If customers have problems with your products or services, they may very well take their business elsewhere. 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. What is the global outlook for retail sales and retail ecommerce sales in 2022 and beyond? E-Mail Chart Download KEY STAT: Auto and parts, and food and beveragetwo categories with historically low levels of online purchaseswill be the fastest-growing product categories in ecommerce this year. 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. The COVID-19 pandemic drastically changed eCommerce trends worldwide. These statistics have remained relatively stable over the years. Disruptions to the supply chain are becoming more regular and severe, as illustrated by Levis recent loss in Europe. Deciding which eCommerce platform to choose for your online business can be tough. According to eMarketer, if you translate this growth into sales, retail social commerce sales in China will exceed $470 billion by 2023. Doing so will help increase sales noticeably. Entering marketplaces can open up new opportunities for online shops to bring in higher revenues. This strongly correlates to the predicted growth in global e-commerce sales that eMarketer forecasts will grow to 23.6% of total retail sales by 2025, with global e-commerce sales worth more than $5.63 trillion by the end of 2022. By 2024, mobile shopping will make up 44.2% of all eCommerce sales, so its a great way to stay ahead of the competition. Some popular premium loyalty rewards include free shipping, immediate discounts, and online deals. Additionally, Magento has an army of innovators (over 300,000 trained developers worldwide) that have created a robust resource of extensions that add various functions to online stores, helping them grow year after year. eMarketer. Research suggests that 63% of all shopping journeys now start on the internet. And 37.9% of social buyers across the world are projected to come from China by 2027, but this number could be higher. The slow loading speed of websites on foreign servers in China has a negative impact on both conversion rates and search engine rankings. Client-only email newsletters with analysis and takeaways from the daily news. Moreover, nearly all businesses with 10 or more employees use CRM platforms to track customer interactions. Cowen and Company, Group M, Magna Global, Zenith/Publicis, eMarketer, MoffettNathanson, Nielsen, and Standard Media Index. Its popularity is showing no signs of dying down and further predictions anticipate that it will reach nearly $3 trillion by 2026. In fact, product recommendations could make up for 31% of your eCommerce stores revenue. (Source: Tidio). Marketing has made remarkable progress in recent years, providing businesses with innovative ways to reach consumers. Take for example buying a house on Amazon, it sounds not the best idea. The number of online sales and their values are increasing. 5 billion - the net revenue of Amazon in 2019, making it the leading online retailer (Statista, 2020). We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. The statistics below will show just how influential mobile commerce can be in purchasing decisions. In general, younger generations are more comfortable using technology and therefore shop online more frequently than older generations. Our view: Over the long term, the e-commerce market has plenty of room to grow and could increase from $3.3 trillion today to $5.4 trillion in 2026. The COVID-19 global e-commerce surge was initially born out of necessity. In fact, every country covered in eMarketers Global eCommerce Update 2021 research saw double-digit growth in online shopping last year, signifying that this trend is still here to stay: Even though retail eCommerce sales are predicted to make up a higher percentage of total retail sales in the next few years, the growth rate has actually decreased. About 51% of consumers are more likely to buy again from companies that offer live chat support, and 63% of people who spend $250-500 a month online are most loyal to companies with this feature. If the website doesnt load quickly or if photos of products cover up descriptions, it creates a bad first impression of your business. How do Amazons ecommerce sales stack up against the competition. In fact, 75% of customers prefer companies with such programs. A broad range of financial instruments, tailored for the needs of new-age businesses, have emerged over the past decade. Moreover, 80% of consumers who have purchased items with voice assistants report satisfaction with their experience. Morgan Stanley is differentiated by the caliber of our diverse team. By replying to both positive and negative feedback, you create a stronger brand presence. Yet, "plenty of bright spots remain," according to a new analyst report from eMarketer, presented by ChannelAdvisor: Global Ecommerce Forecast As 2-Year Boom Subsides, Plenty of Bright Spots Remain . Additionally, eCommerce stores are pretty good for turning visits into sales. For example, 40% of shoppers find it difficult to browse products via this method and results can inaccurately be provided. This model offers the convenience of online shopping, quick in-store visits, and zero shipping charges. In contrast, Gen X and Baby Boomers are less likely to browse multiple online stores than younger generations. As we mentioned, there are an estimated 4 million Shopify stores currently online, with 2.7 million of those being based in the US. Client-only email newsletters with analysis and takeaways from the daily news. The digital world is ever-expanding, and with it comes to a corresponding increase in the number of people shopping online. 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%). Apple's advocacy for privacy and Covid-19 aren't going anywhere soon. Advertising on Facebook, for example, already costs 47% more than the year before. In September 2022, Builtwith reports that a total of 6,607,128 websites use WooCommerce. All rights reserved. A major goal for any eCommerce website is to turn browsers into buyers. In the United States, its estimated that Americans spend one-third of their waking hours looking at their phones, much more than other averages. While that might seem like a small percentage, it is quite significant in terms of internet traffic and reaches. In the future, both shipping speed and price will continue to be important in eCommerce. Across all our businesses, we offer keen insight on today's most critical issues. Business personalization is a top priority for many companies. Excellent customer support service is and will always be key to the success of any business. 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%). Many aspects of eCommerce can use AI technology, but the top area where businesses implement it is personalization. Social media plays a significant role in 35% of Millennials purchase decisions. Use the following statistics to help you design the best eCommerce marketing campaign possible. Not only does this show that reviews are an essential part of shoppers decision-making process, but it also suggests that buyers have a high level of faith and trust in their peers opinions. With options like Magento, Shopify, or WooCommerce, its hard to know where to start. Global retail e-commerce sales 2014-2026. According to these statistics, people spend, on average 3 hours and 40 minutes using their mobile devices each day. However, many consumers prefer the one-stop convenience of buying everything they need in one place. Lets dive deeper into these two eCommerce markets. As a global financial services firm, Morgan Stanley is committed to technological innovation. Alternative financing is gaining popularity among e-commerce companies. Below are some essential stats that you need to capture to take insights from your customers. Expertise from Forbes Councils members, operated under license. with an annual growth rate of 21%, China is also one of the fastest-growing eCommerce markets. Displaying your site in your native language dramatically increases the likelihood of closing a sale with international clients. Although many companies strive to show customers that voice shopping is secure, its still a new way to shop online. The US retail ecommerce forecast for 2022, including our numbers on sales growth and ecommerces share of overall sales for product categories. You're reading a free article with opinions that may differ from The Motley Fool's Premium Investing Services. The global personalization software market is progressing at a CAGR of 23.5% and is expected to reach over $2 billion by 2027, which would be more than double the estimated $764 million in 2021. In 2020, smartphone users spent 24 additional minutes daily on their mobile phones, compared to 2019. amounting to an eye-popping 4.21 trillion US dollars.1 47%. Omnichannel selling integrates multiple platforms and channels to provide a seamless experience between them. 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. eCommerce marketing has changed a lot over the years. Its great that WordPress and WooCommerce are the most popular among smaller sites. If your brand is still fresh, take advantage of high traffic volume and sell at top marketplaces in your area. 63% of millennials, 49% of Gen Xers, and 33% of boomers use social media for their online shopping (eMarketer, 2020). The precise number was removed in April 2017 and the highest figure listed is for active installs. Although tablets dont compare to the number of sales from smartphone mCommerce, they are still playing a significant role in its success. 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. In short, if you have an online store and are only relying on a mobile site to make sales, youre missing out big time. Douglas Clark The average daily time spent on social media is now 2 hours and 27 minutes, according to the Digital 2022 Global Overview Report. E-commerce in South Korea could increase to 45% in the next five years, driven by food delivery and same-day options. 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. Do I qualify? Even in a slower-growth environment, total new spending will be enormous. growth rate of ecommerce in 2020 was 25.7% 45%. In order to create more personalized campaigns and shopping experiences for your customers, you need accurate data. The number of shoppers is constantly increasing and so is the frequency of online shopping. Amazon marketplace has a roughly 25% market share of the total U.S. e-commerce spending. The US ecommerce market size in 2021 is forecast at $843.15 billionless than a third of that of China's. This is quite a remarkable feat for China, considering that it only surpassed the US as the world's largest ecommerce market less than a decade ago. But emerging retail categories and channels continue to thrive in ways unique to the country. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. According to Buildfires statistics, 63% of consumers claim they find mobile apps more convenient than mobile websites. According to Oberlo, around 1.94% of all visits to eCommerce sites result in a sale. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. In the US alone, volume is expected to increase from $128.4 billion in 2019 to a whopping $553.28 billion by 2024! When people hear eCommerce, they automatically think of Amazon. Promotional material is great, but its not the only thing that this can do. If youre just starting out, it will be trickier to launch your online store with WooCommerce rather than Shopify. Loan repayments in fixed installments would put pressure on their companies' cash flow. According to Intelligent Insider, retail mCommerce sales hit $359.32 billion in 2021, an increase of 15.2% over 2020. 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. Whats the outlook for total retail and ecommerce sales in China this year? Stand Out in an Oversaturated E-commerce Environment. Our latest worldwide, regional, and country-level forecasts for total retail sales, retail ecommerce, retail mcommerce, and digital buyers. In fact, a recent survey revealed that 76% of online shoppers have made purchases on a site outside their own countries. Although Shopify, WooCommerce, and Magento are commonly known throughout the eCommerce industry, theyre not the only extremely popular options. After making an online purchase, customers expect to receive their items almost immediately. 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. China is continuing to lead the pack when it comes to social commerce. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. The Competitive situation between e-commerce and traditional commerce. The goal of eCommerce is not to immediately phase out brick-and-mortar stores. By 2022, 62% of US adults will be using voice assistants. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. Apart from internationalization, you could also work on product development and market penetration. In fact, 64% of American shoppers are now willing to spend extra on sustainable items. In-depth analysis, benchmarks and shorter spotlights on digital trends. For example, According to Statista, Alibaba, the countrys leading online retailer, had approximately 903 million active consumers in early 2022. 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, Southeast Asia Ecommerce Forecast Update 2022. Weve also provided suggestions on how to use each statistic for increased returns. After an update is released for the WooCommerce plugin, there are around 400,000 automatic downloads. eCommerce currently accounts for about 21% of all retail sales, and this number is only increasing. With auction sites VakantieVeilingen and SlaJeSlag and deal site ActievandeDag, Talpa eCommerce (Emesa) makes online shopping more fun and exciting. Stay abreast of the latest trends and developments. What it means for economies, industries and investors. Copyright 2022, Magenest JSC. It means that ROI for properly applying email marketing tools is 3600% if the content and offers in your emails are already great. Email personalization is nearly as important as content personalization, with increased unique open rates by 29% and unique click rates by 41%. WooCommerce is Shopifys main rival and holds the top spot overall with 24% ownership of this profitable market (Source: Buildwith). Due to this customer preference, lots of eCommerce stores are now offering shorter shipping times. Furthermore, many businesses want to use Woos great SEO features to improve their ranking on search engines and generate more traffic and sales. Exportable files for easy reading, analysis and sharing. WHATS IN THIS REPORT? The Challenge: Increasing Advertising Costs And Reduced Campaign Effectiveness. KEY STAT: Auto and parts, and food and beveragetwo categories with historically low levels of online purchaseswill be the fastest-growing product categories in ecommerce this year. However, we think that this number may not be accurate. A report found that the majority of Chinas cross-border online shoppers plan to spend more money online in 2022. Total addressable market (TAM) is a common limiting factor of growth. 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%). Underpinning all that we do are five core values. Just over 26% stated that they follow brands on social media in order to see what new products are available. Statista predicts that the revenue of email marketing will reach almost 11 billion dollars at the end of 2023. eCommerce Statistics and Trends for 2022 [Infographic] Published Jan. 10, 2022. Mobile shopping apps are becoming more prevalent both among retailers and shoppers. What are the latest estimates for livestreaming ecommerce sales and digital grocery sales in China? This contrasts with an estimated 7.1% increase in 2022 advertising spending ($197.5 billion), reflecting 6.1% growth of legacy . WordPress has many social media plugins that you can install to let visitors share your products and content. Also in 2022,Apples share of the ecommerce marketwill surpass that of eBay for the first time. Hear their stories and learn about how they are redefining the terms of success. Are you a member of the press with a question about eMarketer? 79% of consumers allow UGC to factor into their buying decisions more than influencer or branded content. And it's forecast to grow over 50% within the next four years . The subscription model is vital to the future of eCommerce growth and expansion, with 70% of business leaders agreeing. If you improve customer retention by only 5%, your businesss revenue will automatically increase by at least 25%. The Way Forward: Planning Ahead To Prepare For Growth. At Morgan Stanley, we lead with exceptional ideas. Premium or paid loyalty programs have become a popular alternative to the traditional type recently. In other words, many people are more influenced by shipping costs than the actual product prices. 81% percent of customers say that positive support encourages them to come back and buy again. This is the first time were projecting a decline in Amazons US ecommerce share, on the heels of Amazons first ecommerce quarterly decline in seven years and conservative guidance from the company for Q2. Though there are headwinds in certain countries and verticals, we believe these barriers will continue to come down, says Andrew Ruben, who covers retail and e-commerce in Latin America. The days of perennial standout ecommerce growth in China are over. How many new buyers will come online this year, and where can retailers find them. A similar trend is also observable in Europe, the regions eCommerce market revenue has been expanding by 13.86% on a yearly basis. 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 are expected to be used for about 53% of all eCommerce transactions by 2025. Credit cards came second with a 21% market share, followed by debit cards (13%), bank transfers (7%), and the buy now, pay later (BNPL) solutions (3%). 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. Having a sustainability strategy will be increasingly important to retailers in 2022, according to Andrew Lipsman, eMarketer principal analyst at Insider Intelligence. Though, developing effective loyalty programs takes a lot of work. The Top 3 E-Commerce Trends for 2022. Credit: Getty Images by Oscar Wong . This is a result of both the dynamic adaptation to new technologies as well as changes in demographics. Autonomous Driving: In 2022, GM's Cruise expanded its autonomous taxi service to most of San Francisco in the . What is the outlook for total retail, ecommerce, and mcommerce sales worldwide in 2022? Also factoring into Amazons updated market share forecast is the upward revision made by the Department of Commerce for its 2020 and 2021 forecasts, which we use as a benchmark. Right now, close to 9.1 million stores are existing online with more emerging every day. In the UK, ecommerce sales will make up 36.3% of total retail sales in 2022. Recently, live shopping has surged in popularity, particularly in China. Online shopping has become widely popular only within the last few years, with more consumers choosing to shop online than those who stick to physical stores. The Way Forward: Maximizing Your Customer Lifetime Value To Customer Acquisition Cost Ratio. Become a . According to Invesp, by 2020, 50% of searches will be voice searches, and Voice Shopping is expected to reach $40 Billion in the US by 2022. Statistas Leading online marketplaces worldwide as of July 2020, based on the number of monthly visits chart reports that Amazon is also the most visited an online retail store in the world. Global ecommerce sales are expected to reach $4.89 billion in 2021. Inflation continues to remain one of the many grave concerns in 2022, so there will be more enhanced distribution and fulfillment planning as an industry. Insider Intelligence is owned by European media giant Axel Springer S.E. And there will be a shift in market share for many in the top 15 retailers (ranked by ecommerce sales). We are an international, data-driven e-commerce player in the leisure, retail, and travel sectors. In fact, 842 million people shopped online in China in 2021. $39.57. Other thriving industries that are growing rapidly include toys and personal and household care, which generate over $381.5 billion in revenue. Social commerce sales are set to triple by 2025. You can use QR codes in a number of ways to bring people to your website or store. With the impact of e-commerce, traditional business continues to decline. The paradigm shift didn't happen for no reason. These are some aspects to consider before choosing a financing solution for your company. People all around the world are spending money. This will give you a better understanding of their preferences and habits so that you can make the necessary adjustments. In 2021, China's retail e-commerce sales value amounted to around 2.64 trillion U.S. dollars,. But the outlook remains positive in spaces that are capturing consumer interest and demandlike live commerce and digital groceries. This is because it has 20.8 million daily active users (DAUs). Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. 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. Amazon is currently the most valuable company in the world, with a worth of just over $1 trillion as of June 2022 (Statista, 2022). Women also make purchase decisions 7% faster than men. Insider Intelligence Inc. All Rights Reserved. A single live chat agent can simultaneously help multiple customers, which in turn decreases response time and improves customer experience. More than 30% of internet users have used a voice assistant for product information or purchasing products. For online purchases, we recommend offering these transaction methods: Providing an alternative payment scheme, such as BNPL, can give your business a competitive edge. Also, according to Digital in Rounds study, 11% of all retail sales originate from online eCommerce stores. In parts of Southeast Asia and Latin America, for example, e-commerce could grow 17% and 20%, respectively, over the next five years and compound annually. Based on growth projections, retail ecommerce sales will surpass $1 trillion for the first time ever in 2022, according to eMarketer's US Ecommerce by Category 2022 report. The least successful markets are luxury handbags and home furniture, which have average conversion rates of 0.6%. Also, what mCommerce apps do people use the most? 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. Indias eCommerce market is estimated to grow by 25.5% in sales by 2022, making it one of the worlds top 5 fastest-growing countries for this industry.
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