10 Statistics Every E-commerce Business Owner Needs to Know

Online shopping has fast become a norm in everyday life. Read this blog to discover 10 statistics every e-commerce business owner needs to know.

Over 80 per cent of the UK population makes e-commerce purchases

Four in five UK consumers are digital buyers and make purchases online. Over the last decade, e-commerce business has skyrocketed due to its simplicity and convenience for consumers. Furthermore, the numbers are expected to grow, and it is estimated that by 2025, 90 cent of the UK population will have made an e-commerce purchase.

Online shopping sales account for over 20 per cent of all e-commerce sales

In January 2022, e-commerce sales accounted for 27.1 per cent of total retail sales in the UK. Although this number is lower than in 2020 at the height of the coronavirus pandemic, many consumers have continued to shop online, and e-commerce has remained the preferred way of shopping in the UK.

Clothing is the most bought item online in the UK

Shopping for clothes remains the most popular item purchased via e-commerce in the UK. Despite being unable to physically see or try on garments before purchase many consumers find online shopping for clothes convenient with quick delivery options and the ability to choose from a wide selection.

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Furthermore, the development of artificial intelligence and live shopping innovations is making it easier than ever for consumers to shop with confidence online.

Nearly half of consumers shop more on a mobile than in-store

M-commerce is certainly on the rise and with nearly half of consumers shopping more on mobile than in-store, e-commerce businesses can no longer afford to ignore the height of mobile shopping. Social media shopping integration, fast checkouts, shopping on the go, and increased consumer confidence are fuelling purchases made via mobile.

Providing a comfortable and enjoyable experience that appeals to customers via mobile is now essential to convert leads and access your target audience.

Nearly 80 per cent of consumers shop online at least once a month

In 2022, 79 per cent of online shoppers made at least one purchase per month. Additionally, 49 per cent shopped online once a fortnight, and 22 per cent every week. We know that people are shopping online, but this highlights the frequency of how often they are doing so.

With so many stores and choices available online, consumers can be overwhelmed by the selection. To appeal to the avid online shopper, e-commerce businesses should streamline processes and provide consumers with value and the information they are looking for.

49 per cent of cart abandonments are due to high extra costs

Cart abandonment has long been a problem for e-commerce store owners to overcome. In 2021, online shopping statistics showed 49 per cent of cart abandonment was due to high extra costs applied at checkout. This includes everything from additional taxes to shipping fees.

To avoid this, e-commerce businesses should focus on free shipping incentives, discounts applied at checkout, and transparent pricing to encourage consumers to complete a sale.

By 2026, the e-commerce market is expected to total over $8.1 trillion

In just three years from now, the e-commerce market share is expected to total over $8 trillion USD. Currently, the e-commerce market is valued at just over $6 trillion USD, so now is the time to launch your e-commerce business venture if you haven’t already.

Millennials shop via e-commerce the most

Millennials are fuelling e-commerce in 2023 with almost a third admitting that they plan to shop more online and less in-store. 73 per cent of those surveyed even said they plan to spend the same amount or more via e-commerce this year, making this generational cohort the leader in e-commerce sales.

97 per cent of Gen Z use social media for shopping inspiration

The majority of Gen Z now use social media as their main source of shopping inspiration. TikTok, Instagram, and Pinterest are the social commerce platforms driving this trend with accessible shopping tabs, swipe-ups, and simplified checkouts.

Brands who wish to tap into this audience should leverage the power of social media, trending apps, sounds, and in-platform trends.

Nearly half of consumers use digital wallets

Digital wallets have fast become the most popular payment method among shoppers worldwide. Not only that but 49 per cent of consumers choose to pay via digital wallet over all other payment options. For this reason, if you have an online store you need to ensure you provide your customers with a secure and easy checkout process.

To see how the expert e-commerce accountants at Unicorn Accounting can help you further accelerate the success and growth of your online store with bespoke insights and business advice, get in touch.

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