E-commerce Statistics 2024 & 2023 Trends

Highlights:

• The U.S. e-commerce sector will generate sales of over $1.1 trillion in 2023.
• Amazon maintains the largest share of e-commerce, with 37.8% of sales.
• Mobile sales are expected to represent 43.4% of retail e-commerce sales in 2024.

Key 2024 Ecommerce Stats

Mobile Commerce Trends

• In the U.K., 75% of online shopping purchases were made via mobile devices in 2023 .
• Mobile commerce sales are expected to represent 43.4% of retail e-commerce sales in 2023.
• 91% of consumers purchase online on smartphones.
• Mobile apps show a conversion rate three times higher than mobile websites.

Global E-Commerce Growth

• The global e-commerce market is set to surpass $6.8 trillion.
• An estimated 2.71 billion people will shop online globally in 2024 (KeyStar)
• The U.S. e-commerce sector will generate sales of over $1.1 trillion in 2023.
• Online retail is predicted to grow to 24% of the market by 2026.

User-Generated Content Impact

• 78% of buyers feel more confident after viewing user-generated content (Videos).
• 49% of e-commerce business owners believe UGC resonates more effectively than influencer content (Videos).
• 55% of shoppers claim they won’t buy a product without first seeing content from existing customers.

Shipping and Personalization Statistics

1. Over 76% of online shoppers look for free delivery while making purchases.
2. 69% of consumers are okay with brands personalizing their campaigns using data shared directly by customers.
3. Online shoppers are 3x more likely to avoid brands that over-personalize than those that use no personalization.

Social Media E-Commerce Data

• Social media e-commerce sales are $1.25 trillion worldwide as of 2023.
• 3% of U.S. adults have made a purchase through Facebook.
• Over 50% of online shoppers purchase from social media platforms.

 

Online Shopping Habits and Preferences

• 57% of customers prefer shopping from international e-commerce websites (Shopify).
• Over 2,900,911 active websites are powered by Shopify, holding more than 20.09% of the U.S. market share for e-commerce platforms.
• The average conversion rate across e-commerce websites was 1.99% as of September 2023.
• Over 2/3rds of English-speaking shoppers would not purchase from a site not translated into English (Shopify).

Cart Abandonment and Checkout Strategies

1. The rate of cart abandonment on mobile devices stands at 84%.
2. 23% of people will abandon carts if required to create an account during checkout.
3. 67% of shoppers review return policies before buying online.
4. Offering free shipping is a significant factor influencing online purchase decisions.

Market-Specific E-Commerce Insights

• Southeast Asian countries, especially the Philippines and India, are leading e-commerce growth (Shopify).
• The e-commerce sector breached the $6 trillion mark in 2023 (Videos).
• Over 50% of online shoppers in China purchase on social media platforms.

Influencer Marketing and Consumer Trust

1. 30% of consumers reported influencer recommendations as one of the most important factors in deciding on a purchase.
2. Collaborating with niche influencers can significantly impact product promotion.
3. 78% of buyers feel more confident making a purchase when they see user-generated content for a brand.

E-Commerce Fraud and Security Trends

• E-commerce fraud is expected to account for $48 billion in losses in 2023.
• The e-commerce fraud prevention and detection sector is predicted to grow to over $69 billion by 2025.

Digital Payment Evolution and Impact

• The rise in digital payment options alters consumer purchasing behaviors.
• Offering mobile-friendly payment options, like Apple Pay and Google Pay, is becoming increasingly important.

Environmental and Ethical Consumerism

• A growing number of consumers are considering the eco-friendliness of products and companies in their purchasing decisions.
• Ethical consumerism is influencing product selections and brand loyalties.

2024 E-commerce Strategy Facts

 

2024 presents unique opportunities and challenges for marketers and e-commerce businesses. With the global e-commerce market poised to surpass $6.8 trillion and a projected increase in online shopping participation to 2.71 billion people globally, there is a significant expansion in the potential customer base.

 

The dominance of mobile commerce is particularly noteworthy, as 91% of consumers make online purchases on their smartphones, and mobile commerce is expected to represent a significant portion of total retail e-commerce sales. This shift underscores the necessity for marketers to optimize their strategies for mobile platforms, focusing on user-friendly mobile websites and applications. Mobile apps, with a conversion rate three times higher than mobile websites, offer a lucrative channel for driving sales.

 

Online marketing professionals must consider the significant role of user-generated content (UGC) in influencing buyer decisions must be considered. Statistics show that many e-commerce business owners believe UGC resonates more effectively than influencer content, and most shoppers feel more confident in their purchases after viewing UGC. Therefore, integrating UGC into digital marketing strategies, especially on product pages, can be a game-changer in building trust and driving conversions.

 

Personalization is another key trend. While 69% of consumers appreciate personalized campaigns using data they share directly, there is also a growing aversion to over-personalization. This balance necessitates a nuanced approach to marketing campaign data utilization and personalization strategies.

The importance of offering free delivery cannot be understated, as many online shoppers seek free delivery options. This presents both a challenge and an opportunity for e-commerce businesses to creatively incorporate free shipping in their pricing and marketing strategies to attract and retain customers.

 

The rise of social media commerce, with $1.25 trillion in sales worldwide as of 2023, highlights the need for an effective social media marketing strategy. Platforms like Facebook, where a notable percentage of U.S. adults have made purchases, are key channels for reaching and engaging potential customers.

For effective search engine optimization and inbound marketing strategies in 2024, large and small businesses must embrace mobile optimization, leverage UGC, balance personalization, offer competitive shipping options, and capitalize on social media commerce. These strategies will help attract a broader customer base and enhance the shopping experience, ultimately driving growth and profitability in online sales.

 

Cited Sources:

• https://www.shopify.com/enterprise/global-ecommerce-statistics
• https://www.the-future-of-commerce.com/2023/12/20/e-commerce-trends-2024/
• https://videowise.com/blog/ecommerce-statistics/
• https://wpastra.com/resources/ecommerce-statistics/
• https://thesocialshepherd.com/blog/ecommerce-statistics
• https://www.plerdy.com/blog/e-commerce-statistics/
• https://aryanjalan.com/ecommerce-statistics/
• https://www.yaguara.co/ecommerce-statistics/
• https://wpforms.com/ecommerce-statistics