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eCommerce Statistics You Must Watch Out For

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There’s no stopping eCommerce. With most stores establishing their digital counterparts, there’s already a shift in consumer behavior. And if you want to venture into this industry, knowing the latest eCommerce statistics could help you formulate the right strategies. We have to tell you. The competition gets rougher and tougher by the minute.

Today, there are around 12 million – 24 million eCommerce websites worldwide. But don’t let the number intimidate you as only a small percentage earn $1000 annually. That means, there’s still a lot of potential. 

Future of eCommerce  

eCommerce accounts for 14.1% of retail sales across the globe. And experts believe it will increase by 22% in 2023. This is not surprising considering that most shoppers purchase through their mobile phones instead of PCs or laptops. Since it is a handheld gadget, shopping became more accessible. 

And according to 99Firms, it is expected that 95% of purchases will be made online in 2040. As early as now, you should prepare for the demand. Otherwise, you will not be able to keep up, and your business might close down.      

Small Businesses and eCommerce 

More than ⅓ of small businesses still do not have their own eCommerce website. But there are platforms and tools that can help you set up one. Take for example, Shopify. You need to put your brand out there if you want to survive in the years to come.  

Shopping Cart Abandonment Rate

Another critical eCommerce statistics is the high shopping cart abandonment rate. On average, 68.8% do not push through with their purchase. As a retailer, you must understand the reason why a potential sale suddenly stops. It could be a high shipping fee and a seemingly unsafe payment gateway, to name a few.   

Take note that 23% of people will abandon their cart if you ask them to create an account before checking out. 

eCommerce Shipping 

Shipping plays an important role in the ecosystem of eCommerce. Most people continue with their online purchase once they see that it is free shipping. Also, 40% back out if the shipping could not make it on their expected date. And 20% will not continue to order if the shipping date is not clearly stated.  

What do these eCommerce statistics mean to you? 

When creating an eCommerce website, it’s more than about the design and layout. You also need to identify and finalize the logistics, including the delivery time of your products. Not doing so can make you lose a lot of potential from your business.  

Consumer Experience and Sales 

Instead of just looking at the Return on Investment, retailers must also look at the Return on Experience or ROX. This can help when scaling a business. Specifically for eCommerce, your ‘storefront’ is your eCommerce website. A poorly designed one can result in a bad consumer experience, which can be translated to a decrease in sales.  

Speaking of experience, 53% of online shoppers leave reviews on Amazon. As most of us know, people base their decision on what others say about the product. The more positive reviews, the better. And with more than 50% of online shoppers willing to provide honest feedback, you must ensure that their experience is seamless.  

Here’s another surprising fact. Around 50% of consumers shared that they will buy a product from a website’s chatbot using conversational marketing. This proves that knowing the language of your market is essential. 

Your eCommerce website’s speed can also contribute to the user experience. If your website loads after 1 second, your bounce rate could increase by 32%.

Subject Matter Expert Reviews  

We’ve already mentioned consumer reviews and how it could affect one’s decision to purchase. However, there are industries where people specifically look for subject matter experts to review the product or services. The top three industries are electronics, financial services, and automotive. 

eCommerce Mode of Payment

Credit card is the preferred mode of payment for most online consumers. This is followed by digital payment systems and debit cards, respectively. With this data, you need to work on your payment gateway and show your customers that it is easy and safe to transact. 

Social Media and eCommerce 

In China alone, 55% of social media app users purchased items through the platforms. This goes to show that having your own eCommerce website isn’t enough. It’s time that you leverage the power of social media. Use its features so that you can directly persuade your visitors to make an online purchase. Proper social media marketing is necessary. This includes limiting your posts to 80 characters or less. 

In addition, 25% of shoppers check social media reviews before they purchase products. That is why you need to boost your marketing efforts on the most dominant platforms.   

Email Marketing for eCommerce 

While most brands allot a significant portion of their budget on social media, you should not forget to work on your email marketing. More than 60% of consumers preferred to be contacted through email. It’s more personalized, and the contents are highly compelling compared to what you can see on social media. 

This form of marketing contributes 20% of traffic to eCommerce sales.

Omnichannel vs. Multichannel 

You might have read that your business should be visible in multiple channels. If you have a Facebook page, then you might need to have an Instagram account as well. That is true, and that’s what you call utilizing multi-channel.

However, 52% of online stores have omnichannel capabilities. This means that you can easily communicate and even track individual consumer behavior across all channels. With this, you can lift data, and at the same time, address their concerns without the need to analyze different algorithms and analytics.  

Conclusion 

As business owners and marketers, knowing these eCommerce statistics can help you shape your business. You can anchor your future marketing plans from these data and get ahead of the competition. And while physical stores will always be there, buffing your eCommerce strategies is one of the surefire ways to expand your operations. 

If you fail to work on a good strategy, you could lose massive potential earnings. In fact, businesses have lost $756 billion due to poor eCommerce personalization. Just think about that. 

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Business

Side Hustle and Self-Employment Are Growing

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COVID-19 has changed every health facility in the US, including the one where Michopoulos worked. Protocols were restructured every day, and telehealth suddenly became a thing. A few months into the pandemic, new business applications soared. Alongside, side hustles are growing. It has already allowed millions of Americans like Michopoulos to work on their phase and generate extra income.

Alexis Michopoulus is a US-based doctor who dreamed of having her own private clinic. No matter where she worked, whether at a primary care center, an urgent care clinic, or a community health center, she was forced to attend to patients every 15 minutes or so. That’s why she couldn’t develop a real relationship with her patients. The clearcut solution was to start her own practice, but she kept putting it off for several reasons. 

With the surprising increase in business, new applications spiked to record highs, soaring as much as 89 percent above 2019 data. And those numbers don’t even count those Americans who have pursued side hustles while keeping their full-time jobs. On Etsy, sales surged by almost 25 percent in 2021. Meanwhile, registrations on the freelancing platform Fiverr grew twice during the past two years. 

“The numbers are remarkable. People see increasing market opportunities, given the new normal we’re headed to.” – Professor John Haltiwanger, University of Maryland. 

Since side hustles are growing, it has also contributed to an era of mass resignations and forced employers to extend more benefits to existing full-time workers. And if the business explosion continues, it could give America a much-needed jolt of dynamism. Haltiwanger said that job creation would be robust and there would be lots of innovation.

From Stagnation To Explosion

Most Americans don’t pursue self-employment, and most businesses have been around for many years. However, there’s a reason economists like Haltiwanger worry about entrepreneurship. It’s vital for the health of the economy in the long run. New businesses create an inequality in the share of new jobs because they hire people with less experience and fewer credentials. But they drive innovation by trying new things. Moreover, they encourage more competition in the marketplace, reducing prices for consumers.

Before the pandemic, America’s startup rate had been a downtrend for many years. In 1984, the rate was recorded at 13.1 percent. By 2006, it went down to 10.1 percent, and in 2019 it was only 8.2 percent. Surprisingly, the pandemic awakened the country from its entrepreneurial inactivity.

At the same time, the number of citizens registering for an employer-identification number skyrocketed. In March 2022, applications for EINs were higher than 40 percent compared with the monthly average in 2019. And that statistic most likely misses the rise inside hustlers, who often don’t apply for EINs. Statistics show there are now at least 3.7 percent more self-employed Americans than before the pandemic.

Will Side Hustle and Self-Employment Explosion Last? 

The big challenge now is how long the entrepreneurial boom will last. Will it weaken once life returns to something close to normality? Or will we consider the pandemic as a turning point for the economy?

At least, the boom in self-employment and side hustles proves that it was wrong to give up on American entrepreneurship that weakened over the past few decades. 

“One of the essential lessons to learn from the pandemic is that there is a lot of motivation for people to go independent,” economist Adam Ozimek told the Business Insider. He also said that it is a matter of the conditions fit for people to start businesses.

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The 8 Sexiest SaaS Companies of 2022 (So Far…)

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Did someone say, Sexy as a Service? No? Too bad. Because here at Owners’ Magazine, we think SaaS are some of the sexiest services out there right now. The deeper society dives into the online world, the hotter SaaS gets. You can think of SaaS as a new kind of infrastructure, like roads and power, but on the internet. 

Companies that are developing their own SaaS technology are building our future one digital brick at a time. To celebrate some of these companies, here is our list of the 8 Sexiest SaaS Companies of 2022. 

So far… 😉

ProtonVPN

Nothing is sexier than quality VPN. This VPN service was founded in 2016 by the Swiss company Proton Technologies (the company behind ProtonMail). They tout a heightened focus on security, a free, no-ad version of their VPN, and a much faster speed as differentiators. In a September 2019 TechRadar review:

ProtonVPN’s network is small, and we had some performance issues during testing. Still, speeds are generally better than average, the apps are well-designed and we have to applaud any genuine VPN which offers a free, unlimited bandwidth plan.” 

ProtonVPN currently has 1,529 servers in 61 countries. They are available for Windows, MacOS, Android, and iOS. 

Linktree

You know what’s not sexy? Not having all of your social media links in one place. Thanks to Linktree, that’s no longer an annoyance. This freemium social media reference landing page was inspired by that very annoyance. It was reportedly created in six hours and had 3,000 users overnight. 

In 2019, Linktree was included on CNBC’s ‘Upstart 100’ list of “brightest, most intriguing, young startups promising to become the great companies of tomorrow.” 

Printify

You ever have a sexy tshirt idea but don’t know where you can get it printed? Worry no more. Printify, founded in 2015, is a freemium printing platform for artists, entrepreneurs, and more who need to produce their designs on any material – apparel, wall art, home decor, accessories, tshirts, even tablecloths. 

Tablecloths? That’s ridiculous. Sign me up. 

Tripactions

Sexy as it is, traveling is a real pain in the ass, no? Tripactions is a software-based solution to those ever-so-troublesome travel management issues. It’s a cloud-based, one-stop-shop for business travel that allows companies to book hotels, flights, and accommodations with zero hassle. 

Book trips, file receipts, modify reservations, track travel itineraries, chat with travel support agents, and reconcile expenses. Only thing that’s missing is a selfie for the haters. 

Shapr3D

The feeling of designing the perfect design is one of the sexiest feelings out there. Shapr3D is a modeling app for iPad Pro that’s way hotter than the competition. It’s a free app – all modeling tools are included within the app itself. It’s perfect for engineers, industrial designers, jewelry makers, 3D hobbyists, architects, and doodlers regardless of their experience in design. 

The Computer-aided design (CAD) industry is expected to blow up in the next few years. So, might want to hop on the Shapr3D train. 

Lokalise

If you want your work team to be at their sexiest, you might want to get ahold of Lokalise. This cloud-based localization and translation management system was designed primarily “for tech-driven teams managing iOS, Android apps, web, games, IoT or digital content, and software in general.

Lokalise is recognized for its “web-based collaborative editor, cross-platform projects and localization options, and plugins.” This hot little app streamlines the translation and localization process and collaboration among developers, designers, translators, and project managers.

Hopin

Zoom may be overdoing it, but Hopin is making video teleconferencing sexy again. Hopin has hosted over 80K events, working with organizers like United Nations, NATO, and Unilever. 

There are customizable rooms and user experiences. That means that hosts can create a number of creative programming. You can hop from room to room like one would at a live exposition. 

Not only that, but hosts will have access to a full suite of analytics to understand which events worked and which did not. 

Recorded Future

You can’t get much sexier than some serious security, right? Recorded Future is an intelligence platform designed to provide active recommendations around security. They specialize in the collection, processing, analysis, and dissemination of threat intelligence. 

By using their special patented machine learning and natural language processing methods to continuously collect and organize data from open web, dark web, and technical sources. These are the security kids you want on your side. 

What do you think are the sexiest SaaS companies of 2022? Is there anyone we didn’t include that you think you should have? Comment below and tell who you think should be included in our list of the Sexiest SaaS Companies of 2022.

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Helix-Tower: Amazon’s New Virginia’ HQ2′

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Here’s the other Amazon forest! The multinational online shopping firm will build a helix-shaped tower dubbed Amazon Virginia HQ2. The proposed infrastructure is complete with tree-lined “mountain” visitors can visit during the weekends. Arlington officials recently approved the construction of the tall building. 

According to a Daily Mail report, Amazon’s second headquarters in Virginia will sit in the middle of the company’s new $2.5-billion campus just across the River Potomac from Washington DC.  

The Arlington County Board unanimously approved the construction of the 350-foot-tall building. The NBBJ designed the building. NBBJ is an American global architecture, planning, and design firm with offices worldwide. 

Amazon Virginia HQ2 Will Dominate the Region’s Skyline

amazon helix

There’s a law that prohibits skyscrapers within the District of Columbia. The Height of Buildings Act of 1910 was approved by the 61st United States Congress on June 1, 1910, to limit the heights of buildings in DC. It generally bans building heights along residential streets to 90 feet and along commercial corridors to the width of the street’s right-of-way or avenue on which a building fronts, or a maximum of 130 feet, whichever is shorter.

The Amazon building will be one of the tallest structures in neighboring Arlington County. The Helix will dominate the region’s skyline from some vantage points like no building other than the Washington Monument. The structure generally features a spiral hike around its exterior, lined with trees, allowing visitors to follow an encircling outdoor ramp around the edge of the building to its summit. 

The proposed building was first launched by Amazon in February 2021 and is one of many large offices that the web giant on the site will construct.

It will be completed by 2025 and will welcome around 25,000 workers. Once fully operational, the campus will also include a separate park, a community high school, and multiple shops. 

Amazon has claimed that the Helix will have its artist in residence and meeting space for the staff. 

The online shopping leader’s global headquarters is in Washington, with Virginia now set to become its second-most-important US base. 

It spent years searching for a possible second headquarters, with multiple cities setting out its stall across the US.

Some even confirmed recommending amendments to local laws to simplify Amazon to settle and start doing business in the area. They did so, hoping that its presence would beef up their economies. 

Why New York City?

Amazon ultimately announced it had chosen New York City as its site in late 2018. It said it was planning to open a vast new base on Long Island City in Queens, just across the East River from Midtown Manhattan.That sparked fury from the cities that had lost out, who were angry that a metropolis already replete with jobs had landed yet another multinational firm.

Many New Yorkers were also angry and feared Amazon’s presence would further gentrify a notorious city for its astronomical cost of living.

There were also fears from progressive lawmakers – including US Representative Alexandria Ocasio-Cortez – that the new Amazon Virginia HQ2 would price out poorer locals.

On Valentine’s Day 2019, the firm announced it had withdrawn its bid for its New York headquarters and was instead concentrating on building its Arlington site, which was announced alongside the Long Island City deal.

Following the release of The Helix’s design, people on the internet poke fun at its unusual structure, suggesting it resembles everything from soft-serve ice cream to a poop emoji to a Christmas tree and a cartoon turd.

NBBJ previously designed giant orb-shaped greenhouses for Amazon’s US headquarters in Seattle.

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