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

61% believe that salespeople are underappreciated

Nearly 13% of all the jobs in the U.S. are full time sales positions

36% of salespeople say that closing is the hardest part of their job

77% of B2B Buyers Do Their Own Research Before Speaking to Sales

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

Around 45% of web store payments are made with digital and mobile wallets

Salespeople Unhappy Despite Meeting Targets

40% of Salespeople Struggle with this Critical Sales Process

78% of salespeople that make use of social media outsell their peers

More eCommerce Sales Stats

Given 15 Minutes to Consume Content, Two-Thirds of People Would Rather Read Something Beautifully Designed Than Something Plain

Generation X Shop More Online Than Baby Boomers and Millennials

28% Shoppers Abandon Carts because of Unexpected Shipping Costs

58% of the Top 1000 US Online Retailers Send Welcome Emails

65% of Consumers Look Up Price Comparisons on Mobile While in a Physical Store

60% of Online Shoppers Abandon Their Carts Because of Unexpected Extra Costs

Men Spend 68% More Online Than Women

You Have 10 Seconds to Leave An Impression and Tell Them What They’ll Get Out of Your Website and Company. After This Time (and Oftentimes Before), They’ll Leave

73% of Companies are Investing in Design to Differentiate Their Brands

96% of Americans Have Made an Online Purchase in their Life

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