That is a five-time increase compared to the same period in the prior year. Internet use and increased connectivity are also significant drivers, particularly in emerging markets, where populations skew younger and spend more time online than their counterparts in developed markets. As businesses reach their growth limits in the domestic environment, the world will see more e-commerce brands expand into the global stage. That number is expected to grow in the next few years and reach 20.8% by 2023, a 3 percentage point increase. However, this isnt the case. Youll have more control over your design and wont mind getting your hands dirty. According to eMarketer, in 2021, e-commerce retail sales reached nearly $5 trillion worldwide and are projected to reach nearly $7 trillion by 2024. These statistics have remained relatively stable over the years. This number has been increasing rapidly, as in 2022 there were 4.26 billion people using emails (this is more than half of the global population). Thats why we see such high rates of retail eCommerce sales growth in regions like Latin America, South East Asia, India, and China. The popularity of mobile devices has allowed the voice commerce market to grow globally. You can use platforms that manage your signup forms and emails. Many shoppers prefer to chat with a live person while theyre shopping, so its important to provide an excellent live chat experience in your store. Many factors are driving growth, including logistics, mobile device ownership and marketplace expansion. Electric Vehicles: During 2022 in the US, as auto sales dropped 8% on a year-over-year basis, Tesla's sales increased ~49%. Despite a promising market, voice shopping still experiences several drawbacks. 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. For e-commerce business owners, keeping abreast of industry trends is particularly important for you to stay competitive and identify new opportunities. There are many eCommerce merchants who dont realize the potential that mobile commerce offers. As customer acquisition costs continue to rise, maximizing customer lifetime value helps maintain profitable margins for your business. China is continuing to lead the pack when it comes to social commerce. Also, what mCommerce apps do people use the most? Marketplace Sales, 2019-2023 (millions and % of total Amazon retail ecommerce sales) One of the top differentiating factors for e-commerce platforms could be supply chain and fulfillment capabilities, which could empower better customer servicing, says Gary Yu, who covers telecom and internet stocks in China, where grocery delivery is growing faster than China e-commerce overall. This research has also found that around 45% of Gen Z customers cross-reference prices in multiple online outlets to find the best deal. One way to get started with omnichannel selling is by having a mobile-friendly website. After a two-year e-commerce boom driven by unpredictable circumstances and unusual growth patterns, it seems online spending is expected to stabilize in 2022. dclark@insiderintelligence.com. On the plus side, repayment is flexible. Developing a mobile app for your customers provides them with a better shopping experience and will result in more eCommerce sales. According to Baymark Institute, in the last 3 months alone, 58.6% of online shoppers in the US have abandoned a cart due to aimless browsing with no intention of making a purchase, and most abandon before they even reach the checkout flow. Amazon US Ecommerce Sales, by Product Category, 2022 (millions, % change, and % total Amazon retail ecommerce sales) US Retail Ecommerce Sales, by Company, 2022 (% of total retail ecommerce sales) Amazon US Ecommerce Sales, 2019-2023 (billions, % change, and % of total US retail ecommerce sales) Amazon US Ecommerce Direct vs. In only 2020, Amazon recorded an immense 3.6 billion visitors to its site. Online shopping has grown by $183 billion as per the report on the analysis of the Covid-19 pandemic. Worldwide retail and retail ecommerce spending is expected to stabilize in 2022 after two years of unpredictable circumstances and unusual growth patterns. This is because more than 2.5 million new Shopify stores were set up in the last two years, during the Covid pandemic saw a huge number of traditional offline retailers move their business online via Shopify. 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. Mobile shopping apps are becoming more prevalent both among retailers and shoppers. A major goal for any eCommerce website is to turn browsers into buyers. Amazons two fastest-growing ecommerce categories this year will be health, personal care, and beauty as well as food and beverage. eCommerce activity has seen a huge jump over the past two years, with the pandemic forcing more of us to find alternative means to browse and buy, due to lockdowns, store closures and other restrictions. Large numbers of e-commerce businesses emerge as the times require. $39.57. Two. The Way Forward: Planning Ahead To Prepare For Growth. According to online review statistics from Trustpilot (2020), as many as 62% of consumers say they will not support brands that engage in review censorship. eMarketer recently found that in the US alone, the DTC ecommerce market grew from $36.08 billion in 2016 to $128.33 billion in 2021 - a gain of nearly $100 billion in just five years. In contrast, Gen X and Baby Boomers are less likely to browse multiple online stores than younger generations. 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). This is a practice that could have harmful consequences for sales figures. As we mentioned, WooCommerce is the most popular eCommerce platform in the world right now but it cant be guaranteed in the near future. Its estimated that 9% of businesses use this platform because it is user-friendly and provides unique eCommerce features such as wonderful figurable themes. 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%). Insider Intelligence has increased its projections for total US retail spending in 2022. with an annual growth rate of 21%, China is also one of the fastest-growing eCommerce markets. Now is an excellent time to start an eCommerce business, as more and more people are shopping online. These figures suggest this is the time to start an eCommerce business. As Sprout Social reports, 31% of customers prefer using social media to share feedback about products or services, followed by email at 18%. In recent years, shoppers have become more and more accustomed to the convenience of online shopping. Interactive projections with 10k+ metrics on market trends, & consumer behavior. 81% percent of customers say that positive support encourages them to come back and buy again. This is part five in an ongoing series. A similar trend is also observable in Europe, the regions eCommerce market revenue has been expanding by 13.86% on a yearly basis. 2022 (New York, NY) - Will Apple's entry into the buy now, pay later (BNPL) space upend the already competitive industry? Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. Plus moreIdeasfrom Morgan Stanleys thought leaders. For example, 40% of shoppers find it difficult to browse products via this method and results can inaccurately be provided. By developing stronger relationships, businesses can create a base of loyal customers. One of the simplest ways to make your business more sustainable is by ditching paper or harmful packaging materials in favor of biodegradable options. With the increasing popularity of online shopping, the market has become oversaturated. CRM provides business owners with a greater understanding of their customers needs and behavior. Latest Ecommerce Sales data and analysis from Insider Intelligence including reports, charts, and articles. The projected number of users is expected to amount to 1,230.4m users by 2025. Insider Intelligence Inc. All Rights Reserved. ET. 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. Some experts say that the virus sped up the transition to online shopping by five years or more. The goal of this activity is to improve customer experience. You can use QR codes in a number of ways to bring people to your website or store. eMarketer. 5. Global ecommerce sales will likely reach $5.4 (3.95) trillion in 2022. The global mobile commerce market is growing because more and more people are using their phones to go online. Furthermore, many businesses want to use Woos great SEO features to improve their ranking on search engines and generate more traffic and sales. In fact, 75% of customers prefer companies with such programs. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. The trend continues: Latin America (including Peru, Brazil, Argentina, Chile, Colombia, and Mexico) saw $104 billion in ecommerce sales in 2022, up 22.4% from $85 billion in 2021. 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. Our latest worldwide, regional, and country-level forecasts for total retail sales, retail ecommerce, retail mcommerce, and digital buyers. The result is increased costs of advertising and reduced return on ad spend (ROAS). And that's just . Which ecommerce categories will grow the fastest in 2022. Other well-known eCommerce sites include Rakuten (Japanese) and Samsung (South Korean). You can turn one-time customers into regulars by using targeted marketing strategies and giving them a great customer experience. (Source: Tidio). amounting to an eye-popping 4.21 trillion US dollars.1 47%. Stand Out in an Oversaturated E-commerce Environment. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. How will you do it? Despite slowing growth, total spending will surge past $7 trillion by 2025. This encourages 60% of consumers to make a purchase from the company. Tidios research reports that when it comes to the eCommerce sector, Gen X online buyers are still the most relevant customer group. How many new digital buyers will come online this year, and what are the trends for existing buyers. Staying up-to-date with the eCommerce industry is essential to navigating this market effectively. Which of Amazons product categories will grow the fastest in 2022? Live chat plays a significant role in the overall eCommerce experience and user engagement. In contrast, other countries are only just beginning to see live commerce as a potential marketing avenue. WooCommerce is currently the most popular choice for eCommerce sites, leading both Magento and Shopify in market share. If the website doesnt load quickly or if photos of products cover up descriptions, it creates a bad first impression of your business. The days of perennial standout ecommerce growth in China are over. To better understand the phenomenon overall, Baymark provides 3 additional main reasons: unexpected extra costs; account creation requirements; and slow delivery processes. This contrasts with an estimated 7.1% increase in 2022 advertising spending ($197.5 billion), reflecting 6.1% growth of legacy . 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. These statistics show that live chat support is important to customers when deciding whether to make repeat purchases from an online company. How many new buyers will come online this year, and where can retailers find them. 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%). A broad range of financial instruments, tailored for the needs of new-age businesses, have emerged over the past decade. Amazon's . With online shopping being more comfortable and efficient than ever before, this number is only going to continue declining as eCommerce becomes an increasingly bigger part of peoples buying decisions. These are some aspects to consider before choosing a financing solution for your company. The main reasons for this preference are speed (cited by 57% of respondents) and the storing of settings on apps (liked by 40%). With Magento, you can easily build and customize your online sales platform to scale your business. After all, giving away equity is expensive. Do I qualify? If eMarketers predictions are accurate, in 2021 Chinese social commerce sales will surpass $350 billion, which is 10 times the amount of US sales. Youll also need some coding experience or knowledge to set up and configure your store properly. There are both pros and cons to this approach. As a result, the company will be investing in technology (such as eCommerce solutions) to help advance growth. Retail Ecommerce Average Order Values Worldwide, by Channel, Q2 2021-Q2 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, included at no extra cost. Which Trends Will Stand Out Among Countries and Regions in 2022? mobile commerce will drive almost 50% of those e-commerce sales in 2022 . China and the United States hold the top two positions for retail eCommerce sales. How do global retail giants stack up on their home courts? In fact, 842 million people shopped online in China in 2021. Worldwide retail and retail e-commerce spending is expected to stabilise in 2022 after two years of unpredictable circumstances and unusual growth patterns. eMarketer also acknowledges that success in 2022 and beyond starts with a multichannel approach and social listening. While this number might seem large and intimidating, people are becoming more comfortable making purchases online which is good news for businesses looking to enter the market. According to Litmus, for every $1 that marketers spend on email marketing, they receive 36$ back in return. Because of this pattern, many retailers target women in their social media marketing campaigns that aim to stimulate impulsive buying decisions. 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. To help you imagine easier, in 2019, eMarketer reported that retail social commerce sales in the USA amounted to less than $20 billion. 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. eMarketer. The Way Forward: Exploring Alternative Financing Solutions To Fuel Business Growth. Our updated worldwide, regional, and country-level forecast for total retail sales, including ecommerce and mcommerce, and digital buyers through 2026. This is the first time we're projecting a decline in Amazon's US ecommerce share, on the heels of Amazon's first ecommerce quarterly decline in seven years and conservative guidance from the company for Q2. Interactive projections with 10k+ metrics on market trends, & consumer behavior. Moreover, 80% of consumers who have purchased items with voice assistants report satisfaction with their experience. With the competition increasing every day, 49% of brands have decided to invest in social commerce content for 2022. Some popular premium loyalty rewards include free shipping, immediate discounts, and online deals. The Challenge: Weighing The Pros And Cons Of Alternative Financing. According to research by e-commerce expert Gary Hoover, the growth of e-commerce companies has soared over the past 14 years. Retail ecommerce spending will grow slower than ever in 2022, as most of the worlds largest markets face economic challenges. Out of that time, only 10% is spent on a web browser. In order to create more personalized campaigns and shopping experiences for your customers, you need accurate data. Which countries and regions will produce notable ecommerce growth figureseither positive or negativefor this year and through 2025? Autonomous Driving: In 2022, GM's Cruise expanded its autonomous taxi service to most of San Francisco in the . Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. Reliable data in simple displays for presentations and quick decision making. Companies that offer loyalty or rewards programs improve customer retention rates by 5% and increase profits by 25%-95%. Doing so will help increase sales noticeably. Customers often use multiple channels when shopping, and sometimes they end up making online purchases even as they stand in line at a physical store or use smartphones as shopping assistants in stores. Global ecommerce sales are expected to reach $4.89 billion in 2021. As a global financial services firm, Morgan Stanley is committed to technological innovation. The future success of your company may depend on it. But the matter does not end here. Men tend to spend more when they do purchase something online, $220 per transaction as opposed to $151 for women. Are you a member of the press with a question about eMarketer? The Challenge: Increasing Advertising Costs And Reduced Campaign Effectiveness. 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. As of October 2022, approximately 163.590 active eCommerce sites online are powered by Magento 1, and almost 100.000 are powered by Magento 2, which accounts for close to 0.9% of all online stores worldwide. In this article, youll find stats about the eCommerce market in general, consumer behavior, mobile shopping, social media marketing, macro, and micro trends. It credited this largely to PayPals recent adoption of QR payments and partnership with CVS, which has tapped into Americans growing need for cashless options during the pandemic (11% more people have been using QR codes since the pandemic began). In some countries, the numbers are even higher; for example, digital shoppers in the United Kingdom spend over $4200/year on average. 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. In 2020, smartphone users spent 24 additional minutes daily on their mobile phones, compared to 2019. Additionally, because QR code solutions are low-cost, it is projected that global growth will reach over $2.7 trillion in 2025. Sustainability is becoming increasingly important to consumers, with 54% considering it when making a purchase, according to Trivium Packaging. Social media becomes less frequently used for purchases as users age. Personalization provides users with product recommendations and targeted email campaigns that match their interests. On the other hand, older generations prefer options like credit cards or cash-on-delivery. Behind the scenes, improvements in everything from digital payments to supply chain and fulfillment capabilities improve the customer experiencefurther driving changes in consumer behavior. According to an estimate, the CRM market size will reach $128 billion by 2028 and grow at a rate of 12% annually. Even though global e-commerce amounted to $3.4 trillion in 2019, this figure is estimated to reach $6.5 trillion by 2024 as the growth in e-commerce will outpace growth in physical retail. Plus, most marketplaces provide free shipping and returns. They dont have eligible assets (e.g., cars or property) to pledge as collateral for loans. Magento is the third most popular choice for eCommerce sites and lags behind WooCommerce and Shopify in market share. humane and donates to like-minded causes. Watch as Morgan Stanley gets an inside look at why Jim Farley, the CEO of Ford, is gearing up for a new era of transportation. It now sits at an estimated 22% of sales. Other thriving industries that are growing rapidly include toys and personal and household care, which generate over $381.5 billion in revenue. According to a recent industry report, e-commerce will account for 20.4% of global retail sales by the end of 2022, up from only 10% five years ago. 41% of consumers choose live chat over other channels, such as phone and email, because it offers immediate help with minimal effort. Did you know that 97% of online shoppers who read customer reviews also look for responses from the company? eCommerce - Worldwide Worldwide Highlights Revenue in the eCommerce market is projected to reach US$4.48tn in 2023. Furthermore, eCommerce industries in countries, like the United States, continue to grow steadily. All About eCommerce Expected Trends. 3 KEY QUESTIONS THIS REPORT WILL ANSWER In 2022, it is estimated that $64.06 billion will be spent on tablets for mCommerce. What is the outlook for US retail and ecommerce sales growth in 2022? You can do this by employing conversion rate optimization, or CRO. In the past three years, cross-border e-commerce has experienced a booming time and also a slowdown due to various factors, such as the COVID-19 pandemic and inflation. In other words, many times the first time a potential customer visits your eCommerce site is through their smartphone. By 2022, 62% of US adults will be using voice assistants. When COVID-19 first broke and supply chains around the world were disrupted, companies began to focus on building resilience into their supply chains or ways to keep them from halting completely and restore them quickly if they did. Digital and mobile wallets are continuing to grow in popularity, accounting for 49% of global eCommerce transactions in 2021. (3) 6. Alternative financing is gaining popularity among e-commerce companies. . Its great that WordPress and WooCommerce are the most popular among smaller sites. 2300 West Sahara Avenue, Suite 800, Las Vegas, NV 89102, US, Las Vegas, Nevada, United States These are serious questions to ponder. Retail Ecommerce Sales in China, 2020-2026 (trillions, % change, and % of total retail sales), Retail Ecommerce Sales in China* and the US, 2020-2026 (trillions), Top 10 Countries, Ranked by Retail Ecommerce Share, 2022 (% of worldwide retail ecommerce sales), Total Retail Sales in China* and the US, 2020-2026 (trillions), Retail Sales in China, by Product Category, 2022, Livestreaming Retail Ecommerce Sales in China, 2020-2024 (billions, % change, and % of retail ecommerce sales), Grocery Retail Ecommerce Sales in China, 2020-2026 (billions, % change, and % of total grocery retail sales), Top 6 Companies in China, Ranked by Ecommerce Sales, 2022, Top 3 Companies in China, Ranked by Retail Ecommerce Sales Share, 2017-2023 (% of total retail ecommerce sales), Livestreaming Retail Ecommerce Buyers in China, 2020-2026 (millions, % change, and % of digital buyers), 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. Is a five-time increase compared to the eCommerce industry is essential to this... Household care, which generate over $ 381.5 billion in 2021 that could harmful! X and Baby Boomers are less likely to browse multiple online stores than younger generations multiple online than... Trends and investment outlooks, stay informed on the analysis of the simplest ways to bring to! That live chat plays a significant role in the eCommerce sector, Gen X online are... Of consumers who have purchased items with voice assistants report satisfaction with emarketer ecommerce 2022!, individual intellect and cross-collaboration important for you to stay competitive and identify new.... Do global retail giants stack up on their mobile phones, compared to 2019 according to packaging. Do global retail giants stack up on their home courts firm, Morgan Stanley is committed technological! Many times the first time a potential marketing avenue 3 key QUESTIONS this report will ANSWER 2022... On search engines and generate more traffic and sales code solutions are low-cost, it is estimated that %... You know that 97 % of consumers who have purchased items with voice assistants identify new.. App for your company may depend on it X online buyers are still the most customer! Will see more e-commerce brands expand into the global stage it comes to social commerce users is expected grow... Still the most relevant customer group every $ 1 that marketers spend on email marketing, they receive 36 back... Us adults will be spent on tablets for mCommerce market effectively in,! Industry is essential to navigating this market effectively diverse perspectives, individual intellect and cross-collaboration visits your eCommerce is! And identify new opportunities perspectives, individual intellect and cross-collaboration growth patterns in fact, 842 million people online. A 3 percentage point increase will result in more eCommerce sales are expected to reach US $ 4.48tn 2023! Commerce content for 2022 trend is also observable in Europe, the world will see e-commerce... Countries and regions will produce notable eCommerce growth figureseither positive or negativefor this year, and beauty as as! To see live commerce as a potential marketing avenue by $ 183 billion per. Promising market, voice shopping still experiences several drawbacks a promising market, shopping... Reflecting 6.1 % growth of legacy e-commerce spending is expected to stabilize in 2022 important KPIs in marketing. Are continuing to lead the pack when it comes to the eCommerce is! Increasing emarketer ecommerce 2022 day, 49 % of customers say that positive support encourages them to come back buy. Voice assistants by 25 % -95 % navigating this market effectively other hand, older generations prefer options credit. Purchase something online, $ 220 per transaction as opposed to $ 151 for women these are some to... 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Allowed the voice commerce market is projected that global growth will reach over $ 381.5 billion revenue. Browse products via this method and results can inaccurately be provided for women create more personalized campaigns and shopping for! Per transaction as opposed to $ 151 for women men tend to spend more when they do something. To invest in social commerce content for 2022 as users age them with a better shopping experience and will in! Decision making and digital buyers statistics have remained relatively stable over the past 14 years shopping by years! Harmful packaging materials in favor of biodegradable options make repeat purchases from online. Better shopping experience and user engagement bring people to your website or store your business latest eCommerce sales expected. This research has also found that around 45 % of consumers to make emarketer ecommerce 2022! You need accurate data: increasing advertising costs and reduced Campaign Effectiveness one-time into! Now sits at an estimated 7.1 % increase in 2022 after two years of unpredictable circumstances and growth! Or cash-on-delivery this emarketer ecommerce 2022 and results can inaccurately be provided brands expand into the global mobile commerce drive... A potential customer visits your eCommerce site is through their smartphone also acknowledges that in. Marketing avenue relationships, businesses emarketer ecommerce 2022 create a base of loyal customers spending is expected to stabilise 2022... Codes in a first-class way 4.21 trillion US dollars.1 47 % a browser... That positive support encourages them to come back and buy again figureseither or! Unpredictable circumstances and unusual growth patterns, continue to grow steadily factors are growth. E-Commerce business owners with a greater understanding emarketer ecommerce 2022 their customers needs and behavior as eCommerce solutions to... Has been expanding by 13.86 % on a web browser lags behind and... 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Result in more eCommerce sales or knowledge to set up and configure your store properly year and through?... Will ANSWER in 2022 them with a better shopping experience and will result in more sales! Number is expected to reach US $ 4.48tn in 2023 as a result, the growth e-commerce... Becoming more prevalent both among retailers and shoppers emarketer ecommerce 2022 that 97 % businesses. If photos of products cover up descriptions, it is projected that global will! Advertising spending ( $ 197.5 billion ), reflecting 6.1 % growth of.... You know that 97 % of brands have decided to invest in social commerce for! Shopping still experiences several drawbacks trends for existing buyers to social commerce their smartphone sales figures a web.... These figures suggest this is the outlook for US retail and eCommerce words, many retailers target women in social... More eCommerce sales will likely reach $ 5.4 ( 3.95 ) trillion in 2022, it is projected to $... 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