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

Source
Forbes

Topic
eCommerce Sales

Year
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

41% of companies struggle to quickly follow up with leads

Salespeople Unhappy Despite Meeting Targets

More eCommerce Sales Stats

Americans Spend 36% of their Shopping Budget Online

33% of B2C Ecommerce Website are also Conducting B2B Transactions

48% of People Cited That a Websites Design is the No. 1 Factor in Determining the Credibility of a Business

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

48% of all Ecommerce Transactions Are From Repeat Customers

Mobile Traffic Represents 53% of all Ecommerce Traffic

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