Key E-Commerce Statistics You Need to Know for 2023 and Beyond
In today’s digital age, online shopping has become increasingly prevalent, with millions of people across the globe turning to the internet to purchase goods and services. Whether it’s for the convenience of browsing and buying from the comfort of your own home or the competitive prices offered by many e-commerce platforms, the trend of online shopping is here to stay. In this article, we are going to present some essential e-commerce statistics. These figures may provide you with valuable insights into the potential of online sales and help you make informed decisions for your business.
Future of E-Commerce
Let’s have a look at what we should expect in the near future.
Global E-Commerce Market
By 2026, online purchases will account for 24% of all retail transactions.
As for 2023, online purchases will make up an estimated 20.8% of all retail transactions. Online shopping is becoming more popular every day and this popularity is not likely to decrease. With this in mind, transforming your business into an e-commerce venture can yield substantial benefits. Investing in e-commerce now could be the key to unlocking your business’s full potential in the future.
Here are the e-commerce statistics by Insider Intelligence. The projected value of the e-commerce market is set to exceed $8.1 trillion by the year 2026:
Source of data: Insider Intelligence
The U.S. E-Commerce Market
According to Insider Intelligence, the country’s e-commerce revenue is estimated to surge to approximately $1.7 trillion by 2026. In 2023, it is projected to rise by 12.1% and reach $1.18 trillion.
Source of data: Insider Intelligence
Online Marketplaces and E-Commerce Stores
Global Count of E-Commerce Stores
Now there are more than 33.5 million E-Commerce stores on the entire Internet.
Recent statistics reveal that approximately 38.5% (12.9 million) of all e-commerce stores worldwide are located in the United States. Meanwhile, the United Kingdom boasts 1.4 million e-commerce stores, accounting for roughly 4% of the global total. Brazil and Germany, with around 846 thousand (2.5%) and 826 thousand (2.5%) e-commerce stores, respectively, also make a notable contribution to the global e-commerce market.
Source of data: BuiltWith
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Most Popular E-Commerce Platforms
According to BuiltWith, Shopify is the most used e-commerce platform in the world. It makes up 13.55% (4.5 million) of all ecommerce stores. Wix is the second most popular e-commerce platform globally, with 13.22% (4.4 million) of all e-commerce stores utilizing it. WooCommerce is in third place, accounting for 11.62% (3.9 million) of all e-commerce stores.
Source of data: BuiltWith
Learn more about online marketplaces and e-commerce platforms in our article “Best Places to Sell Online“.
Leading E-Commerce Company in the USA
With a whopping 37.8% share of e-commerce sales, Amazon stands out as the leading company in the U.S. e-commerce market. As an international e-commerce company and online marketplace, it offers a wide range of options that make it the go-to choice for many shoppers. Other companies that follow closely behind Amazon in terms of market share are Walmart, Apple, eBay, and Target.
Source of data: Statista
Most Visited E-Commerce Websites in the USA
As of January 2023, eBay emerged as the top-ranking e-commerce and retail website in the United States with an impressive monthly visitor count of around 481.7 million, surpassing its competitors. Walmart secured the second spot with 435.2 million visitors. Additionally, Etsy also showed notable performance, attracting nearly 254.1 million visitors per month.
Ebay also has the highest average pages per visit — 6.71 pages. It shows the number of pages a user visits in one session.
Another metric — bounce rate — is used to determine the estimated average percentage of visitors who exit a website after visiting only a single page. Bounce rate provides insight into the effectiveness of a website’s overall user experience.
Source of data: Semrush
Statistics Related to Online Shoppers
Global Count of Online Shoppers
In the past few years, the number of digital buyers has been steadily increasing. According to eMarketer, there are 2.64 billion online shoppers globally in 2023. Approximately one-third of the global population, or 33.3%, are online shoppers, meaning that one in every three people you encounter is likely to engage in online purchasing. By 2025, the number is expected to reach 2.77 billion.
Source of data: eMarketer
Number of Online Shoppers in the USA
According to a study by eMarketer, there are 218.8 million online shoppers in the US in 2023, each spending an average of $5,381 annually. The number of digital shoppers is expected to continue rising in the years ahead, reflecting a sustained trend of e-commerce growth in the United States.
Source of data: eMarketer
Reasons Why Shoppers Abandon Carts in the USA
As the e-commerce market continues to grow, cart abandonment remains a common challenge faced by online retailers. Let’s take a look at the e-commerce statistics on cart abandonment reasons published by Statista.
A recent survey indicates that 48% of shoppers abandon their cart due to unexpected additional costs like shipping, taxes, and fees.
24% of online shoppers abandon their cart due to the mandatory account creation process, which can be perceived as an unnecessary barrier to a quick and easy checkout experience.
Another 22% of shoppers leave an online shopping session due to slow shipping options, underscoring the importance of providing fast and reliable delivery to meet customers’ expectations.
Addressing these key factors can help online retailers reduce cart abandonment rates and improve the overall shopping experience for their customers.
Source of data: Statista
Popular Social Media Platforms to Shop
In 2022, over 2,000 US shoppers were surveyed for the Amazon Consumer Behavior Report. More than half (52%) stated that they have purchased from social media. The most popular platform is Facebook.
Source of data: The 2022 Amazon Consumer Behavior Report
Influencers
The significance of social media influencers for brands to engage with their audience is reflected in this statistic. According to the Digital Marketing Institute, 49% of consumers rely on influencer endorsements, with 40% making a purchase after seeing it on Twitter, YouTube or Instagram. By leveraging the credibility of influencers, brands can benefit from this trust.
As indicated in the 2022 Amazon Consumer Behavior Report, the most popular purchases driven by influencers are:
- Clothing, shoes, jewelry & watches (45%);
- Beauty and personal care (50%);
- Home & kitchen (31%);
- Cell phones & accessories (28%);
- Electronics (25%).
Conclusion
The growth of e-commerce is showing no signs of slowing down. Examining the latest e-commerce statistics can greatly benefit store owners, providing valuable insights into the direction of the online market and its emerging trends.
What are 3 disadvantages of e-commerce in business?
- High competition: e-commerce has made it easier for businesses to enter the market and compete with established players. This has led to increased competition, and companies always have to invent something to stand out from others.
- Lack of physical interaction and personal touch with customers makes it difficult for businesses to establish trust with their clients, as they are not able to meet them in person or provide them with a physical product demonstration.
- Security risks and concerns related to online transactions and data privacy.
How many e-commerce stores fail?
As per various reputable sources, such as Forbes and Huff Post, it has been reported that a staggering 90% of start-up e-commerce businesses fail to sustain within the initial 120 days. This failure is attributed mainly to two factors: poor online marketing performance and inadequate visibility on search engines.
What are the biggest e-commerce challenges in 2023?
- Over the next 5-6 years, e-commerce businesses will face the significant challenge of delivering a customer experience that’s driven by data and guarantees higher levels of customer satisfaction. As technology continues to advance, customer expectations are also on the rise, making it crucial for businesses to keep up with the trends to remain competitive.
- Data privacy will emerge as one of the most significant challenges for e-commerce.
- With the e-commerce space becoming increasingly crowded, standing out can be a daunting task, even for the most innovative and customer-focused businesses. To stand out from competitors, business websites should have a professional appearance and be optimized to align with current Google algorithms.
How long does it take to become profitable in e-commerce?
There is no fixed timeline for how long it takes to become profitable in e-commerce, as it largely depends on several factors, such as the nature of the business, the product offered, the level of competition in the market, and the effectiveness of the marketing strategies employed. In some cases, e-commerce businesses may start generating profits within a few months of launching, while in other instances, it may take a year or more to reach profitability.
What sells most on e-commerce?
The list of the products that are sold most online include:
- Apparel
- Electronics
- Footwear
- Pet care
- Toys
- Power-driven hand tools
- Writing instruments
- Reusable water bottles
- Wireless charging stations
- Puzzles
Viktoria Arsenteva
Marketing Specialist and Content Writer at Lira Agency. I enjoy creating valuable and informative content for our clients and visitors. I spend my free time reading books on marketing and psychology.
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