Connect with us

Business

eCommerce Statistics You Must Watch Out For

Published

on

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. 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

ClickUp – One App To Replace Them All

Published

on

If your company is having productivity and organizational issues, you may want to check out ClickUp

Founded in 2017 by Alex Yurkowski and Zeb Evans, ClickUp is a customizable productivity platform that replaces other workplace apps for all users and all departments in an organization. Rather than having a communication app, a payroll app, a human resources app, you can have all one app for all departments. 

Sounds easier, right? 

The idea is that using this all-in-one application will increase team productivity. ClickUp works for any and every type of team within a company or organization. Team members can plan, organize, and collaborate on projects. They can also create documents, reminders, goals, calendars, and even sweet little inbox tools. 

Basically, anything you need to run an organization or company can be done through ClickUp. Anything to simplify management is probably going to be a success. If you have to communicate through different platforms and mediums, things can get disorganized, lost, or plain-old “screwed up.” 

ClickUp is a fully customizable app, intended for anyone to adapt the app as it fits best. Different companies require different methods of organization. What a cybersecurity company needs versus what a fashion lifestyle brand needs are vastly different. An all-in-one task management app needs to be versatile enough to support all industries. 

ClickUp seems to be managing that just fine. With funding at $135 million and a valuation of $1 billion, ClickUp is on the up. 

  • 2017 – Founded by Alex Yurkowski and Zeb Evans

Continue Reading

Business

Sustainability in PR – How Alyson Roy of AMP3 Approaches Social Responsibility

Published

on

Public relations are the one aspect of startup life that entrepreneurs either care too little about or care too much about. Alyson Roy, cofounder of AMP3 PR, stands out among a crowded field. 

The way PR has evolved over the last decade and a half. It\’s not what it was. I think start ups and entrepreneurs need to know what PR is today in 2021.

Alyson Roy has a full understanding of what companies need and want from a PR agency. Having run AMP3 for 17 years now, if anyone has her finger on the public relations pulse, it’s Alyson Roy. 

What Is AMP3?

AMP3 “amplifies” its clients in three areas: traditional PR and media outreach, social media and influencer marketing, and special experiential events. This multilateral approach is combined in a unique boutique experience that sets AMP3 apart from other PR agencies. 

It\’s a level of service where we become an extension of our clients internal marketing team. we\’re one in the same. It\’s not the client-brand relationship. [We are] on the front line helping them grow as a company.

\"\"/

In the past ten to fifteen years, public relations has evolved tremendously. Since social media’s dominance, PR has had to slowly peel away from traditional press conferences and releases and figure a whole new strategy to consider. 

Of course, with Facebook being in big trouble lately, Alyson Roy and company have had to consider new strategies yet again. 

Taking Responsibility For The Community

Everyone is aware of the damage that social media can do. Just for mental health and mental health awareness that\’s been a conversation.” 

So, AMP3 launched Impact. A social responsibility division of AMP3 that encourages and celebrates a company’s ability to give back to the community. 

We were seeing a need for brands to really start putting their core values and social responsibility at the virtual forefront.”

We’re big believers [that] it\’s not an option – it\’s a requirement – for brands to be doing something. Not every brand can do all the things but every brand can do something.”

AMP3’s mission to encourage – and require – the brands they represent is a noble and different strategy. It’s almost certain that Alyson Roy and AMP3 recognize the larger picture of what consumers want and like in a company. 

\"\"/

Why Companies Need To Care

With news stories like Facebook putting “company over country,” (as Zuckerberg is reported to have ended his staff meetings with; fist pump in the air included), it’s the smart move for companies to, you know, care

Companies may not necessarily know what they can offer. But that’s why you collaborate with a company like AMP3. They take the time and energy to find out what your company has to offer the world. When we have the means to uplift our community, we should. AMP3 requiring that trait in companies they represent shows an initiative not often seen. 

By 2022, Alyson Roy wants 100% of AMP3’s clients to be a part of this Impact division. As public relations evolve, and media writ large with it, you can expect to see Alyson Roy and AMP3 at the forefront of that evolution. 

\"\"/

We are growing at a rapid pace. I think PR is going to continue to evolve, I think again, it\’s not going to be that traditional relationship based service. It\’s going to be this strategic group of tools together with metrics. I think PR is going to be where communications and branding overlap to drive impact in measurable results.

AMP3 is a fashion and lifestyle public relations agency located in New York. Their finely tuned and innovative, boutique approach to PR is one that stands out.

Continue Reading

Business

The Future of HR is eqtble

Published

on

People are the backbone of any organization. People are more important than the product. Without people, you have no product.” – Joseph Ifiegbu, co-founder of eqtble

Founded in 2020 by Joseph Ifiegbu, Ethan Veres, and Gabe Horwitz, eqtble is a next-generation human resources data platform with the goal of turning employee data into valuable insights. This SaaS works to increase a company’s HR efficiency through intuitive goals and metrics tracking. 

Many think of HR as the folks you talk to when there’s a problem or if you need fliers printed and hung around the office. HR is actually a critical part of any company. They do all the hiring, firing, and maintaining of a healthy, productive office. 

All of the work that goes into running a strong HR department can get complicated. For example, a hiring manager may have more applications to read through than time permits. This can create a bottleneck effect where good applicants can fall through the cracks. eqtble allows companies to catch errors like this and prevent them from happening. 

How Does eqtble Work?

eqtble is “sector agnostic,” meaning it’s not limited to one industry. eqtble is capable of working for any HR department for any company in any industry. Its target customers are high-growth companies that have between 250-3000 employees. So, eqtble is best used in situations where a company is more flexible to adaptations. It’s most effective in ensuring diversity, inclusion, and equity (get it?). 

The new, innovative human resources analytics platform is capable of collecting data from more than 100 sources (including Workaday, ADP, Oracle, PeopleSoft, Qualtrics, and Culture Amp) and deliver insights and visualizations about four specific areas:

  • Talent recruitment
  • Workforce
  • Engagement (including attrition, or when workers quit)
  • Compensation

This SaaS platform can help HR teams learn exactly why candidates are declining offers. Is the pay not competitive enough? Is the staff not diverse enough? What strategies can be implemented to make positive changes for the workforce? 

eqtble is currently working with over 150 HR and human capital management systems. It’s changing the way companies approach diversity and inclusion with innovative analytics meant to drive actionable change. 

Instead of just talking about diversity, inclusion, and equity, companies can make it happen. Thanks to eqtble. 

  • 2020 – eqtble founded by Joseph Ifiegbu, Ethan Veres, Gabe Horwitz.

Continue Reading

Trending