Online shopping has grown tremendously within recent years and has made great strides in bringing substantial revenue for e-commerce merchants. In an effort to increase customer satisfaction and boost revenue, businesses that were once only brick and mortar stores are now expanding their capabilities by selling their products online. With so many consumers choosing to make purchases digitally, it makes sense why retailers have moved into the digital world.
Take a look at the spending habits of the present-day shopper and interesting facts about the success of online shopping according to CMO.com:
1. 72% of Millennials will research their shopping options before visiting the mall or a store.
2. Two-thirds of Americans that are 50 years of age or older purchase from online retailers.
3. Gen Xers spend approximately 25% more online than adults and around 15% more than GenYers.
4. In 2012, online shopping sales for retail were around $231 billion. By 2017, this amount is expected to grow up to $370 billion.
5. Within the first quarter of 2014, online retail revenue experienced an 11% year-over-year growth. Online orders also grew 13% compared to last year’s same quarter.
6. Shoppers between the ages of 25 to 34 had the highest percentage of smartphone usages in-store, reading reviews, purchasing products, and engaging on social media with brands while they were physically in-stores.
7. Approximately 50% of Millennials frequently look for products online that they may not end up buying. 36% of Millennials only buy necessary items – in which one-third said they would pay the full price.
8. During the first quarter of 2014, purchasing retail items via a mobile device was up 35% compared to the first quarter in 2013.
9. During Cyber Monday in 2013, online shopping reached $2.29 billion in sales.
10. 84% of in-store shoppers utilize their smartphones either during or before a trip to a store.
11. 22% of shoppers end up spending more due to incorporating digital solutions.
12. 75% of shoppers found that product information displayed on social media pages for retail stores influenced their shopping behavior and additionally boosted loyalty.
13. 83% of consumers have been satisfied with online shopping. On the other hand, satisfaction dropped under 50% when shoppers were questioned about delivery options, flexibility to pick a delivery date or time of day for delivery, and having a green shipping option.
14. Digital exchanges impact 36 cents of every dollar that is spent at a retail store, making this $1.1. Trillion overall.
It is clear that online shopping has expanded substantially, as shoppers of all ages like the option of making purchases online rather than in-store. Not only is online shopping easily accessible, but it also allows consumers to easily browse available products more efficiently. As more stores offer their products online, retailers will be able to gain additional revenue for their business and capitalize on gaining more customers.