One of the most popularly conducted activities on the Internet is eCommerce. It is the purchase and sale of goods and service through dedicated websites. Studies have indicated that the Internet is the first option for consumers who are searching for specific goods and services. As such, millions of dollars are exchanged in this industry every day. ECommerce relies on an infrastructure combination of online stores, monetary transaction methods as well as a variety of delivery strategies.
This online activity is divided into two main categories. These are Business to Consumer (B2C), Consumer to Consumer (C2C) and Business to Business (B2B) eCommerce. Seeing as this industry is one of the biggest parts of activity in the World Wide Web, here are some interesting statistics of eCommerce.
A collection of eCommerce statistics
40% of the entire Internet is dedicated to eCommerce This is where goods and services are bought and sold through desktop computers, laptops, smartphones and tablets. This sector of the Internet has more than 1 billion individual online buyers and is always growing.
The most popular eCommerce platform on the Internet is Amazon – It is based in the United States. Closely following it are competitors from Asia such as https://www.Alibaba.com and Rakuten. These platforms deal in Business to Consumer (B2C) eCommerce. On the other hand, eBay is a platform which allows for Consumer to Consumer (C2C) eCommerce.
Interestingly, 71% of shoppers trust that they will get a better deal on the Internet than in physical stores. Moreover, out of all the people who frequent the Internet 80% have bought something online. 50% of these have made multiple online purchases.
Thanks to the Internet, special purchasing days have emerged. An outstanding example is Cyber Monday. Expected to be observed on November 27th this year, electronics and computer accessories are sold with major discounts in online stores on this day. Cyber Monday 2013 was the biggest eCommerce sale day of all time. A total of US$ 1.7 billion was spent in eCommerce on that day.
One of the advantages of online shopping is that you can compare the prices of a product across various online stores. You can also compare two or more products quite easily too. According to statistics, 36% of online shoppers spend more than half an hour comparing products. 65% spend approximately 16 minutes doing the same.
Generational differences in relation to eCommerce
The eCommerce industry is growing at a rate of 23% every year. Various generations of people exhibit different shopping habits in relation to eCommerce. 67% of all millenials prefer to shop online. Moreover, 56% of generation X people prefer to shop on the Internet than in physical stores. An interesting statistic is that 41% of baby boomers click to purchase without comparing products. 28% of seniors do the same. “As we’ve moved more of our promotional product operations online through eCommerce, our business has grown tremendously, and many manufacturers have to start doing the same as they’re relying on old and outdated advertising models”.
ECommerce is always growing and evolving. This is made possible by adaptations in consumer behavior, technology and trends. This industry is growing more sophisticated every day. Mobile devices are also transforming eCommerce because more shopping is being done from smartphones and tablets. In addition to that, it is now much easier for businesses to set up blogs, websites and stores to sell their products or services. eCommerce is a highly dynamic sector that is highly promising.