Online shopping has become increasingly popular over the past decade. More and more consumers are turning to the convenience of shopping online for everything from Essential hoodie to clothing and electronics. As we head into 2023, here are some key online shopping statistics you need to know:
Online Shopping Continues to Grow
- E-commerce sales are projected to reach $1 trillion in the US by 2023, according to eMarketer. This would represent 17% of all retail sales.
- Globally, e-commerce sales are expected to reach $5 trillion by 2023, up from $3.4 trillion in 2019, per eMarketer.
- The pandemic accelerated the growth of online shopping, with e-commerce seeing 10 years worth of growth in just 3 months in 2020, based on Adobe Analytics data.
Mobile Drives Online Shopping
- Mobile commerce represented 46% of all e-commerce in Q2 2022, according to Salesforce. This share is expected to grow to 54% by 2025.
- Consumers using smartphones or tablets accounted for 40% of online sales in 2022, compared to 30% in 2019, per PwC.
- Conversion rates on smartphones reached 5.3% in Q1 2022, compared to just 2.8% on desktops, reports Monetate.
Amazon Dominates, Smaller Retailers Growing
- Amazon accounted for 41.4% of the US e-commerce market in 2023, according to eMarketer.
- Walmart (6.6%), eBay (4.9%), and Target (2.8%) round out the top online retailers behind Amazon.
- However, the market share for non-Amazon small and mid-sized retailers grew from 20.4% in 2020 to 25.3% in 2022, per Digital Commerce 360.
Click and Collect Gains Popularity
- 58% of consumers used to buy online Essentials clothing, pick up in store options in 2021, up from 44% in 2019, according to PwC.
- Click and collect sales are forecast to grow at a 13% CAGR through 2025, eclipsing the 9% CAGR expected for overall online sales, per Insider Intelligence.
- Home improvement stores like Lowe’s and Home Depot saw click and collect sales jump 135% in 2020, reports Inmar Intelligence.
Sustainability Influences Purchase Decisions
- 73% of consumers consider sustainability when making online purchases, according to a 2021 survey by SAP.
- 62% said they are willing to pay more for sustainable products, per an IBM consumer survey.
- Product sustainability was the top factor influencing brand loyalty for shoppers, ahead of price and convenience, in a 2021 study by Capgemini.
Delivery Speed Matters to Shoppers
- 61% of consumers consider 1-2 day shipping to be fast delivery when shopping online, according to a Stitch Labs survey.
- 53% said free next-day or 2-day shipping would make them more likely to buy from an online retailer, per a UPS survey.
- Retailers like Target and Walmart have invested billions to expand next-day delivery capabilities in recent years.
As online shopping continues to accelerate, understanding the latest trends and statistics will be key for retailers looking to connect with consumers. The convenience of mobile, the growth of new shopping channels like click and collect, and the importance of sustainability and shipping speed will shape the e-commerce landscape in 2023.
