E Commerce Consumer Shopping Trends, Growth, Facts and Figures
J.P. Morgan predicted that global e-commerce revenue would grow worldwide by 19 per cent in 2011 to $680 billion. Online retail commerce in the United States alone will grow 13.2 per cent to $187 billion, leading J.P. Morgan to anticipate global e-commerce revenue will rise to an astonishing $963 billion by the year 2013.
The number of people who shop online keeps growing, with 38 per cent purchasing at least once per month. The percentage of people who do not shop online declined to 12 per cent in 2010 from 20 per cent way back in 2007. Higher income customers shop online the most frequently. Thirty-four per cent of those individuals earning $100,000 or more shop online at least three times a month.
E-commerce was only 3.9 per cent of all U.S. retail, as of 2009, indicating there is plenty of room for growth. Other emerging trends are recognizable in the e-commerce sector. Online retailer, Amazon continues to gain market share, while smaller companies struggle to compete with the e-commerce giant. Explosive growth in mobile commerce could negatively impact brick and mortar stores. One potential weakness to the unfettered growth of e-commerce is the looming possibility of an internet sales tax. Jeffrey Grau, eMarketer principal analyst, predicts that online sales will rise by over $100 billion from 2010 to 2015 due to three major developments—mobile commerce, social commerce and daily deal sites.
Retail ecommerce sales are growing much faster than overall retail sales at least in the United States, according to eMarketer’s estimates as well as figures from the US Department of Commerce. Online sales continued to post steady growth throughout the recession. Looking strictly at the available data it appears that online sales are outperforming brick-and-mortar sales (accounting for the disparity in volume). What does that mean for online retailers? While the bulk of US retail sales still take place in physical stores, ecommerce is steadily grabbing a larger and larger slice of the pie. Excluding automobile, gasoline station and fuel dealers, online sales accounted for 5.8% of total retail sales in 2010, up from 3.7% in 2005.
Again, there is plenty of room for growth when it comes to e-commerce. Auto parts are very rarely bought online, but computer hardware and software are primarily bought online. Savvy retailers will realize that this means some product categories will see increased sales online as consumers get acclimated to purchasing those particular products online.
It doesn’t seem to matter which sector you look at, consumers love the convenience of shopping online. No doubt many of these e-commerce consumer shopping trends are being driven by significant changes taking place in the Internet landscape such as the growth of social networks and increased market penetration of mobile devices. For example, continued growing adoption of social media and the introduction of tablet devices like the iPad and Samsung Galaxy Tab lead many consumers to have their first interaction with a company or brand via a mobile device. It stands to reason that moving forward, multichannel sales will become an even greater necessity as more portable devices enable easy consumer connectivity allowing them to access the internet from anywhere.
With US shopping trends predicting to grow to $963 billion by 2013, now would be a great time to consider another growing trend – drop shipping. You can buy quality wholesale products and receive free dropshipping service from Koehler Home Décor!