You are always looking to improve your small business, so have you taken the time to consider the benefits of having an e-commerce presence?
If not, this blog will break down some of the most valuable online shopping statistics to help you uncover the online potential of your business.
Keep reading for more information on these statistics as well as our tips for keeping up with the demand for online shopping!
1. E-commerce sales are estimated to make up 15.5 percent of retail sales worldwide
Think about it. This wasn’t even a possibility 30 years ago. Since the first retail transaction on the internet until now, online shopping has left its mark, and that mark is only continuing to grow.
Some businesses are, and only ever have been, completely e-commerce based, and they are hugely successful because of the accessibility and simplicity that they offer.
Fifteen percent is a considerable amount of worldwide purchases, especially when you consider that consumers don’t have the ability to see what they are buying in person when they purchase online.
It is even suspected that this number will grow by two percent within the next year.
No longer is the online shopping experience merely an added bonus to your business's sales, but instead, it is starting to take over the retail space. The sales opportunities continue to grow with an online website presence, so jump on the online website train now or you’ll get left behind.
Tip: If you’re looking to expand your sales opportunities beyond your website, consider social media. Like usual, social media is a great place for promotion, but now it’s becoming a new option to complete sales. Platforms like Instagram and Pinterest have started offering features like visual search and shoppable posts. These shopping features allow users to make a purchase directly from a photo they may see on one of these social media sites.
2. Almost half of American small businesses don’t have websites
If the last statistic didn’t have you rethinking your business’s online presence, this one definitely should!
Here is a huge missing opportunity for many local businesses.
If you are already utilizing your website and online sales, consider yourself ahead of the pack. Take this as an opportunity to improve your online presence even more by enhancing your accessibility on mobile, optimizing your sales through social media and more.
But if you aren’t one of these businesses, it’s never too late to get started! In fact, getting your website up and running now still puts you ahead of the other half of local businesses that don't have websites.
Tip: When you set up your website, make sure to include the information that will be most valuable to your customers. Incorporate customer reviews, detailed product descriptions and updates with seasonal campaigns. These will help keep your website fresh, informational and relevant to the needs of your potential online customers.
3. Online consumers are 62 percent less likely to purchase products online if they have a negative mobile website experience
If you have taken the time to set up a website for your potential customers, make sure it is well constructed and easy to use!
Nothing can be more detrimental to your business’s online presence than having a poor website. This will give your potential customers the impression that you are not committed to their online needs and wants and ultimately turn away their interest in making a purchase.
All of this information is especially true when customers want quick access to your website through their mobile phones.
You may be surprised to learn that 63 percent of customers conduct online research while in a brick and mortar store.
Customers are resorting less to in-store customer support and are now looking to quick information online. So, by equipping your website for customer’s in-store mobile product and service searches, your business is more likely to experience a sale.
Tip: Effective and manageable mobile website navigation is essential. Keep your mobile website concise and straightforward to find information, make purchases and more. Even if your website is now optimized for mobile searches, it still needs to be simple to navigate in order to find information. It’s just as easy to lose a customer if they can’t find what they need as it is if your website is hard to use through a mobile phone.
4. E-commerce influences up to 56 percent of in-store purchases
As we touched on earlier, the online and brick and mortar world meet quite often.
Obviously, you are still looking to cater to your customers in person, so mobile is yet another way to support the success of your physical store.
You don’t want your website to compete with your brick and mortar store, and that is the beauty of e-commerce shopping opportunities.
Rather than competing, online website shopping gives way to over 50 percent of in-store sales. Customers have the option to see all the specific products you offer and compare costs.
Tip: The information that is offered through product details on websites informs purchasing decisions both online and in-store, so never skimp on including the specifics! Item descriptions help customers identify both their wants in products and the qualities your products offer. Give customers all the information they may need in order to make a purchase.
5. Twenty-two percent of millennials prefer to shop through mobile
That’s right! Millennials aren’t going anywhere. In fact, millennials are in their prime for purchasing products and services.
So, what are millennials looking for from your business? They love having the opportunity to shop on mobile, and they are visually motivated, so give them those features!
We already explained the importance of mobile accessibility and optimization, but this statistic further emphasizes their growing impact on generations that have significant and increasing buying power.
For guidance on current customer values and the best ways to meet them as a small business, click here.
Tip: Just as you would keep your brick and mortar store clean, updated with the latest products and decorated to attract customers into your store, your website should function the same way! This involves, as we touched on, keeping your website fresh and updated. Make sure all of your product and business information is up-to-date, and the general layout and design of your website are visually appealing and simple to understand.
Final thoughts
The shopping experience as we know it has changed thanks to online purchasing, and it isn’t stopping anytime soon.
Of course, your brick and mortar store is an essential part of your business, but in a world ruled by the internet, so is your business’s website.
Don’t let your business fall behind on opportunities to meet the evolving needs of your customers. Click here to learn about how our RevSite service could be a perfect fit for optimizing and supporting the success of your website.