Real-life store closings hit record numbers in 2017. With more than 7,000 stores being shuttered in the U.S., those shoppers have to go somewhere. From the looks of these numbers, they're heading online. Check out these 14 e-commerce statistics to see what you should be looking out for in 2018.
1. China Has the Largest E-Commerce Market in the World, and the Next Country Isn't Even Close
According to Business.com, China leads the world with $672 billion in annual online sales, followed by the United States with $340 billion, and the U.K. rounding out the top 3 with $99 billion. Japan comes in at $79 billion, and Germany is Europe's second-largest e-commerce presence with $73 billion.
2. Borders Don't Apply to Shopping Habits
Borders don't seem to stand in the way of most people shopping in other countries. In Nielsen's Global Connected Commerce report, 57 percent of respondents said they purchased from an online retailer in another country in the last six months.
2. Men Spend 28 Percent More Online Than Women
At first glance, this is a surprising e-commerce stat, but not when you think about the way men shop. They tend to get in and get out. Why bother going out at all, just go online and get what you need. Interestingly, the same study also measures both men and women spending the same amount of time shopping online each week: five hours. The fact that men are spending a higher dollar amount in the same amount of time points to more goal-oriented habits and less comparison shopping and browsing.
3. Most American Males Never Want to Shop at a Store IRL. Ever. Again.
Of U.S. men aged 18-34, a hefty 40 percent would like to simply buy everything online. They don't want to ever go back to shopping in real life. For this group, creating a smooth online experience will rev up conversions. And they love package deals and upsells on related products (think Dollar Shave Club).
4. 54 Percent of Online Shoppers Can Be Lured Back With Discounts
It's probably not a huge surprise that you can bribe online shoppers. What might surprise you is how shockingly effective it is. Fifty-four percent of people will buy retargeted goods if you offer them a discount. The caveat here is if you keep bribing someone to do something, pretty soon they'll expect it.
5. Across an Average of 37 E-Commerce Sites, the Shopping Cart Abandonment Rate Was 69.23 Percent
This survey of surveys averaged out rates reported by companies like Adobe (75.50 percent), Listrak (78.00 percent) and Barilliance (68.80 percent), to name a few. While that's a lot of different respondents across many surveys, the high cart abandonment rates are consistently high. Retargeting anyone? Possibly with coupons.
6. 81 Percent of Shoppers Bought After Watching a Video Explaining It
According to a recent survey of shoppers who use video, an overwhelming number of people love video. Just like they love it on social media. A video tweet is six times more likely to get retweeted over a photo.
7. PayPal Transactions Have 70 Percent Higher Checkout Conversion Rates Over Non-PayPal Transactions
According to data from PayPal, the ease of the Paypal checkout encourages customers to complete their transactions at a much higher rate. All without taking out their credit card or having to type in a shipping address, a billing address, your cat's birthday for the secret password question...
8. 70 Percent of E-commerce Companies Reported Increased ROI with Personalization
More than 70 percent of e-commerce companies who have a personalization strategy in place experienced a rise in profitability for the previous 12 months.
9. 17 Percent of Global Marketers Believe Paid Social Ads Deliver Highest ROI
A study of global marketers found that 17 percent believed paid social media advertising delivered the highest ROI.
10. 23 Percent Said They Made an E-Commerce Purchase Driven by Social Media
In a survey from BigCommerce in 2017, the same 23 percent of respondents admitted specifically to being influenced by social media recommendations. Only 20 percent of online shoppers polled in the same study would be likely to purchase on Facebook.
11. Instagram Holds the Most Sway Over Users' Shopping Habits (Surprise, Surprise)
Instagram is the social network with the most influence over shoppers, with 72 percent saying they've been influence to purchase something they've seen on Instagram. The most common categories people reported being influenced by included jewelry, makeup, shoes and clothing.
12. 30 Percent of E-commerce Shoppers Are Likely to Purchase Through Social Networks
Overall, 30 percent of e-commerce shoppers rated themselves as being likely to make through one of the major social networks like Instagram, Twitter, Pinterest, Facebook or Snapchat.
13. In 2017, US E-Commerce Sales Grew 15.8 Percent
14. Men Are More Likely to Buy Through Facebook
About 23 percent of men said they were likely to make a purchase through Facebook, as opposed to 17 percent of women. Men were also more likely than women to buy through Instagram (18 percent vs. 11 percent).