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
40% of Salespeople Struggle with this Critical Sales Process
Salespeople Unhappy Despite Meeting Targets
78% of salespeople that make use of social media outsell their peers
91% of customers say they’d give referrals. Only 11% of salespeople ask for referrals
66% of sales reps say they’re drowning in tools
41% of companies struggle to quickly follow up with leads
Salespeople’s Optimism for Economic Recovery from COVID-19
Around 45% of web store payments are made with digital and mobile wallets
Using a CRM to track sales is standard practice for 79% of sales reps
Nearly 13% of all the jobs in the U.S. are full time sales positions
More eCommerce Sales Stats
43% of E-Commerce Traffic comes from Organic Google Search
Americans Spend 36% of their Shopping Budget Online
Nearly Half (48 percent) of Online Shoppers Simply Head Straight to a Large Ecommerce Marketplace
Men Spend 68% More Online Than Women
88% of Online Shoppers Will Use Webrooming to Find the Best Price
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