The switch from offline to online stores was made somewhat begrudgingly once the pandemic hit. However, now that we’re all familiar with and used to the convenience of e-commerce, it’s quickly grown to become a popular way of shopping. Here are some facts about e-commerce that proves its global impact on people.
Global retail sales online are expected to be over $7 trillion by the year 2025.
69.82% is the average cart abandonment rate across all industries
China is the largest eCommerce market in the world.
Research by the Baymard Institute showed that optimizing the checkout process can improve conversion rates by up to 35%. 17% of the respondents in the research admitted to abandoning their items mid-purchase due to a complicated checking out process.
About 97% of online shoppers who read customer reviews before a purchase also look for responses on the reviews by the company. Replying to customer reviews, even the negative ones, within a week can improve brand image and build trust among customers.
Amazon is the world’s largest e-commerce company.
38% of consumers are more likely to purchase from websites that have live chat support. Additionally, 51% of consumers are more likely to buy again from companies whose website offers live chat support. However, along with having the feature, ensure your live chat is working smoothly as 84% have given up on ongoing live chats because of poor responses and long waiting times.
It is preferred that you show the shipping costs at the very beginning or display it with the price of the product. 34% of the customers have been known to abandon their shopping carts if the shipping costs are shown late in checkout.
Ensure your e-commerce platform does not take too long to load. 21% of customers have admitted to abandoning an e-commerce site because it took too much time to load.