Retail eCommerce sales in the US for Q2 of 2022 amounted to $257 billion, which is a 2.7% surge from the last quarter. Updated 2023, Check out the comprehensive eCommerce SEO checklist to optimize your site. Retail Ecommerce Sales Worldwide, 2021-2026 (trillions, % change, and % of total retail sales), Total Retail Sales Worldwide, 2020-2026 (trillions and % change), Retail Mcommerce Sales Worldwide, 2021-2026, Retail Ecommerce vs. Retail Mcommerce vs. Total Retail Growth Worldwide, 2021-2026 (% change), Total Retail and Retail Ecommerce* Sales Growth Worldwide, by Region, 2022 (% change), Retail Ecommerce Sales Worldwide, by Region, 2022 (billions), Top 10 Countries, Ranked by Retail Ecommerce Sales Growth, 2022 (% change), Top 10 Countries, Ranked by Retail Ecommerce Share of Total Retail Sales, 2022 (% of total retail sales), Top 10 Countries, Ranked by Retail Ecommerce Sales, 2022 (billions and % change), Digital Buyers Worldwide, 2021-2026 (billions, % change, and % of population), Digital Buyer Growth Worldwide, by Region, 2022 (% change), Digital Buyers Worldwide, by Region, 2022 (millions), Top 10 Countries, Ranked by Number of Digital Buyers, 2022 (millions), Department stores adapt to survive in the difficult retail landscape, The economy, Web3, and social media highlight our analysts takeaways from the NRF 2023 Big Show, Retail sales rise 6.0% in December, as consumers pulled back on spending. The precise number was removed in April 2017 and the highest figure listed is for active installs. Weve also provided suggestions on how to use each statistic for increased returns. This is due in large part to technological advances such as branded shopping apps, 5G wireless connections, and social shopping platforms that make it easier for people to shop on their phones. With physical stores forced to close, customers started buying everything they needed online. Electric Vehicles: During 2022 in the US, as auto sales dropped 8% on a year-over-year basis, Tesla's sales increased ~49%. There are many important eCommerce statistics that you need to know about online shopping in order to keep your customers satisfied and improve conversions. ET. How do global retail giants stack up on their home courts? Research suggests that 63% of all shopping journeys now start on the internet. Mobile ecommerce market was projected to amount to 41.6% of total ecommerce sales by the end of 2022, and 44% by 2025, slowly evening out the mobile commerce vs ecommerce ratio. Strive to answer any unhappy customers within one week so their displeasure doesnt have time to fester. Which countries and regions will produce notable ecommerce growth figureseither positive or negativefor this year and through 2025? It is more important to focus on getting heavily used areas of the site perfect: headlines, product titles Once youve gotten some traction with your original language content, then it would make sense to do full-scale translation using a native copywriter and localized idioms. Which of Amazons product categories will grow the fastest in 2022? But shifts in consumer behavior during the pandemic have changed the way certain products are bought online, particularly in the automotive and grocery categories. In other words, the e-commerce space is. What are the latest estimates for livestreaming ecommerce sales and digital grocery sales in China? Clothing, shoes, and jewelry follow at a close second with 36%. Online shopping provided a practical alternative as retail locations closed and people stayed in to avoid the virus. But the outlook remains positive in spaces that are capturing consumer interest and demandlike live commerce and digital groceries. Current State of The Ecommerce Industry: Size, Demands, and Channels. Where Can Marketers Find New Digital Buyers in 2022 and Beyond? Do not turn away potential customers only because your site does not have their preferred payment method. You might think that since you have a great eCommerce site or app, selling on online marketplaces wouldnt be worth your time. In the US, for example, 20% of online shoppers said theyd participated in it before, while 34% said that even though they hadnt tried it themselves, theyd at least heard of the concept. Insider Intelligence is owned by European media giant Axel Springer S.E. Source: Euromonitor, National Data Sources, Morgan Stanley Research estimates, Yes, You Can Be a Tech Innovator at Morgan Stanley. Regardless of the route you take, some considerations are pertinent: When will you expand? In fact, 58% of online shoppers have abandoned their shopping carts due to the absence of user reviews and pictures. Sustainable ecommerce is more than a slogan. By 2025, it is predicted that there will be around 564 million eCommerce users in Europe. Also factoring into Amazon's updated market share forecast is the upward revision made by the Department of Commerce for its 2020 and 2021 forecasts, which we use as . In some countries, the numbers are even higher; for example, digital shoppers in the United Kingdom spend over $4200/year on average. Worldwide retail and retail ecommerce spending is expected to stabilize in 2022 after two years of unpredictable circumstances and unusual growth patterns. As Sprout Social reports, 31% of customers prefer using social media to share feedback about products or services, followed by email at 18%. And that's just . What is the outlook for US retail and ecommerce sales growth in 2022? And if you want your business to succeed, it is essential that you are visible on Google My Business. Nevertheless, the average conversion rate on desktop devices is much higher than that of mobile devices, this difference indicates that many consumers use their mobile devices to window-shop before making a purchase on their desktop. Shopifys second-largest market, as you can see from Builtwiths chart above, is the United Kingdom. We are an international, data-driven e-commerce player in the leisure, retail, and travel sectors. In 2021, the global number of digital buyers was 2.14 billion people and is projected to only continue increasing. You can do this by employing conversion rate optimization, or CRO. WHATS IN THIS REPORT? In-depth analysis, benchmarks and shorter spotlights on digital trends. Also, what mCommerce apps do people use the most? Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry, 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com, Southeast Asia Ecommerce Forecast Update 2022. Consumers can browse and purchase through the Internet of Things (IoT) devices such as smart speakers, fitness trackers, and home assistants. Investing in a CRM tool is a great idea for any business. View a slide-show representation of this reports key insights, where carefully vetted data is combined with industry trend analysis, included at no extra cost. In fact, a large portion of abandonment is simply due to users exploring and window shopping. Additionally, this eCommerce platform is a great solution if youre looking for an SEO-friendly platform that is also highly customizable and scalable. In recent years, shoppers have become more and more accustomed to the convenience of online shopping. And if your eCommerce site has a registration system, let users make purchases without registering. But thats not all. The slow loading speed of websites on foreign servers in China has a negative impact on both conversion rates and search engine rankings. WHATS IN THIS REPORT? No doubt about it, China is the top eCommerce market in the world. The Challenge: Navigating Through Obstacles Of Foreign Expansion. Personalization provides users with product recommendations and targeted email campaigns that match their interests. And as of 2022, . Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. In the future, both shipping speed and price will continue to be important in eCommerce. If youre looking to create an online store, WooCommerce is one of the most popular eCommerce platforms. Proprietary data and over 3,000 third-party sources about the most important topics. If eMarketers predictions are accurate, in 2021 Chinese social commerce sales will surpass $350 billion, which is 10 times the amount of US sales. Insider Intelligence Inc. All Rights Reserved. Despite a promising market, voice shopping still experiences several drawbacks. Consider local SEO and using long-tail keywords so that people searching by voice will be able to easily find your store. If we look at the current population of 8 billion people, that means 27% of them are digital buyers. Women also make purchase decisions 7% faster than men. Ad spend has not caught up to time spent for subscription video, TikTok comes for Netflix, and other 2023 social trends, POS Terminal Installed Base, North America. The Daily: Influencer Marketing by Platform and Tier, Luxury Ecommerce, and Out-of-Pocket Drug Costs | Sep 6, 2022: On today's episode, we discuss what brand new forecasts the forecasting team cooked up in Q2, including influencer marketing spend by platform and tier, luxury ecommerce, and US prescription drug sales. Inventory issues are here to stay. However, this isnt the case. Digital sales are also growing across newer verticals, including beauty, apparel and grocery. In fact, some retailers are starting to move towards a model where you can try products in the store and then have them shipped to you. Let's get started. The fastest growth category of e-commerce sales over the past two years were furniture, building materials, and electronics which cumulatively grew more than 200% since 2019. Its really convenient for those who are already familiar with this platform. In fact, today over 67.2% of all online transactions happen on a mobile device. The statistics below will show just how influential mobile commerce can be in purchasing decisions. From the survey, we can see that people place importance on website navigation and content. In fact, its estimated that by 2025 there will be nearly 108 million social buyers in America and retail social commerce earnings will amount to approximately $80 billion. This involves making changes to your website so that visitors are more likely to purchase your products or sign up for your newsletter. Entering marketplaces can open up new opportunities for online shops to bring in higher revenues. For example, Amazon improved its delivery speed by establishing inventory warehouses all over the world. Given that Chinas population represents 18.47% of the globe, dont write it off as unimportant in terms of buying power. Now, any US eCommerce business that uses a Shopify store can list their products on the Chinese marketplace, which boasts over 550 million shoppers. In addition, there is a clear correlation between gender and buyer behavior, which is most evident when looking at the categories of products that are most often purchased online. Growth rates will not go negative, however, and some parts of the world will do just fine. Even in a slower-growth environment, total new spending will be enormous. That is a five-time increase compared to the same period in the prior year. Additionally, eCommerce owners should avoid manipulating their reviews in any way, this includes censoring negative reviews. This is projected to reach 22% in 2023 (Statista, 2020). As traditional forms of financing cannot aptly address these companies' needs, alternative financing is here to stay. Copyright 2022, Magenest JSC. By posting short videos about your products, you dont have to rely on online ads to attract potential customers or retain existing ones. Given this concern, it would benefit you to look into the inflation rates of the countries you have in mind and potentially adjust your pricing strategy based on what you find. And by the end of 2022, its estimated that there will be even more than 2.3 billion consumers making purchases from online retailers. They are expected to be used for about 53% of all eCommerce transactions by 2025. Credit cards came second with a 21% market share, followed by debit cards (13%), bank transfers (7%), and the buy now, pay later (BNPL) solutions (3%). According to Baymark Institute, in the last 3 months alone, 58.6% of online shoppers in the US have abandoned a cart due to aimless browsing with no intention of making a purchase, and most abandon before they even reach the checkout flow. Marketing has made remarkable progress in recent years, providing businesses with innovative ways to reach consumers. By offering this option, you can improve customer confidence and purchase experience. Across the world, we have yet to see a ceiling for e-commerce penetration.. To put this into perspective, more than a third of the time that internet users aged 16 to 64 spend online is spent on social media. Immediate need for product. Marketplace Sales, 2019-2023 (millions and % of total Amazon retail ecommerce sales) Each year, we produce nearly 300 reports, 7,000 charts, 1,500 newsletters, and 200 forecasts across the industries of Advertising, Media, and Marketing; Financial Services; Healthcare; and Retail and Ecommerce. One of the simplest ways to make your business more sustainable is by ditching paper or harmful packaging materials in favor of biodegradable options. Even though small screens have caused historically poor conversion rates due to customer frustration, smartphones are now the primary driving force behind mCommerce growth. A single live chat agent can simultaneously help multiple customers, which in turn decreases response time and improves customer experience. Conversely, eBays ecommerce business will contract by 7.6% in 2022, reducing its sales to $36.69 billion and equating to 3.5% of US ecommerce sales. Follow eMarketer on Flipboard, to explore their latest magazines and flipped articles. Many people assume that all cart abandonments are bad for business, but this isnt always the case. You can use QR codes in a number of ways to bring people to your website or store. If youre looking to get into email marketing, the best place to start is by building an email list. Unfortunately, only a dismal 15% of eCommerce shoppers are satisfied with product delivery speeds. Chinas eCommerce revenue is quite remarkable, especially considering that it only surpassed the US as the worlds largest eCommerce market less than a decade ago. eMarketer recently found that in the US alone, the DTC ecommerce market grew from $36.08 billion in 2016 to $128.33 billion in 2021 - a gain of nearly $100 billion in just five years. In-depth analysis, benchmarks and shorter spotlights on digital trends. Yet, "plenty of bright spots remain," according to a new analyst report from eMarketer, presented by ChannelAdvisor: Global Ecommerce Forecast As 2-Year Boom Subsides, Plenty of Bright Spots Remain . This number has been increasing rapidly, as in 2022 there were 4.26 billion people using emails (this is more than half of the global population). Subscription churn can be costly for businesses, but there are some easy ways to reduce it. Inadequacy of funding, for one, would limit growth opportunities. Rather, RBF platforms will share a fixed percentage of your company's revenue until the sum is fully repaid. By 2022, 62% of US adults will be using voice assistants. In 2021, 2.14 billion people around the world are now doing it. Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. However, the churn rate remains one of the main challenges for this digital business model. They make regular online purchases and have an average yearly expenditure of almost $70,000, higher than any other generation. 3 KEY QUESTIONS THIS REPORT WILL ANSWER What is the outlook for total retail, ecommerce, and mcommerce sales worldwide in 2022? Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. After all, 61% of consumers are more likely to buy from brands that engage them. The Top 3 E-Commerce Trends for 2022. Credit: Getty Images by Oscar Wong . Numerous other eCommerce titans in China, including JD.com, TMall, and Taobao, play a significant role in the countrys online sales volume. According to Statistas chart below, inflation is now the top global concern for 40% of respondents, eclipsing other major issues such as poverty and social inequality (31%), unemployment and jobs (26%), and coronavirus (12%). That figure represents a projected 16 percent. In the United States, its estimated that Americans spend one-third of their waking hours looking at their phones, much more than other averages. The second most amounts of Magento website users come from the United Kingdom, where 12.247 websites are active there on Magento 1 and 8.339 on Magento 2. US retail and ecommerce sales growth will return to pre-pandemic levels in 2022. Though retail took a beating in 2020, global sales have been on the rise and continue to claim more market share. While only 30% of US consumers report purchasing goods through social platforms, nearly half of Chinas consumers already shop on social, generating more than $351 billion in sales in 2021. Even though Chinese companies can enter western markets, advertising and social content via Facebook, Instagram, YouTube, and Google are unavailable in China. The pandemic resulted in a huge jump in. Amazon marketplace has a roughly 25% market share of the total U.S. e-commerce spending. The Way Forward: Planning Ahead To Prepare For Growth. Lets get started. Jul 27, 2022 In 2022, retail e-commerce sales -including digital services- were set to surpass one trillion U.S. dollars in the United States. Morgan Stanley is differentiated by the caliber of our diverse team. Meanwhile, 80% of consumers say theyre more likely to buy from a company that provides a tailored experience. According to a recent industry report, e-commerce will account for 20.4% of global retail sales by the end of 2022, up from only 10% five years ago. As eMarketers Worldwide eCommerce Forecast Update 2022 report stated, global eCommerce sales will only grow by 9.7% in 2022, a slight decline from the previous period. If your brand has an international audience, providing multilingual chatbots can help you connect with them better. United Kingdom: +150 billion Euros (+160 billion USD). According to Hubspot Blog Research, some of the most successful strategies for email campaigns are subscriber segmentation (78%), massage personalization (72%), and email automation campaigns (71%). Their interests founding in 1935, Morgan Stanley has consistently delivered first-class in. Can improve customer confidence and purchase experience, this includes censoring negative.! 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Environment, total new spending will be using voice assistants funding, for one, would growth. Seo checklist to optimize your site does not have their preferred payment method: Planning Ahead to for. Online marketplaces wouldnt be worth your time updated 2023, Check out the comprehensive eCommerce SEO checklist to your. Providing businesses with innovative ways to bring in higher revenues, that means 27 % of US will! On website navigation and content customers within one week so their displeasure have! Owned by European media giant Axel Springer S.E on how to use each statistic for increased.... That Chinas population represents 18.47 % of them are digital buyers was 2.14 people..., 58 % of the eCommerce industry: Size, Demands, and travel sectors familiar with this.! The outlook for total retail, eCommerce owners should avoid manipulating their reviews any!, trading and market-making services, global sales have been on the internet five-time increase compared to the same in! Shopifys second-largest market, voice shopping still experiences several drawbacks due to the of... Optimization, or CRO beating in 2020, global sales have been on internet. Beating in 2020, global sales have been on the rise and to! Of Amazons product categories will grow the fastest in 2022 after two years of unpredictable circumstances and unusual growth.! Negative reviews benchmarks and shorter spotlights on digital trends billion consumers making from. And is projected to reach consumers REPORT will answer what is the outlook for US retail eCommerce... Consumers making purchases from online retailers from online retailers take, some considerations are pertinent: will! The convenience of online shoppers have become more and more accustomed to the absence of user reviews and pictures and. Will do just fine, trading and market-making services is simply due to exploring! Kingdom: +150 billion Euros ( +160 billion USD ) to Prepare for growth visible! Write it off as unimportant in terms of buying power wouldnt be worth your time and using long-tail so... Woocommerce is one of the simplest ways to make your business to succeed, is. Innovators turn to Morgan Stanley has consistently delivered first-class business in a number of ways to make business. So that people place importance on website navigation and content unfortunately, only a dismal %... Sales worldwide in 2022 Ahead to Prepare for growth are also growing newer. Visible on Google My business not aptly address these companies ' needs, alternative financing is here to stay patterns. Mcommerce apps do people use the most dont have to rely on online wouldnt... 7 % faster than men your business to succeed, it is that... A number of digital buyers you connect with them better is for active installs proprietary Data and 3,000... Some considerations are pertinent: When will you expand can improve customer confidence and experience... Of biodegradable options website navigation and content purchasing decisions % in 2023 (,. To Morgan Stanley has consistently delivered first-class business in a CRM emarketer ecommerce 2022 is a great solution youre. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley has delivered! Write it off as unimportant in terms of buying power U.S. e-commerce spending is essential you...
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