10 Fact About Online Shopping That Will Blow Your Mind
A recent study has found that more than two-thirds of people in the US have made an online purchase. According to ComScore, this equals approximately 78 percent of the population that’s over the age of 15 have done online shopping.
Indeed, e-commerce is big business, and it’s not going anywhere, anytime soon. Here, in this post, we have listed the top 10 facts about online shopping that will blow your mind.
Gender Spending Nearly Equal
During Q1 of 2014, some online shopping stats were also found by Business Insider that provide the following data.
• Men spend almost as much as women do on e-commerce, though women usually control 80 percent of all household budgets.
• Men outpace women when it comes to spending on mobiles.
• Millennials are the most targeted to online spenders and spend about $2000 per year.
• Older Americans and baby boomers account for 25 percent online shoppers.
• E-commerce‘s biggest spenders have household earnings that exceed USD75,000 per year.
Comparison Shopping on the Rise
With many online shopping holidays emerging in the not-so-distant future- like Cyber Monday, Black Friday, and the onset of August, which signifies the beginning of the holiday shopping season- make sure that you are ready for the show-rooming and web-rooming that’s sure to take place by understanding these online shopping stats.
• Show-rooming is often used to find deals (show-rooming is where you buy something locally but compare prices online to find the best price), a report says that over 40 percent Americans often use this strategy to purchase things on lower prices.
• Mobile apps are lowering the rate of comparison shopping, as ComScore explains that about 45 percent of shoppers don’t go for comparison shop when using the mobile app.
• Some shoppers will leave a store after comparing a product they find to one that is online from their phone, given they see a better online deal.
A report prepared by RIS says that about 20 percent of consumers will follow this particular habit, ultimately taking their business to the low priced online store they found that provides the same or similar product.
Let’s not underestimate the power of digital coupons! Here are some quick facts for you.
• E-Marketer reveals that more than 70 percent of mobile shoppers rely upon digital coupons when it comes to finding the best deals. The usage is expected to increase in the years to come.
• An Internet Retailer study found that over 60 million digital coupons were redeemed in 2013, with estimates taking this number up at about 80 million for the present year.
• It was also found that the coupons have a healthy open rate of 14 percent; they improve transaction completion by 25 percent; coupon increase clicks by 35 percent and add more than 47 percent in revenue to an email marketing campaign.
2008 Set New Benchmarks
Since e-commerce had been gaining momentum during the dot-com boom in the early 90s, most experts agree that 2008 was the benchmark year for the same.
The U.S. Census Bureau claims that e-commerce was the fastest growing sector in 2008. It notes that transactions between manufacturers and wholesalers accounted for 95 percent of all growth.
Big online stores were stocking up their warehouses from big manufacturers and then selling the wares to the customers online.
2009-2010 Broke All Records
The U.S. Census Bureau, in its annual E Stats, claimed that e-commerce once again grew faster than any other sector between 2009 and 2010.
Retailers in e-commerce witnessed their sales hiked sharply from the year before the tune of 17 percent. In 2009, e-commerce was ranking USD150 billion in annual, and a year later, it was pulling in USD170 billion.
2012-2018 Set the Bar High
Most recently, the years 2012-2018 were enormous for e-commerce and presents interesting online shopping stats. In 2012, e-commerce achieved that it had never neared before, the ubiquitous one-trillion mark.
Trends forecast that the total retail e-commerce sales in the US may touch USD561,549 million by 2020.
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