Do you own an e-commerce startup? Do you want to take your start-up to new heights this year? Lastly, do you know how powerful e-commerce statistics can be in creating your business strategies?
If not, we are here as a reminder to convey to you so. If you have started to undermine the importance of e-commerce statistics, here we are with some insightful statistics that will blow your mind!
Having an e-commerce business is the best thing you can own with its rising viability. Here are some of the astounding e-commerce statistics that will guide your business strategy in 2021.
- According to research by a content marketing institute, 61%, which makes up more than half of the American online consumers, prefer purchasing products after reading recommendations from a blog post.
This means as an e-commerce start-up, the year 2021 should be focused on creating opportunities to include your products in a blog post. Do it as naturally and organized as possible so that it doesn’t look too promotional.
- Nasdaq says about 95% of the purchases would be made online, i.e., through e-commerce by the year 2040.
This is some positive news every e-commerce start-up needs to hear. This statistic is also a motivational factor to keep framing marketing strategies to increase your conversion rates.
- It is highly important to cater to the needs of your dissatisfied consumers first. One dissatisfied consumer with bad word of mouth can prove to be detrimental to your business.
55% of the online shoppers when dissatisfied with a purchase tell their family or friends.
The best strategy to adopt to turn your dissatisfied customers into happy customers is by following vigorous email marketing. Send them onboarding emails to change their opinion about your company or product. Apologize and accept refunds wherever necessary.
- Research by Optin Monster says, about 93.5% of internet users globally have shopped for products online.
Yet another reason to stay stuck to your goal and aim higher. Work harder towards marketing the products, and make the most of influencer marketing to increase the visibility and reach of your products.
- According to Venture Harbour, multi-step forms in WordPress is beneficial for increasing your conversions to 300%!
This is among the finest strategies out here to increase your e-commerce sales and conversions.
- It’s time to revamp your e-commerce website payment method system!
According to Kinsta, credit cards are the most widely used payment method, followed by digital payment systems and debit cards.
- 60% of the small e-commerce owners or start-ups don’t focus on having a structured Conversion Rate Optimization (CRO) strategy according to a State of Conversion Optimization Report.
A conversion rate optimization strategy is one that works towards keeping your website visitors stay on your website longer (i.e. increases the dwelling rate). It also makes sure visitors navigate throughout your site and end up purchasing the product in the end.
- A KPMG statistic says the top reason most people prefer shopping online is that they can purchase all day long for long hours.
This makes it essential to provide a very simplified purchasing journey for a visitor. More than that, reminding them that their product is about to go out of stock, enticing them through social media ads works wonders.
This again takes us closer to how important email marketing is.
- 65% of the shoppers make price comparisons on mobile phones when buying from a physical store, according to KPMG.
Yes, we have all been there. Obviously, e-commerce sites provide great deals that physical stores fail to provide because of their overhead costs.
Therefore, you should try to advertise your products where shoppers lookup for price comparisons. Take the help of social media ads and google ads to advertise your products.
- A whopping 81% of the customers do online research before purchasing a product.
Electronic devices like smartphones, tablets, and laptops most commonly fall under this category. Also, get your product description game up to provide information about the product the customer needs.
Each listed product should have proper product descriptions and specifications to help shoppers know about the product better.
- According to Google, 73% of the users switch from a poorly made mobiles site to a better one.
This is a reminder to focus on your making your e-commerce website responsive. It should be mobile-friendly and should have an intuitive interface. You should make the purchase experience as convenient as possible for your consumer to get repeat purchases.
- CTA buttons can boost clicks by 45%, according to CopyBlogger.
CTAs or Call-To-Action buttons are graphical buttons that can be inserted anywhere in your website for prompt action. For instance, placing a signup button, call CTA, or buy now button at an appropriate place can do wonders.
- Have you started making use of Instagram shoppable posts for displaying your products? If not, here is a stat by Locowise you need to hear.
Instagram advertising post urges about 75% of the Instagram users to take any action on the displayed product like visiting the website.
Even if the action doesn’t result in a conversion instantly, eventually it increases your website’s visibility, visitors to your site, and much more!
- Only 2.86% of your e-commerce website visitors convert to sales on average.
This is a figure most likely new e-commerce start-ups could relate to. Turn this weakness into an opportunity by working on your website’s conversion rate. Adopt a good CRO strategy to do so.
- The OptinMonster survey says mobile has the most cart abandonment rate at 78%, followed by tablets at 70% and laptops/desktops at 67%.
This figure also reveals that most ‘add to carts’ are performed by a mobile device. Various re-engagement techniques can be adopted to diminish this percentage. Sending sequencing emails is one of them.
Providing free shipping at the time of checkout is also one of the trusted ways to prevent car abandonment. An MCM survey also says providing free shipping increases profits of about 46.5% of small to mid-sized eCommerce businesses.
Each of the above-mentioned e-commerce data 2020 will compel you to focus on different marketing strategies. These statistics make it easier to focus on the right strategy. This hands-on-hands approach of making business strategies through e-commerce statistics is the best to work upon your weak points.
Speaking of cart abandonment
As e-commerce is beginning to make large strides across all parts of the country, sellers are receiving a high volume of orders. Since there is a wave of internet penetration sweeping across the nation, we can expect the number of online buyers and sellers to increase.
As sellers are faced with a huge pile of orders every day, they are also plagued with a common problem– Return to Origin or RTO orders. With Razorpay Thirdwatch, business owners need not worry about coping up with losses manually!
With Artificial Intelligence, we help you tackle Cash on Delivery losses and reduce RTO and cancellations in your e-commerce store.
While a message to the customer to confirm a purchase is a normal procedure for the customer, it can be so much more for the seller. Therefore, you can now enable Order Confirmations on the Thirdwatch Dashboard to send automated or manual confirmation notifications to your customers to confirm their orders!
Furthermore, through Razorpay Thirdwatch’s Address Correction feature, you can identify risky shipping addresses for your business, reduce return rates, increase your deliverability and success rates throughout your business and so much more!