Have you ever wondered what the future of online retail industry holds? Well, your guess is as good as mine—further growth.
Expect to see an explosive growth in the online retail spending this year and beyond. Various retail forecasts have revealed very promising statistics for eCommerce entrepreneurs.
Retail worldwide online retail spending is expected to grow rapidly over the next few years. The web will account for 7.4% of total retail spending this year (about $1.67 trillion), which will grow further to 8.8% by 2018 and 12.4% by 2019. In 2014, online retail sales accounted for 5.9% of total retail sales.
The United Kingdom has the highest online retail sales as a percentage of total retail sales (15.6%) followed by China (12.0%), Norway (10.7%), Finland (10.8%), South Korea (10.5%), Denmark (9.4%), U.S.A (7.7%), Canada (6.6%) and Japan (5.8%).
Increase in eCommerce spending is attributed to growing base of digital buyers
The increase in eCommerce trading can be pegged on the ever increasing smartphone and internet penetration worldwide—there is an ever growing base of digital buyers.
In terms of devices that are being used by buyers to access eCommerce stores, Invest reveals that 33.7% access online stores using smartphones, 53.9% use desktops and laptops, and 12.4% use tablets. When it comes to making actual retail purchases, only 10.7% user smartphones, 76.9% use desktops and 12.4% use tablets.
This means that it is important for one’s site to be mobile responsive in order to provide great customer experience. Research shows that an eCommerce site that is not responsive is 76% likely to lose a customer compared to a mobile responsive one.
Nearly 25% of online shoppers are occasion shoppers, which means that they do their shopping at least once a week. The majority of those who shop at least once per week are those aged between 30-39 years (37%) followed by the 18-29 age bracket (35%). The others are 40-49 and 50-64 age groups that represent 23% and 17% respectively.
When it comes to shopping at least once per month, 41% of those aged between 18-29 shop at least once per month followed by 50-64 (38%) and 30-39 (35%) and 40-49 (35%). The majority of those who shop once a year are those who are 65+ (58%) followed by the 50-64 age group (45%) and 40-49 (42%).
Understanding eCommerce retail trends is the key to succeeding online for those who already have online stores or are planning to enter the market. All in all, the future of online shopping is a bright one.
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