This is because it reads the highest-ranking content first and searchers usually ask complete questions instead of just using keywords. Digital sales are also growing across newer verticals, including beauty, apparel and grocery. Would you like to help us improve our coverage of topics that might interest you? These figures suggest this is the time to start an eCommerce business. 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. A report found that the majority of Chinas cross-border online shoppers plan to spend more money online in 2022. 3 KEY QUESTIONS THIS REPORT WILL ANSWER What is the outlook for total retail, ecommerce, and mcommerce sales worldwide in 2022? In other words, many people are more influenced by shipping costs than the actual product prices. Customers have also gradually shifted from limiting their appearance in stores to ensuring their safety and looking for products combined with home delivery services. eMarketer. For perspective, in 2020 it was only around $240 billion. 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. This is likely due to changes in shopping habits brought on by Covid-19. Price as of January 18, 2023, 11:47 a.m. Ecwid vs Shopify Comparison: Which Solution Should You Choose? The authors also discovered that QR codes are perfect for retailers who want to take advantage of valuable purchase data. Its ecommerce business will grow by 9.0% this year (lower than the prior forecast of 14.6%) to reach $397.43 billion. (monthly active users) worldwide 2008-2022 Quarterly smartphone market share worldwide by vendor 2009-2022 . Disclaimer: By clicking submit, you agree to share your informationwith us to receive news, announcements, and resources when they are available. Developing a mobile app for your customers provides them with a better shopping experience and will result in more eCommerce sales. Women also make purchase decisions 7% faster than men. offset by a 6.5% growth in digital spend. Amazon marketplace has a roughly 25% market share of the total U.S. e-commerce spending. Furthermore, Shopifys US store generated 10% of American eCommerce sales this year (2021), according to The Motley Fool source. 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 . The UK ecommerce market was worth 182.9 billion in 2021. 5. Staying up-to-date with the eCommerce industry is essential to navigating this market effectively. As a global financial services firm, Morgan Stanley is committed to technological innovation. In fact, 83% of online customers said theyre more likely to buy again from a brand if they belong to its loyalty program. If you want to construct an eCommerce store, you have to choose an eCommerce platform that will manage payments and other features of your website. Last year, they reported that 64% of all traffic was from mobile. In some countries, the numbers are even higher; for example, digital shoppers in the United Kingdom spend over $4200/year on average. Staying on top of e-commerce trends is not an option it's a necessity. mCommerce, or mobile commerce, is expected to surge in the next few years. 5 billion - the net revenue of Amazon in 2019, making it the leading online retailer (Statista, 2020). These statistics have remained relatively stable over the years. It's a lot of time. See how you can continue your career journey at Morgan Stanley. In 2017, online sales accounted for 1/10 of all worldwide sales. As we mentioned, in 2022, global eCommerce sales are projected to reach over $5 trillion. But contrary to popular belief, there is no peak in starting online businesses. 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%). 38% of people are afraid of overloading their credit cards, so Gen Z and Millennials instead choose to use debit cards when shopping. 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. Source: Euromonitor, National Data Sources, Morgan Stanley Research estimates, Yes, You Can Be a Tech Innovator at Morgan Stanley. People from all around the world are now turning to eCommerce stores to purchase their items, and this change is being primarily led by young people. The study forecasted a significant 240% growth in QR code payment users in the US from 2020 to 2025. The path of international business expansion will not be frictionless. In the United States, its estimated that Americans spend one-third of their waking hours looking at their phones, much more than other averages. The 61% of respondents who use voice technology to capture shopping habits said they did so to repurchase saved orders. The data, reports, and statistics presented above should be evidence enough that eCommerce is not a choice but rather a business necessity. Worldwide retail and retail ecommerce spending is expected to stabilize in 2022 after two years of unpredictable circumstances and unusual growth patterns. Social media usage has increased significantly in the past few years. The reason is that 42% of consumers spend more money on brands theyre loyal to. Against this backdrop, e-commerce companies have started exploring new and unsaturated marketing channels. As well as speed, business owners should also be aware of the tendency for free or affordable shipping. This may involve websites, web apps, online marketplaces, and brick-and-mortar stores. According to Builtwith, there are 4.147.766 live websites currently being powered by Shopify (The number is counted til the day this article is written). In the UK, a third of surveyed consumers have shopped via a social network at least once. The data indicates that the majority of people are more likely to purchase a product or use a service after watching a brand video, rather than reading an article about it. With physical stores forced to close, customers started buying everything they needed online. In fact, some retailers are starting to move towards a model where you can try products in the store and then have them shipped to you. However, the churn rate remains one of the main challenges for this digital business model. Predictions say that systems wont be back to normal until 2023, and this is the earliest estimate. Magento is the third most popular choice for eCommerce sites and lags behind WooCommerce and Shopify in market share. In fact, 64% of American shoppers are now willing to spend extra on sustainable items. 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. WooCommerce is Shopifys main rival and holds the top spot overall with 24% ownership of this profitable market (Source: Buildwith). Moreover, there are more than 230 million digital shoppers in the US as of this year. Email marketing has a very high return on investment, especially in retail, eCommerce, and consumer goods industries. As we mentioned, there are an estimated 4 million Shopify stores currently online, with 2.7 million of those being based in the US. Free shipping is particularly effective in reducing online shopping cart abandonment on mobile and desktop devices. In 2022, their revenue saw a 19% year-over-year decrease from 2021. This means that 65% of all Shopify stores are in America. Here are some of our notable accomplishments from this year. 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. What it means for economies, industries and investors. But as consumers began shopping in person again, investors started to ask: Was the Covid-bump a one-and-done deal, or could e-commerce growth continue? Large numbers of e-commerce businesses emerge as the times require. A lot of people use WordPress for blogging and creating online content, so when they want to start an online business, all they need to do is integrate WooCommerce into their existing WordPress website. By 2022, eCommerce sales in Latin America are projected to surpass $104 billion, a 22.4% increase from just $85 billion in 2021. 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. That is a five-time increase compared to the same period in the prior year. $280. 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. Don't want to miss out on our latest insights?Subscribe to our newsletter. As Sprout Social reports, 31% of customers prefer using social media to share feedback about products or services, followed by email at 18%. Chinas eCommerce revenue is quite remarkable, especially considering that it only surpassed the US as the worlds largest eCommerce market less than a decade ago. The final finding is significant and warrants further exploration. Having an active presence on social media helps with branding, customer experience, and overall sales. Moreover, nearly all businesses with 10 or more employees use CRM platforms to track customer interactions. Growth rates will not go negative, however, and some parts of the world will do just fine. 173.578 Shopify websites are operating in the UKs eCommerce market. 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. According to Buildfires statistics, 63% of consumers claim they find mobile apps more convenient than mobile websites. From the survey, we can see that people place importance on website navigation and content. (Source: Tidio). eCommerce sales are constantly increasing and make up a large share of retail. 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. Even when they are, the pandemic has shown us that these networks are vulnerable to future events such as political instability, disasters, and changes in regulation. While its not ideal, these types of abandonments are mostly unavoidable. According to Oberlo, around 1.94% of all visits to eCommerce sites result in a sale. After all, 61% of consumers are more likely to buy from brands that engage them. Client-only email newsletters with analysis and takeaways from the daily news. Co-founder and CEO of Choco Up, one of Asias leading revenue-based financing and growth platforms. humane and donates to like-minded causes. The Banking & Payments Show: The key banking and payment trends of 2023. Interactive projections with 10k+ metrics on market trends, & consumer behavior. According to eMarketer, if you translate this growth into sales, retail social commerce sales in China will exceed $470 billion by 2023. Juniper Research recently found that the number of people using QR codes to make payments will exceed 2.2 billion in 2025, up from 1.5 billion in 2020; equating to 29% of all mobile phone users across the world in 2025. The subscription model is vital to the future of eCommerce growth and expansion, with 70% of business leaders agreeing. They can help answer simple questions and determine if a customer needs further support from an agent. In the UK, ecommerce sales will make up 36.3% of total retail sales in 2022. To make informed decisions for your business, it is essential to stay up-to-date with the latest eCommerce statistics and trends. This type of marketing tool helps businesses increase traffic to their website by 86%, generate 84% more leads and directly contribute to an increase of 78% in sales. This provides us with some insight into how many stores are actively managed. In other words, many times the first time a potential customer visits your eCommerce site is through their smartphone. 3 KEY QUESTIONS THIS REPORT WILL ANSWER ResearchAndMarkets.com forecasts that China's social commerce industry could hit $2 trillion by 2028 from its 2022 value of $363 billion. Clothing, shoes, and jewelry follow at a close second with 36%. In the US, for example, 20% of online shoppers said theyd participated in it before, while 34% said that even though they hadnt tried it themselves, theyd at least heard of the concept. According to Morris Cohen, Wharton Professor of Operations, Information, and Decisions, the COVID-19 pandemics effects on supply chains were as big as an earthquake or tsunami. Five eCommerce markets are predicted by eMarketer to remain in the top positions until 2025, and these have remained unchanged since 2018. In other words, the e-commerce space is becoming more crowded. +1-646-863-8807 Its online business will soar by 13.5% to reach $40.79 billion, giving it a 3.9% share of US online sales. Although the number of online stores has increased to meet consumer demand, there is still room for growth. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. Online shopping has grown by $183 billion as per the report on the analysis of the Covid-19 pandemic. The statistics of PopupSmart state that online videos will make up over 82% of all consumer internet traffic by the end of 2022, which is 15 times more than in 2017. Reliable data in simple displays for presentations and quick decision making. In recent years, shoppers have become more and more accustomed to the convenience of online shopping. years later, eMarketer data showed that the actual. 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%). This is projected to reach 22% in 2023 (Statista, 2020). Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Most businesses get help and assistance through social media channels. According to a Trustpilot study from 2020, 89% of consumers globally take the time to read reviews before making a product purchase. Each year, we produce nearly 300 reports, 7,000 charts, 1,500 newsletters, and 200 forecasts across the industries of Advertising, Media, and Marketing; Financial Services; Healthcare; and Retail and Ecommerce. In fact, 842 million people shopped online in China in 2021. Ad spend has not caught up to time spent for subscription video, TikTok comes for Netflix, and other 2023 social trends, POS Terminal Installed Base, North America. On the other hand, if your brand has been around for a while, use these same marketplaces to navigate customers to your website. In addition, there is a clear correlation between gender and buyer behavior, which is most evident when looking at the categories of products that are most often purchased online. On the plus side, repayment is flexible. These obstacles can be boiled down to a handful of challenges, which include: Shopify teamed up with Chinese eCommerce behemoth JD.com in order to take advantage of the growing global trend of online shopping. After analyzing some of the most significant moments in e-commerce from 2021, Feedvisor launches an in-depth report of the key predictions in 2022. According to this report, 65% of Gen Z consumers are happy to join brand communities and create content for companies they believe in. A look at what this paradigm shift could mean for workers, employers and investors. Youll also need some coding experience or knowledge to set up and configure your store properly. According to eMarketer, 19 percent of online shoppers prefer minimal packaging for shipping, . If youre looking to get into email marketing, the best place to start is by building an email list. Asia-Pacifics retail eCommerce sales are projected to surpass the rest of the world by 2023 due to a few reasons. In the US alone, volume is expected to increase from $128.4 billion in 2019 to a whopping $553.28 billion by 2024! 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, [email protected]. What Are the Biggest Stories for Retail Ecommerce Coming Out of 2021, and What Will Happen in 2022? Prior posts are available here: Part 1 covered GMV trends from Jan 1 & copyright 2001-2023 channeladvisor. 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