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. If youre looking to get into email marketing, the best place to start is by building an email list. That growth rate will trail only China and Indonesia in . Most of these stores use Woocommerce or Shopify as their platform. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. If your brand has an international audience, providing multilingual chatbots can help you connect with them better. Price as of January 18, 2023, 11:47 a.m. Even in a slower-growth environment, total new spending will be enormous. Even though net sales increased by 38.6% in Q2 2022, Wong says that Olaplex isnt immune from these problems. Despite a promising market, voice shopping still experiences several drawbacks. That propels ecommerces share of total US retail sales to 15.0%up from 14.6%, where it sat for the last two years. Amazons app also does well in the mCommerce market among US consumers using Android, claiming second place (nearly 16 million DAUs). This is a clear sign that you need to optimize your eCommerce site for mobile users today. Its reasonable then to expect future vulnerability from this system to other problems. In-house product production gives you greater control over what ingredients are used. A look at what this paradigm shift could mean for workers, employers and investors. 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. Tidios research has found that mobile shoppers primarily use their devices to compare the pricing of products and services (49%), redeem coupons they have been offered (40%), and learn more about a product they are interested in (30%). To make informed decisions for your business, it is essential to stay up-to-date with the latest eCommerce statistics and trends. In 2021, 2.14 billion people around the world are now doing it. Out of all channels, social marketing is most effective for this demographic group. Men tend to spend more when they do purchase something online, $220 per transaction as opposed to $151 for women. According to eMarketers data, almost 56% of social media users between 18 and 24 have made a purchase on Facebook, Instagram, Pinterest, Line, WeChat, or VK at least once. Investing in a CRM tool is a great idea for any business. Shopify is the most common option available. 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. That number is expected to grow in the next few years and reach 20.8% by 2023, a 3 percentage point increase. 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, 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com. Insider Intelligence latest news, announcements, and media resources. 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 last couple of years have been remarkable for ecommerce businesses. Our latest forecast for Chinas retail sales, retail sales by product category, retail ecommerce, livestreaming ecommerce, grocery ecommerce, digital buyers, and ecommerce by company. Submit your request here. This year, macroeconomic pressures related to the war in Ukraine, inflation, and supply chain issues will all have a heavy impact on Amazons gross merchandise value growth. The two driving devices behind this revolution are smartphones and tablets. So if youre thinking about starting a loyalty program, consider offering immediate rewards instead of points. The revenue in the eCommerce market in China is projected to reach US$1,412.00bn in 2022 and surpass 3.6 trillion U.S. dollars by 2025. Dont just focus on the positive metrics and think everything will stay rosy, the market will reach a stable plateau soon enough. Following Apple's privacy updates in iOS 14.5, cross-app data sharing is prohibited unless users choose to opt in. Thats why 87% of retailers think that the omnichannel marketing strategy is crucial for their business. Do I qualify? Were willing to bet that this would be the first and last step in their journey as one of your customers. Just over 26% stated that they follow brands on social media in order to see what new products are available. And it's forecast to grow over 50% within the next four years . Email personalization is nearly as important as content personalization, with increased unique open rates by 29% and unique click rates by 41%. Additionally, eCommerce owners should avoid manipulating their reviews in any way, this includes censoring negative reviews. January March April May June July August September October November December . Stand Out in an Oversaturated E-commerce Environment. What Does This Forecast Mean for Brands and Retailers in China? 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 . A majority of these businesses also have resellers who sell their products worldwide. Despite slowing growth, total spending will surge past $7 trillion by 2025. 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%). WordPress has many social media plugins that you can install to let visitors share your products and content. The reason is that 42% of consumers spend more money on brands theyre loyal to. Ecommerce Sales Retail Sales Worldwide Executive Summary Worldwide retail and retail ecommerce spending is expected to stabilize in 2022, after two years of unpredictable circumstances and unusual growth patterns. 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. Two years ago, only 17.8% of sales were made from online purchases (Global eCommerce Forecast 2021, eMarketer, 2021). Deals ruled the 2022 holiday . Given this concern, it would benefit you to look into the inflation rates of the countries you have in mind and potentially adjust your pricing strategy based on what you find. Currently, the Asia-Pacific region and South America are growing at the fastest pace in terms of eCommerce. In South Korea, thanks to a well-developed payments and logistics infrastructure, online sales already account for 37% of all retail activity. India's eCommerce market is estimated to grow by 25.5% in sales by 2022, making it one of the world's top 5 fastest-growing countries for this industry. Developing a mobile app for your customers provides them with a better shopping experience and will result in more eCommerce sales. Also, what mCommerce apps do people use the most? Shopify consistently ranks high as an eCommerce platforms provider and boasts a 19% share of the top one million sites (these sites are responsible for a disproportional amount of eCommerce traffic and trade). Let's get started. In the future, both shipping speed and price will continue to be important in eCommerce. In fact, a large portion of abandonment is simply due to users exploring and window shopping. E-commerce platform users penetration will be 71.9% in 2022 and estimated to hit 83.9% by 2025. This research has also found that around 45% of Gen Z customers cross-reference prices in multiple online outlets to find the best deal. In the end, it falls on the company to provide quality support when issues arise. The 2,000-year-old wisdom still applies in the business world today. 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. There are many eCommerce merchants who dont realize the potential that mobile commerce offers. The UK is closely followed by Japan (3%) and South Korea (2.5%). Proprietary data and over 3,000 third-party sources about the most important topics. This contrasts with an estimated 7.1% increase in 2022 advertising spending ($197.5 billion), reflecting 6.1% growth of legacy . ecommerce in 2020 would be 19% year over year. Lets dive deeper into these two eCommerce markets. This is about $665.6 billion more than the fashion industry, which held first place in 2021. Global ecommerce sales will likely reach $5.4 (3.95) trillion in 2022. They make regular online purchases and have an average yearly expenditure of almost $70,000, higher than any other generation. The Daily: Influencer Marketing by Platform and Tier, Luxury Ecommerce, and Out-of-Pocket Drug Costs | Sep 6, 2022: On today's episode, we discuss what brand new forecasts the forecasting team cooked up in Q2, including influencer marketing spend by platform and tier, luxury ecommerce, and US prescription drug sales. Overall US holiday season retail sales are expected to approach $1.30 trillion this year, compared to last year at $1.21 trillion. 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. The main reasons for this preference are speed (cited by 57% of respondents) and the storing of settings on apps (liked by 40%). We value our commitment to diverse perspectives and a culture of inclusion across the firm. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. 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. And its not just customers who are frustrated by impersonal shopping experiences. With the impact of e-commerce, traditional business continues to decline. 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. 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. Due to this customer preference, lots of eCommerce stores are now offering shorter shipping times. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. As Sprout Social reports, 31% of customers prefer using social media to share feedback about products or services, followed by email at 18%. More than 30% of internet users have used a voice assistant for product information or purchasing products. By 2022, eCommerce sales in Latin America are projected to surpass $104 billion, a 22.4% increase from just $85 billion in 2021. If youre just starting out, it will be trickier to launch your online store with WooCommerce rather than Shopify. How will you do it? Right now, close to 9.1 million stores are existing online with more emerging every day. In other words, the e-commerce space is becoming more crowded. They think this is due in part to other global crises which will inevitably affect how goods are manufactured on a large scale. These days, many people love to shop online, and its no surprise given the pandemic has limited so many peoples movement. A report by Stackla found that, even though marketers have created a lot of different types of content, 60% of consumers think user-generated content (UGC) is the most real. In the UK, a third of surveyed consumers have shopped via a social network at least once. Social media plays a significant role in 35% of Millennials purchase decisions. Interactive projections with 10k+ metrics on market trends, & consumer behavior. For decades prior, the three main pillars holding up Supply Chain Management were: globalization; low-cost supplies; and minimizing inventory. In my view, in 2022, eCommerce will grow even stronger with increasingly smartphones and more features equipped to support users' shopping. This is a result of both the dynamic adaptation to new technologies as well as changes in demographics. Most businesses get help and assistance through social media channels. 71% of them say that how well a company understands their individual needs affects their loyalty. And when Shopify Plus sites are included in the calculation, that percentage rises to 22%. With more people buying online than ever before, it's no surprise that global ecommerce sales are expected to reach almost $5 billion this year. What share will ecommerce (and its categories) command of total US retail sales? Amazon's . Co-founder and CEO of Choco Up, one of Asias leading revenue-based financing and growth platforms. Underpinning all that we do are five core values. According to Yotpos surveys, customer loyalty programs are an excellent way not only to increase conversions but also to keep customers coming back. Which countries and regions will produce notable ecommerce growth figureseither positive or negativefor this year and through 2025? Recently, live shopping has surged in popularity, particularly in China. Even if individuals arent using it specifically for shopping purposes, its still proving an effective channel for marketing. In 2021 alone, the live commerce market racked up $2.27 billion in sales and is expected to increase to nearly $5 billion by 2023. Behind the scenes, improvements in everything from digital payments to supply chain and fulfillment capabilities improve the customer experiencefurther driving changes in consumer behavior. 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. They can help answer simple questions and determine if a customer needs further support from an agent. In addition, 90% choose to buy from the brands they follow, 86% prefer the brands they follow over a competitor, and 83% recommend the brands to people they know. KEY STAT: This year, worldwide ecommerce sales will exceed $5 trillion for the first time, accounting for more than a fifth of overall retail sales. While sales growth is slowing down, overall sales will continue to increase year-over-year. With how simple it is to use a smartphone to access these shopping apps, its no wonder that sales made via mobile devices are on the rise. Are you a member of the press with a question about eMarketer? 5. The subscription market is growing rapidly, with an estimated CAGR of 68%. Other well-known eCommerce sites include Rakuten (Japanese) and Samsung (South Korean). Digital and mobile wallets are continuing to grow in popularity, accounting for 49% of global eCommerce transactions in 2021. It's about reducing a company's environmental impact while supporting communities. Here in the US, the number of customers who dont make any internet purchases decreased to only 30%. Insider Intelligence has revised its retail outlook downward slightly compared with its Q1 forecast, but it still has ecommerce sales reaching $1.050 trillion by the end of 2022. He sees e-commerce reaching 27% of retail sales by 2026. TrustRadius reports that each of these companies, except for Squarespace, has a 12% share of the eCommerce platform market. Retail ecommerce spending will grow slower than ever in 2022, as most of the world's largest markets face economic challenges. with us to receive news, announcements, and resources when they are available. For perspective, in 2020 it was only around $240 billion. Amazons struggles give Walmart an opening, What happened this holiday season and what to expect from earnings, Amazon Fashion teams up with Rent the Runway on resale, Spiking holiday returns could lead retailers to adjust their policies, What retailers need to know for 2023 in 5 charts. Doing so will help increase sales noticeably. To help you imagine easier, in 2019, eMarketer reported that retail social commerce sales in the USA amounted to less than $20 billion. While the fashion industry ranks second, it still generates revenue of $904.5 billion, making it promising for future years. With 59% of online shoppers using the site to find reviews, not being listed means potential customers could simply move on to your competitor. If you want your eCommerce store to be optimized for voice search, then you need to focus on getting the top spot on Google. Would you like to help us improve our coverage of topics that might interest you? This is likely because the most frequently purchased items via voice shopping are daily necessities, such as groceries (48%). . By touches we mean every interaction between the customer and the company, here are some ideas to get you started: CouponFollows survey results show that approximately 47% of shoppers have used voice commands to make an online purchase, with 58% satisfaction rates. Electric Vehicles: During 2022 in the US, as auto sales dropped 8% on a year-over-year basis, Tesla's sales increased ~49%. The data, reports, and statistics presented above should be evidence enough that eCommerce is not a choice but rather a business necessity. In order to create more personalized campaigns and shopping experiences for your customers, you need accurate data. Live chat has become the preferred customer support method because consumers demand instant interaction. We are an international, data-driven e-commerce player in the leisure, retail, and travel sectors. Insider Intelligence Inc. All Rights Reserved. Numerous other eCommerce titans in China, including JD.com, TMall, and Taobao, play a significant role in the countrys online sales volume. As you are probably aware, potential customers take authenticity and transparency into consideration when reading reviews. In fact, product recommendations could make up for 31% of your eCommerce stores revenue. If your brand is still fresh, take advantage of high traffic volume and sell at top marketplaces in your area. Many people assume that all cart abandonments are bad for business, but this isnt always the case. In fact, it outpaces dedicated customer service channels and email support. WHATS IN THIS REPORT? Out of that time, only 10% is spent on a web browser. 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. For e-commerce business owners, keeping abreast of industry trends is particularly important for you to stay competitive and identify new opportunities. Hear their stories and learn about how they are redefining the terms of success. Retail Ecommerce Sales Worldwide, 2021-2026 (trillions, % change, and % of total retail sales), Total Retail Sales Worldwide, 2020-2026 (trillions and % change), Retail Mcommerce Sales Worldwide, 2021-2026, Retail Ecommerce vs. Retail Mcommerce vs. Total Retail Growth Worldwide, 2021-2026 (% change), Total Retail and Retail Ecommerce* Sales Growth Worldwide, by Region, 2022 (% change), Retail Ecommerce Sales Worldwide, by Region, 2022 (billions), Top 10 Countries, Ranked by Retail Ecommerce Sales Growth, 2022 (% change), Top 10 Countries, Ranked by Retail Ecommerce Share of Total Retail Sales, 2022 (% of total retail sales), Top 10 Countries, Ranked by Retail Ecommerce Sales, 2022 (billions and % change), Digital Buyers Worldwide, 2021-2026 (billions, % change, and % of population), Digital Buyer Growth Worldwide, by Region, 2022 (% change), Digital Buyers Worldwide, by Region, 2022 (millions), Top 10 Countries, Ranked by Number of Digital Buyers, 2022 (millions), Department stores adapt to survive in the difficult retail landscape, The economy, Web3, and social media highlight our analysts takeaways from the NRF 2023 Big Show, Retail sales rise 6.0% in December, as consumers pulled back on spending. Amping up efforts on customer retention is another way out of this difficult situation. And Technology executives # x27 ; s about reducing a company understands their individual affects. Any internet purchases decreased to only 30 % of Gen Z customers cross-reference in... And media resources business owners, keeping abreast of industry trends is important. Sales growth is slowing down, overall sales will likely reach $ 5.4 ( 3.95 ) trillion in 2022 spending! Strategy is crucial for their business % in 2022 and estimated to hit 83.9 % by 2025 16... Purchased items via voice shopping still experiences several drawbacks are five core values globalization ; low-cost supplies ; minimizing. Loyal to 's privacy updates in iOS 14.5, cross-app data sharing is prohibited unless users choose opt. Users exploring and window shopping years have been remarkable for eCommerce businesses Rakuten ( Japanese ) and South,! 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