Ecommerce (also known as electronic e-commerce) is a form of business that is conducted in the online environment while the internet behaves as a unified platform that connects buyers and sellers.
The core instrument used in ecommerce is undisputedly electronic shop (e-shop). The advent of the internet and improved technology has made online shopping a cheap and convenient alternative. Today, we can purchase nearly anything online.
In fact, online shopping is overtaking traditional shopping in monetary terms and e-commerce allowed companies to sell without the necessity to set up the brick-and mortal stores.
Online shopping was invented by Michael Aldrich in 1979, to enable online transaction processing between consumers and businesses or between one business and the other.
The largest online shopping day in the world is Singles Day with sales just in Alibaba’s sites at US $9.3 billion in 2014.
From the way we network, to the way we get our news, online shopping has gone from non-existent to becoming a multibillion- dollar industry.
Online shopping is a form of electronic commerce which allows consumers to directly buy goods and services from a seller over the internet using a web browser or a mobile app. Consumers buy goods and services through a digital network with millions of offerings to choose from.
According to OxfordDictionary.com, online shopping is
“The action or activity of buying goods and services over the internet.”
A typical online stores enable the customers to browse the firm’s range of products and services, search seller’s websites, view photos and images of the products along with information about the product specifications, features and prices.
Now, buyers can find more details and product descriptions from the comfort of their home much more easily.
3 Ecommerce or Online Shopping Statistics You Need to Know
- Numbers of people who shop online:
In 2021, an estimated 2.14 billion people worldwide are expected to buy goods and services online.
While 63 percent of shopping occasions commence online. It is projected that ecommerce sales worldwide will grow to $6.4 trillion by 2024. In the United States, the age group between 25 to 35 years does the most online shopping. And Nigeria is the 35th largest market for ecommerce with a revenue of US$5 billion in 2020, placing it ahead of Czech Republic and behind Israel.
As at 2019, the number of shoppers reached 76.6 million, out of a population of over 200 million.
And if you have got an ecommerce store, you probably know that with the growing competition, it can be hard to stand out. So, it’s crucial to provide customers with detailed product descriptions and images, for brand to have a strong presence online. No two customers shopping online has the exact same path to purchase. They come in various shopping needs, various shopping strategy and different interest.
- How often do people shop online?
Online businesses have the opportunity and responsibility to smoothen the customer decision-making process. There are different types of online customers, which are:
- The new-to internet newbie: They are the first-timer with little or no shopping experience. This set of people begin their first-time online purchase with small, low budget and safe product. They mostly find themselves in a state of indecisions.
- The smart shopping geek: This set of people know every details the online store uses. They are expert in the shopping field. And they have an exact idea of what they want.
- The brand buff: Mostly referred to as the “lookers”. They are the save it for later shoppers. These set of people move every product that caught their interest to their wish-list with no intentions of buying them. They are not after anything in particular.
- The loyal customers: These sets of customers are dutiful to the core. They don’t mind the price of the products they want. They purchase even if there is an increase in price
It’s important for every online store owner to make it a point of duty to understand what customer search for and what they can do to customize the online journey for them.
With this, assisting your customers can help them understand what they are looking for and approve their digital journey. At times, shoppers feel overwhelmed by the number of options they encounter when browsing and about 47 percent of them failed to purchase online because there were too many options to choose from. As for the brand buff shoppers, let them know anytime the products in their wish-list drop in price. The Price of a product might to keeping them from purchasing.
- Consumers shop via mobile
It’s no news that mobile shopping has been on the rise. 50 percent of consumers shop more on mobile than in stores.
As of 2020, the cumulative number of online shoppers in China was about 782.41 million people, In the United States, 209.6 million online shoppers. In Nigeria, as of 2019, the number of online shoppers amounted to over 76.6 million and 67 million people in Germany.
To begin, you should make sure your store has a user friendly mobile app or mobile network that your customers can access. You should try to create a shopping experience that appeals to your customers even if they don’t make the final purchase through their mobile phone.
If you plan on running a successful ecommerce website, you can’t afford to ignore mobile users and mobile shopping.
BENEFITS OF ECOMMERCE FOR ONLINE SHOPPING
- Ecommerce marketplace can create rich user profiles that allowed them to personalize the products offered and make suggestions for other products that they might find interesting.
- It saves a lot of time: You won’t find huge lines, the hassles of carrying shopping bags online or traffic on the internet.
- Online commerce makes purchase simpler, faster and less time consuming, allowing for 24hours sales, quick delivery and easy returns.
- Ecommerce helps to learn about the various electronic mediums that online businesses rely upon, how online operations and transaction are carried out.
- Online stores give you the ability to compare a product based on its price on prominent ecommerce stores.
- Online products are provided at wholesale rates which enhances better deal.
- Ecommerce provides the customers with the information that they are looking for to enable faster decision making
To warp up, with the enhancement in digital technology, it’s of no doubt that today’s consumers are in control of their path to purchase. So make sure to keep this tips in mind when you are planning your business strategy.