Online shopping and eCommerce were already rising when the global pandemic hit us. We saw a boom in it during the COVID-19, especially between the years 2020 and 2022. Still, in 2024, 63% of shopping begins online, thanks to the flexibility of eCommerce. (Gitnux)
The number of online stores across the world is above 12 million. But do you know there are more than 2.14 billion digital buyers across the globe?
People love shopping online because they get to use digital coupons and promo codes. That’s why 40% of buyers prefer online shopping because they can get better prices.
We have accumulated some interesting online shopping statistics and eCommerce stats for data-savvy people. Give these interesting eCommerce stats a read and don’t forget to share if you have some additional information.
Fashion products are the top-selling category worldwide. Online consumers are forecasted to spend a significant amount on fashion items, reaching $745.4 billion in 2024.
Electronics is the second trendy category after fashion, with an expected expenditure of $637.6 billion.
Food products are among the top 3 shopping categories and the market data reveals that in 2024, food items sales will be $470.6 billion.
Surprisingly, the DIY and hardware category is also gaining traction and has made its way among the top 5 online categories. According to the consumer market research, the online sales of hardware is estimated to touch $323.8 billion in 2024
Beverages are part of food sales but they are surpassing as a standalone online shopping category. The expected revenue of the beverages category in 2024 is $294.3 billion globally.
Furniture is the most surprising online shopping category expected to do better in 2024. Interest of online consumers is increasing in stores like Wayfair and as a result, the revenue is expected to reach $261.1 billion.
As expected, media products, including books, music, and movies, are also among the top online shopping categories. The revenue volume of media products in 2024 is expected to be around $193.6 billion.
The most popular online shopping categories for specific age groups are as follows:
Apparel, toys, and health and beauty are the most favored categories among younger consumers. However, clothing is the top category overall across the globe.
Consumers between 25–34 years are most likely to make 10 or more e-commerce purchases outside their home country. Of course, it isn’t a surprise as these are online shoppers who are younger and digitally more aware.
Gen Zers and millennials are far more likely to purchase categories like health, beauty, and luxury goods. However, they prefer to shop for apparel online across cross-border like younger consumers.
Millennials are the highest spenders when it comes to global shopping. Nearly half of respondents who spent more than $500 on global purchases are millennials.
This may sound surprising but a significant percentage of seniors purchase clothing, shoes, and accessories online. Almost 63% of elderly online shoppers are interested in buying apparel. (ixtenso)
Older adults prioritize their well-being and are more likely to purchase health-related products. Considering their healthy nature, they buy vitamins, supplements, prescription medications, and mobility aids online. (Userway)
They are also more inclined to shop for home goods, including kitchen appliances, bedding, and furniture items. Their investment in home decor products shows their interest in creating a comfortable living space. (Userway)
Cultural immersion and travel experiences are popular among senior online buyers and older adults. 44% of seniors also show interest in purchasing entertainment products like music, books, and video games online. Of course, this reflects their desire for lifelong learning and intellectual enrichment.
Augmented Reality (AR) Enhancing Online Shopping
AR technology is revolutionizing the online shopping experience by allowing customers to visualize products before purchasing. This is popular and more beneficial for industries like fashion and home décor. (Bigcommerce)
35% of customers say that they would be shopping online more if they could virtually try on a product. Whereas 22% say they would be less likely to visit a brick-and-mortar store if AR was available.
Voice Search is on the rise
The use of voice search for online shopping is increasing. It provides a convenient and hands-free way for customers to search for products and make purchases. (Bigcommerce) Loop Ventures forecasts that 75% of U.S. households will own a smart speaker by 2025.
Personalization through AI
Artificial Intelligence (AI) is being used to personalize online shopping experiences, leveraging customer data to create individualized interactions. (Bigcommerce)
Mobile Shopping Dominance
Mobile shopping continues to grow, with a significant portion of e-commerce sales taking place on mobile devices. (Bigcommerce)
Diverse Payment Options
Offering a variety of payment methods is crucial for increasing conversion rates in online shopping. Flexible payment options like buy now, pay later gaining popularity among younger consumers
Subscription services are generating more sales
Subscription models are keeping customers engaged and coming back for more, providing a steady revenue stream for businesses. They are also fostering customer loyalty and increasing customer retention for major companies. (Bigcommerce)
The focus is on climate sustainability
Environmental Sustainability is becoming a key consideration in online shopping, with more consumers seeking eco-friendly products. Young customers are supporting brands that prioritize sustainability practices (Bigcommerce)
Around 50% of customers want more sustainability in the fashion industry, and 75% want to see less packaging.
The global Business-to-Consumer (B2C) eCommerce market size is projected to reach $6.5 trillion in 2023. The compound annual growth rate (CAGR) is expected to exceed 9%, particularly in the APAC region. (Global data)
North America emerged as the second-highest market in terms of B2C e-commerce demand in 2023. The regional market is projected to grow at a CAGR exceeding 8% from 2022 to 2026. (Global data)
The average order value of B2C online orders is $52, and 81% of shoppers conduct online research before making purchases. This highlights the importance of online product research in the B2C eCommerce space. (Shift4shop)
Consumer electronics, fashion, and furniture are the most popular B2C e-commerce segments. Whereas the global B2C eCommerce revenue is projected to grow to USD 5.5 trillion by 2027. (Hubspot)
Smartphones account for 66% of online orders, indicating the significant role of mobile devices in driving B2C eCommerce sales and transactions. (Hubspot)
In the United States alone, e-commerce sales are expected to surpass $740 billion by 2023. (Bigcommerce)
45% of mobile transactions take place using a mobile app. Digital wallets like PayPal, Venmo, and Apple Pay are projected to rise to 52.5% of the value of online transactions in 2025. (WPForms)
More than 60% of shopping journeys start online and 75% of people shop online at least once a month. (Drip)
The global buy now pay later (BNPL) market was worth 24.5 billion in 2022. BNPL adoption is higher in Europe, and usage is expected to reach 13.6% of European eCommerce spending by 2024. (WPForms)
Amazon accounts for 47% of all US e-commerce sales whereas more than 55% of e-commerce sales will be made through mobile devices. (Drip)
95% of all purchases will be online by 2040, with only 5% of sales taking place in a physical store. (WPForms)
B2B items make up 12.1% of all online sales made by American businesses, while B2B services account for 11.5%. (B2B House)
About 41% of B2B businesses conduct their marketing activities in-house and 4 in 5 B2B leads from social media come through LinkedIn. (Backlinko)
83% of B2B buyers prefer ordering or paying through digital commerce. (Statista)
The online shopping landscape is rapidly evolving and it is driven by a multitude of factors. Technological advancements, changing consumer behaviors, and the increasing popularity of mobile commerce are at the forefront of this change. The statistics reveal a significant shift towards online shopping, with a projected increase in e-commerce sales and a growing number of online shoppers globally.
Author:
Ahmad
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