The goal of eCommerce is not to immediately phase out brick-and-mortar stores. Become a . Many companies are now using chatbots as their initial form of customer service, due to the increasing demand for real-time assistance. In-depth analysis, benchmarks and shorter spotlights on digital trends. Closely following in third is the United Kingdom, with a 4.8% share of total global retail 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. Shopify is the most common option available. According to eMarketer data, Amazon accounted for 41.4% of all U.S. e-commerce sales in 2021. Social Commerce Is Also Popular in Asia-Pacific Regions For example, Amazon improved its delivery speed by establishing inventory warehouses all over the world. Reliable data in simple displays for presentations and quick decision making. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. Additionally, this growth is expected to continue steadily into the future. Invest in a knowledgeable support team that can provide personalized expert assistance and avoids giving scripted responses that make your companys consumer interactions impersonal. Furthermore, 40% claimed they dont make purchases on websites written in other languages. However, this isnt the case. 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. Loan repayments in fixed installments would put pressure on their companies' cash flow. Displaying your site in your native language dramatically increases the likelihood of closing a sale with international clients. The Challenge: Increasing Advertising Costs And Reduced Campaign Effectiveness. It is more important to focus on getting heavily used areas of the site perfect: headlines, product titles Once youve gotten some traction with your original language content, then it would make sense to do full-scale translation using a native copywriter and localized idioms. Email marketing has a very high return on investment, especially in retail, eCommerce, and consumer goods industries. 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%). US Retail Ecommerce Sales Growth, by Category, 2022-2026 (% change), US Total Retail Sales, 2020-2026 (trillions and % change), US Retail Sales Growth, by Segment, 2020-2026 (% change), US Retail Ecommerce Sales, 2020-2026 (billions, % change, and % total retail sales), US Mcommerce Sales, 2020-2026 (billions, % change, and % of total US retail ecommerce sales), US Top 15 Retail Ecommerce Sales, by Company, US Retail Ecommerce Sales, by Category, 2022 (billions and % of total retail ecommerce sales), US Total Retail Sales, by Category, 2022 (billions and % of total retail sales), US Retail Ecommerce Sales Penetration, by Product Category, 2020-2026 (% of category retail sales), US Auto and Parts Retail Ecommerce Sales, 2020-2026 (billions, % change, and % of category retail sales), US Carvana Retail Ecommerce Sales, 2018-2022 (millions and % change), US Food and Beverage Retail Ecommerce Sales, 2020-2026 (billions, % change, and % of category retail sales), US Jewelry Retail Ecommerce Sales, 2020-2026 (billions, % change, and % of category retail sales), US Fragrance Retail Ecommerce Sales, 2020-2026 (billions, % change, and % of category retail sales), China faces reckoning after sputtering economic growth, The economy, Web3, and social media highlight our analysts takeaways from the NRF 2023 Big Show, Apple looking to ramp up in-house component design and production, Amazons struggles give Walmart an opening, US consumer tech spend to decline for second year in a row, Amazon Fashion teams up with Rent the Runway on resale, Spiking holiday returns could lead retailers to adjust their policies, Microsofts $10B investment in OpenAI could help fuel AI funding trend, PepsiCo and Coca-Cola face FTC scrutiny over potential price discrimination, Big Techs layoffs reveal flaws in the industry, Marketers keep trying to make the metaverse happen and other CES observations, Deals ruled the 2022 holiday shopping season. The voice search market is expected to grow 23.7% annually, increasing from $11.21 billion in 2022 to $49.79 billion by 2029. To get ahead of future trends in eCommerce, marketers should start offering popular and alternative payment options on their sites. Ecwid vs Shopify Comparison: Which Solution Should You Choose? In 2021, 2.14 billion people around the world are now doing it. For online purchases, we recommend offering these transaction methods: Providing an alternative payment scheme, such as BNPL, can give your business a competitive edge. We are an international, data-driven e-commerce player in the leisure, retail, and travel sectors. If you want to get the most out of reviews, dont just depend on third-party platforms; put them prominently on your website and product pages as well. It means that ROI for properly applying email marketing tools is 3600% if the content and offers in your emails are already great. Marketplace Sales, 2019-2023 (millions and % of total Amazon retail ecommerce sales) This is a result of both the dynamic adaptation to new technologies as well as changes in demographics. Turning to segments, electronicswhich leads all the categories of e-commerce activityis slated to grow from 38% of retail sales to 45% of global retail sales. In 2017, online sales accounted for 1/10 of all worldwide sales. Weve also provided suggestions on how to use each statistic for increased returns. eCommerce in Publishing 2022: Report Download. Amazon marketplace has a roughly 25% market share of the total U.S. e-commerce spending. Insider Intelligence aims to be the worlds leading research service focused on digital transformation. Reliable data in simple displays for presentations and quick decision making. With more people owning mobile devices, there is a larger opportunity to turn website visits into purchases and increase brand awareness. In fact, 842 million people shopped online in China in 2021. Shopify is a platform utilized by merchants all over the world, in over 175 countries. 71% of them say that how well a company understands their individual needs affects their loyalty. We believe our greatest asset is our people. Even in a slower-growth environment, total new spending will be enormous. eWallets (including mobile payments, like Apple Pay). This means more branded shopping apps, SMS and Facebook campaigns, as well as TikTok and Instagram videos specifically catered towards promoting a product. In order to create more personalized campaigns and shopping experiences for your customers, you need accurate data. Each eMarketer forecast fits within the larger matrix of all its forecasts, with the same assumptions and general framework used to project figures in a variety of areas. Each platform offers its advantages and disadvantages, so its best to research all options before deciding which one suits your business needs. For perspective, in 2020 it was only around $240 billion. This cuts down the time it takes for foreign brands to start selling in China from 12 months all the way down to just 3-4 weeks. 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. Amazon is currently the most valuable company in the world, with a worth of just over $1 trillion as of June 2022 (Statista, 2022). This is a clear sign that you need to optimize your eCommerce site for mobile users today. In only 2020, Amazon recorded an immense 3.6 billion visitors to its site. A single live chat agent can simultaneously help multiple customers, which in turn decreases response time and improves customer experience. 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. Our mission is to empower professionals with the data, insights, and analysis to make grounded decisions in a digital world. years later, eMarketer data showed that the actual. +1-646-863-8807 The digital world is ever-expanding, and with it comes to a corresponding increase in the number of people shopping online. Submit your request here. In fact, 84% of respondents said they had been convinced to buy something after watching a brands video, while only 18% said they would prefer to read text on products or services. Analyzing survey data from 1037 college students in China, a country with the world's largest number of Internet users and the world's largest e-commerce market, the current study demonstrates that consistent with previous research, some routine telecom/cyber activities of Chinese college students predict higher odds of being targeted for telecom/cyber fraud, but online routines do not . To help you imagine easier, in 2019, eMarketer reported that retail social commerce sales in the USA amounted to less than $20 billion. For more Morgan Stanley Research on the outlook for global e-commerce, ask your Morgan Stanley representative orFinancial Advisorfor the full report, Stronger for Longer in Global E-Commerce (April, 2022). . With its intuitive interface and robust features, the system is perfect for businesses of all sizes who are looking to take their online presence to the next level. Our updated worldwide, regional, and country-level forecast for total retail sales, including ecommerce and mcommerce, and digital buyers through 2026. Despite slowing growth, total spending will surge past $7 trillion by 2025. Insider Intelligence latest news, announcements, and media resources. Free shipping is particularly effective in reducing online shopping cart abandonment on mobile and desktop devices. Other high-converting markets include hair care, beauty and skincare, and health and beauty. For instance, in revenue-based financing, funding is not repaid in fixed installments. While that might seem like a small percentage, it is quite significant in terms of internet traffic and reaches. The second most popular option is Walmarts app with 18 million DAUs while SHEIN falls in third place close to 2.2 million iPhone owners using their platform daily. According to eMarketer, 19 percent of online shoppers prefer minimal packaging for shipping, . You should take notice that development in this area is slowing down much more than it was before; the market is becoming saturated. Since market research can be quite time-consuming, we have decided to do the work for you and provide eCommerce statistics that will help your business get the preparations for 2023. Our latest forecast for Chinas retail sales, retail sales by product category, retail ecommerce, livestreaming ecommerce, grocery ecommerce, digital buyers, and ecommerce by company. WooCommerce is Shopifys main rival and holds the top spot overall with 24% ownership of this profitable market (Source: Buildwith). WHATS IN THIS REPORT? Macroeconomic Trends Affecting Retail Sales in 2022, Ecommerce Sales Growth Will Decline to Single Digits, Livestreaming and Groceries Will Be Silver Linings, Macroeconomic Conditions Weigh on Chinas Big Three Ecommerce Platforms. It's about reducing a company's environmental impact while supporting communities. 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