Ecommerce trends and statistics for 2022
Ecommerce has seen a significant boost in recent years, especially with more people than ever before being forced to shop online in the last two years because of the pandemic. Lockdowns, store closures, and other restrictions left people with few alternatives apart from turning to the internet.
That said, this upward trend did not happen overnight. For years, online shopping has been a major focus for many businesses as millions of people explore its possibilities. By 2021, eCommerce sales were at $4.89 billion. This figure is projected to hit $6.38 billion by 2024.
This guide is going to highlight some of the most interesting eCommerce trends and statistics of 2022. If you or your business is looking to make a push into eCommerce this year, this is everything you need to know to help you find success.
General market eCommerce statistics: what does the eCommerce market look like in 2022?
More than 2.14 billion people will shop online in 2022
According to Statista, 2.14 billion people shopped online in 2021. This is about 27.6% of the world’s population. This number went up by 900 million between 2020 and 2021. Experts project that it is only going to go even higher in 2022.
Digital payments and credit cards are the most common online shopping payment methods
According to Shopify, 53% of all online purchases are made using credit cards. Digital payment systems are the most popular payment options in Western Europe and China, accounting for 56% and 84% respectively. Globally, digital payment systems enable 43% of sales while credit cards account for 38%.
There are between 12 and 24 million eCommerce sites in the world
According to WP Forms, there are between 12 and 24 million active eCommerce sites in the world. This number might sound staggering, but the good news is that less than 1 million of these eCommerce sites make more than $1000 a year. This means there is still plenty of room for new players to come in.
Buyer eCommerce statistics: what does buyer behavior look like in 2022?
Most buyers avoid purchases due to lack of free shipping
According to Digital Commerce, the most common reason why buyers avoid completing a purchase is a lack of free shipping. 28% of customers will opt out of a purchase when there is no free shipping option. Apart from free shipping, other common reasons for not making purchases include fears that the item will arrive late (24%) and the lack of a clear delivery date (20%).
1 in 3 customers will compare prices while in a store
According to Pymnts, 33.6% of customers compare prices on their phones while shopping in physical stores. They mostly search for discounts and better deals online: 48.1% are looking for discounts while 35.5% of customers are looking for product information.
Most people shop online while in bed
According to Business Wire, 43% of US residents shop online while in bed. Other popular shopping locations include the office (23%) and the bathroom (20%). Interestingly, 25% of Americans shop online while visiting a physical retail store.
Amazon is the leading eCommerce retailer among millennials
According to Statista, Amazon is the leading online retailer among millennials. 1 in 5 millennials checks Amazon first when buying products online. Amazon is also the world’s number one online retailer by sales and number of visits. Interestingly, Statista also found that 87% of millennials will not make a purchase on Amazon right away; they are very likely to shop around on various websites first before committing to a purchase.
81% of customers trust the advice of family and friends over online recommendations
According to HubSpot, 81% of customers trust recommendations of family and friends over business recommendations when shopping online. 55% of customers say they do not trust companies like they used to and 69% of customers simply don’t trust advertisements at all.
Online conversions statistics: How do eCommerce sites convert in 2022?
The average conversion rate of eCommerce sites is less than 3%
According to Invespcro, the average eCommerce website converts at 2.58%. In the US alone, the average conversion rate is a little lower at 2.56%. The conversion rates for eCommerce stores have been dropping since 2018 when it stood at 3.05%.
Customer experience is the main reason why customers stop buying from a company
According to Microsoft, 2 out of 3 customers will stop buying from a company when they have a bad customer experience. In 2022, 58% of customers said they stopped interacting with a company because of bad customer service.
eCommerce trends in 2022: What does the future of eCommerce look like?
More people are making purchases using their smartphones
According to Oberlo, the number of people shopping using their phones is growing rapidly. Today, 3 in 4 people buy online using their phones to save time. Mobile eCommerce volume is projected to account for 44% of all eCommerce transactions by 2024.
Stores with a social media presence make more sales than stores that don’t have a social media presence
According to BigCommerce, having a social media presence can increase online sales by a huge margin. Stores that have at least one social media page make on average up to 32% more sales than stores that do not. This number is only set to grow in the coming years.
Personalization increases revenue by up to 25%
According to BCG, having personalized content makes customers more likely to add more items to their carts. Personalization has been shown to increase overall revenue by up to 25%. It also increases the chance that a customer will spend more money than they originally planned by 40%.
Final Thoughts
The convenience of eCommerce combined with other factors (like the pandemic and general business evolution) has built up a strong demand for online shopping in recent years. As these statistics show, this demand is only set to grow in 2022 and beyond.
- https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/
- https://www.shopify.com/enterprise/global-ecommerce-statistics
- https://www.statista.com/statistics/251666/number-of-digital-buyers-worldwide/
- https://wpforms.com/ecommerce-statistics/
- https://www.digitalcommerce360.com/2019/12/23/2019-ecommerce-in-review-consumer-insights/
- https://mms.businesswire.com/media/20160606005186/en/528398/5/BigCommerce_OnlineShopping_ConsumerBehavior_Infographic.jpg
- https://www.pymnts.com/news/mobile-payments/2019/in-store-smartphones/
- https://blog.hubspot.com/service/customer-acquisition-study
- https://www.oberlo.com/statistics/mobile-commerce-sales
- https://www.bigcommerce.com/blog/5-social-stats-for-online-storeowners/
- https://www.bcg.com/publications/2019/next-level-personalization-retail
- https://clouddamcdnprodep.azureedge.net/gdc/gdcPiLLQw/original?ocid=mkto_eml_EM582302A1LA1
