international, data-driven e-commerce player in the leisure, retail, and travel sectors. All rights reserved. According to a Trustpilot study from 2020, 89% of consumers globally take the time to read reviews before making a product purchase. According to statistics, 92% of customers would abandon business after just two or three poor experiences. The statistics below will show just how influential mobile commerce can be in purchasing decisions. Deals ruled the 2022 holiday . The global use of smartphones and tablets is increasing, which in turn is causing online retail to expand. Amazon US Ecommerce Sales, by Product Category, 2022 (millions, % change, and % total Amazon retail ecommerce sales), US Retail Ecommerce Sales, by Company, 2022 (% of total retail ecommerce sales), Amazon US Ecommerce Sales, 2019-2023 (billions, % change, and % of total US retail ecommerce sales), Amazon US Ecommerce Direct vs. In contrast, the percentage of total retail eCommerce sales looks brighter than the growth rate when the global eCommerce market is expected to reach 5.717$ by the end of 2022, as seen in the chart above. In-depth analysis, benchmarks and shorter spotlights on digital trends. Whats the outlook for total retail and ecommerce sales in China this year? The data indicates that the majority of people are more likely to purchase a product or use a service after watching a brand video, rather than reading an article about it. Based on February 2019 research of the top product categories purchased by Amazon shoppers in the US, electronics are the most popular, comprising 44% of customers. Digital and mobile wallets are continuing to grow in popularity, accounting for 49% of global eCommerce transactions in 2021. After all, 61% of consumers are more likely to buy from brands that engage them. By offering this option, you can improve customer confidence and purchase experience. The chart also suggests that this growth rate will continue to slowly decline over the next few years. Additionally, the majority of global consumers (85%) agreed that they would be more inclined to purchase products from a company whose values mirror their own, a sentiment held by over 90% of Gen Z respondents. All About eCommerce Expected Trends. In fact, reviews with perfect scores may actually do more harm than good. ecommerce in 2020 would be 19% year over year. By 2022, eCommerce sales in Latin America are projected to surpass $104 billion, a 22.4% increase from just $85 billion in 2021. This can also increase customer loyalty and encourage more online purchases. If youre a business owner, now is your chance to get in on the action and capitalize on this growing trend. In the United States, there are 57.624 sites on Magento 1 and 34.863 sites on Magento 2, making it the country with the most Magento-powered websites, as gathered from data by Builtwith. Email personalization is nearly as important as content personalization, with increased unique open rates by 29% and unique click rates by 41%. We believe our greatest asset is our people. Here are all the facts about social eCommerce. Interactive projections with 10k+ metrics on market trends, & consumer behavior. 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. Retailers can leverage these pockets of growth if they get ahead of mounting regulations and shifting consumer behaviors. As Sprout Social reports, 31% of customers prefer using social media to share feedback about products or services, followed by email at 18%. Because numerous companies are creating loyalty programs nowadays, the competition has become very tough. For example, 40% of shoppers find it difficult to browse products via this method and results can inaccurately be provided. A quote from The Art of War, China's monumental treatise on warfare goes like this: "Know the enemy and know yourself; in a hundred battles you will never be in peril.". The food and beverage industries have the fastest growth, showing a 38% and 35% increase in revenue, respectively. When COVID-19 first broke and supply chains around the world were disrupted, companies began to focus on building resilience into their supply chains or ways to keep them from halting completely and restore them quickly if they did. Incisiv a famous data-analytic company reports that almost 90% of shoppers who switched to online buying last year plan on continuing their eCommerce habits for at least six more months. Worldwide retail and retail ecommerce spending is expected to stabilize in 2022 after two years of unpredictable circumstances and unusual growth patterns. Digital buyers frequently shop in both places. E-commerce in South Korea could increase to 45% in the next five years, driven by food delivery and same-day options. According to a study, 24% of consumers claim long wait times are the most frustrating thing about customer service, while 29% find scripted responses impersonal and aggravating. Some other well-liked platforms include Wix, Salesforce Commerce Cloud, BigCommerce, and Squarespace. 23% responded that their favorite brands content is the main reason they log onto social media sites. Connected TV advertising is a new way to market that uses platforms such as Hulu, Roku, and YouTube. If you want loyal customers who keep coming back, give them a personalized shopping experience. Numerous other eCommerce titans in China, including JD.com, TMall, and Taobao, play a significant role in the countrys online sales volume. Shopifys second-largest market, as you can see from Builtwiths chart above, is the United Kingdom. Insider Intelligence aims to be the worlds leading research service focused on digital transformation. Watch as Morgan Stanley gets an inside look at why Jim Farley, the CEO of Ford, is gearing up for a new era of transportation. Use the following statistics to help you design the best eCommerce marketing campaign possible. Marketplace Sales, 2019-2023 (millions and % of total Amazon retail ecommerce sales) Forecasts and estimates from Insider Intelligence are based on an analysis of quantitative and qualitative data from research firms, government agencies, media firms, and public companies, as well as from interviews with top executives at publishers, ad buyers, and agencies. SHEIN stands as the third most popular option with 1.6 million daily active users. You should take notice that development in this area is slowing down much more than it was before; the market is becoming saturated. A report found that the majority of Chinas cross-border online shoppers plan to spend more money online in 2022. 90% of marketers find that social media data gives them an edge against their competitors. Top world's 10 biggest eCommerce markets in 2021 As of 2021, according to data from emarketer, these are the 10 countries with the highest revenue of the world's retail eCommerce market: China: +2,400 billion Euros (+2,700 billion USD). Most consumers expect companies to be proactive and suggest products they might need in the future. The US eCommerce market is forecasted to reach more than $904.9 billion in 2022, a little over a third of Chinas. Exportable files for easy reading, analysis and sharing. Juniper Research recently found that the number of people using QR codes to make payments will exceed 2.2 billion in 2025, up from 1.5 billion in 2020; equating to 29% of all mobile phone users across the world in 2025. 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. Client-only email newsletters with analysis and takeaways from the daily news. Do not turn away potential customers only because your site does not have their preferred payment method. In contrast, eCommerce sales have an annual growth rate of 13%. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. Also in 2022,Apples share of the ecommerce marketwill surpass that of eBay for the first time. Hopefully, this article has helped you understand the state of the industry and where it is headed. What is the global outlook for retail sales and retail e-commerce sales in 2022 and beyond? Douglas Clark Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Deciding which eCommerce platform to choose for your online business can be tough. 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. 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. The pandemic-driven two-year ecommerce boom of 2020 is set to decelerate considerably this year. Instead of taking out loans or trading equity for investors' money, many businesses now prefer other means of cash injection, such as revenue-based financing (RBF) and inventory financing. Email marketing has a very high return on investment, especially in retail, eCommerce, and consumer goods industries. According to Yotpos surveys, customer loyalty programs are an excellent way not only to increase conversions but also to keep customers coming back. Sustainable ecommerce is more than a slogan. For example, According to Statista, Alibaba, the countrys leading online retailer, had approximately 903 million active consumers in early 2022. Which countries and regions will produce notable e-commerce growth figureseither positive or negativefor this year and through 2025? Some popular premium loyalty rewards include free shipping, immediate discounts, and online deals. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. Digital sales are also growing across newer verticals, including beauty, apparel and grocery. Ecommerce sales accounted for 14.1% of global retail sales. The other two advantages are that its easier to search for desired products (65%) and there is more information available about the features and quality of the products (57%). Companies that offer loyalty or rewards programs improve customer retention rates by 5% and increase profits by 25%-95%. The two driving devices behind this revolution are smartphones and tablets. The majority of shoppers in Flow.ios report noted that the following pages should be written in their own language for clarity: CSA Research recently surveyed 8,709 global consumers from 29 countries and discovered that 65% of respondents said they prefer content in their native language, even if its low quality. Convenient location. Consumers can browse and purchase through the Internet of Things (IoT) devices such as smart speakers, fitness trackers, and home assistants. Client-only email newsletters with analysis and takeaways from the daily news. Youll also need some coding experience or knowledge to set up and configure your store properly. With the pandemic driving record numbers of deliveries in 2020 and 2021, there are now 6.3 billion tons of plastic waste globally. . June 14, 2022 (New York, NY) This year will mark a major US retail milestone, as ecommerce will cross the $1 trillion mark for the first time, according to the latest retail forecast from Insider Intelligence. Would you like to help us improve our coverage of topics that might interest you? The rapid growth of e-commerce can be attributed to many reasons Covid-19 being a major one. In-depth analysis, benchmarks and shorter spotlights on digital trends. The slow loading speed of websites on foreign servers in China has a negative impact on both conversion rates and search engine rankings. This is a result of both the dynamic adaptation to new technologies as well as changes in demographics. Female shoppers, on average, buy online 7 times per year compared to men who only make online purchases 5 times a year. The COVID-19 pandemic drastically changed eCommerce trends worldwide. 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. According to recent research by eMarketer, China will remain the worlds most penetrated eCommerce market in 2022, with 46.3% of the countrys retail sales taking place online. It may take some time before the majority of people feel comfortable using this method. At Morgan Stanley, we lead with exceptional ideas. PR Director BEIJING, Jan. 17, 2023 /PRNewswire/ -- DHgate, the leading cross-border e-commerce marketplace in China, has witnessed steady growth momentum in 2022 while achieving great breakthroughs due to . 1. According to Hubspot Blog Research, some of the most successful strategies for email campaigns are subscriber segmentation (78%), massage personalization (72%), and email automation campaigns (71%). 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. In 2021, approximately 50% of internet users in China have made a purchase through a social network. Retail ecommerce spending will grow slower than ever in 2022, as most of the world's largest markets face economic challenges. Now, any US eCommerce business that uses a Shopify store can list their products on the Chinese marketplace, which boasts over 550 million shoppers. Let's get started. These are serious questions to ponder. As we mentioned, there are an estimated 4 million Shopify stores currently online, with 2.7 million of those being based in the US. In Japanese and South Korean markets where cross-border commerce is lowest, this percentage rose to 41% and 36%. Inventory issues are here to stay. Insider Intelligence latest news, announcements, and media resources. In contrast, Gen X and Baby Boomers are less likely to browse multiple online stores than younger generations. TrustRadius reports that each of these companies, except for Squarespace, has a 12% share of the eCommerce platform market. According to Statistas chart below, inflation is now the top global concern for 40% of respondents, eclipsing other major issues such as poverty and social inequality (31%), unemployment and jobs (26%), and coronavirus (12%). . This type of eCommerce can also streamline omnichannel selling since businesses utilizing a headless approach can quickly incorporate new eCommerce channels. As businesses reach their growth limits in the domestic environment, the world will see more e-commerce brands expand into the global stage. This research has also found that around 45% of Gen Z customers cross-reference prices in multiple online outlets to find the best deal. Social media becomes less frequently used for purchases as users age. Therefore, each business should prepare at least 2-3 suppliers on their own to face to the worst scenario. 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 the United States, its estimated that Americans spend one-third of their waking hours looking at their phones, much more than other averages. Here in the US, the number of customers who dont make any internet purchases decreased to only 30%. 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.