How will the expected rise in online retail purchases impact the retail industry as a whole, and what steps can businesses take to adapt to this trend?
20.8% of retail purchases are expected to take place online in 2023
As technology continues to advance and online shopping becomes more convenient, it’s no surprise that the trend of online retail purchases is on the rise. In fact, recent research suggests that by 2023, online retail purchases are expected to make up 20.8% of all retail purchases.
This significant shift in consumer behavior has major implications for retailers who may need to re-evaluate their strategies to stay competitive in the market. With the convenience and accessibility of online shopping, consumers are increasingly turning to e-commerce platforms to make purchases, whether it be for clothing, groceries, or electronics.
However, this doesn’t necessarily mean that brick-and-mortar stores are becoming obsolete. Many consumers still prefer the experience of physically seeing and touching products before making a purchase. It’s important for retailers to find a balance between providing a seamless online shopping experience and maintaining a strong physical presence.
For businesses that have not yet established an online presence, now may be the time to consider e-commerce as a way to expand their customer base and increase sales. It’s also crucial for businesses to optimize their websites and ensure a smooth user experience in order to maximize their chances of converting online shoppers.
The trend towards online retail purchases is expected to continue to grow in the coming years. Retailers who are able to adapt and provide a seamless online shopping experience will be well-positioned to thrive in this changing market.
More 2023 Stats
Outsourcing lead generation generates 43% better results than in-house lead generation
91% of customers say they’d give referrals. Only 11% of salespeople ask for referrals
Email is almost 40 times better at acquiring new customers than Facebook and Twitter
Nearly 13% of all the jobs in the U.S. are full time sales positions
Around 45% of web store payments are made with digital and mobile wallets
78% of salespeople that make use of social media outsell their peers
61% believe that salespeople are underappreciated
66% of sales reps say they’re drowning in tools
More eCommerce Sales Stats
Americans Spend 36% of their Shopping Budget Online
33% of B2C Ecommerce Website are also Conducting B2B Transactions
55% of Online Shoppers Tell Friends and Family When Dissatisfied with a Product or Company
As of Q2 2018, 2.86 Percent of E-Commerce Website Visits Converted into Purchases
88% of Online Shoppers Will Use Webrooming to Find the Best Price
Once on a Company’s Homepage, 64% of Visitors Want to See The Company’s Contact Information
79% of Customers Order Online Via a Mobile Device
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