Linux Business hosting building professional networks to receiving daily, gradually everything is shifting to virtual platforms. Shopping is one of the biggest online sectors that attracts millions of consumers on a global scale. The rise of this multi-billion-dollar industry accelerated in the past several decades. And the pandemic has increased the consumers to an unprecedented number.
One major reason for online shopping has grown so much is the experience businesses can now provide their consumers. New services and features are always being added to online stores for customer’s convenience. Businesses intend to provide the same comfort and support as a real shopping experience.
For retail businesses or entrepreneurs this is the ideal time to invest in an online store. Our experts at write my assignment uk share some authentic market research so you can make a well-informed decision.
How many consumers are available online?
According to business reports, an estimate of 2.14 billion people is expected to purchase online in 2021. While the ecommerce sales worldwide are forecasted at $4.891 trillion. As if these staggering figures are not enough, by 2024, ecommerce sales are predicted to rise to $6.4 trillion. The trajectory of online shopping is impressive and is unlikely to slow down in the coming years. This bodes great news for online sellers and buyers both.
The customer journey starts online
Sixty-three percent of purchases start online. Regardless of the final shopping being done at an online or physical store, it all begins virtually. When people want to buy something they first research about it on Amazon or Google. Which is why brands must build a strong online presence. Improving customer experience is the foremost step to attract and expand a customer base.
Shopping is now done via mobile
Mobile shopping is the preferred mode of most online customers. In fact, studies reveal that half of the consumer market likes to shop via mobile. Mobile users and purchasing cannot be taken out of the equation when it comes to business success. During the fourth quarter of 2018, desktop systems were reported to possess an equal number of orders as smartphones. However, when customers visited retail websites, smartphones were in the lead.
Therefore, consumer habits are leaning much more towards mobile shopping. Which is why store owners need to work on that side of their business. Having an app and a mobile optimized websites should be prioritized by brands. Shoppers must receive an enjoyable and comfortable experience to purchase from you and return for more.
Most popular payment method online
Mobile and digital wallets are the preferred method of payment amongst online shoppers globally. According to official statistics, 44.5 percent of online shopping transactions occur this way. Following closely are credit cards, and third popular option is debit cards.
If you already have an online store or planning to begin one, then consider setting up proper payment gateways. Ensure that your customers always get an easy and secure experience when checking out. Also be aware of your target audience’s location. You can then ensure using payment methods which your consumers are familiar with.
Impact of Covid-19 on consumer behavior
As mentioned earlier, the biggest influence on shopping behaviors was brought about by Covid-19. With the imposing of strict lockdowns globally, the numbers of online consumers skyrocketed.
According to a study conducted in March 2020, 42% of the US public purchased groceries online once a week. This was a substantial increase from the 22% recorded two years back.
But this boost was more than just a temporary preference enforced by lockdown. The period also caused a huge mindset shift. These consumers are so used to the experience that intend to continue it even pre-pandemic. This trend is likely to be the greatest beneficiary for established and upcoming brands.
Shoppers constantly want new products
It is not surprising news that demands of shoppers are constantly growing. Studies say that 75% of customer’s search queries are brand new every month. This is a clear evidence of how frequently people are on the lookout for new products.
Meeting the needs of customers should be a primary concern of ecommerce businesses. The industry has taken a dynamic turn and retailers need to evolve alongside it. Brands must prepare to give a personalized shopping experience for their consumers. By constantly updating products, your business will be the first option for returning and new customers.
How often do people opt for online shopping?
By now we have established that online shopping is a norm now. But how often do customers actually shop online? Statistics tell us that 62% of buyers shop online once a month at least. Additionally, 26% of consumers shop online once a week and 3% shop once a day.
Thus, there is enough evidence to prove that most often than not purchases are made virtually. This influx also leads a lot of shoppers in an indecisive state. First, they have to spend time researching a product. After that they need to make their selection from the wide range of options which pop up. This can be rather overwhelming for an average buyer.
It is the responsibility of online retail to make the decision-making process more seamless. Streamlining ecommerce experiences also include enabling a faster decision on the consumer’s part. This can be accomplished through a multi-step commerce journey. For example, you can reach them through email and provide the latest updates on discounts or new stock.
Online shopping is undoubtedly evolving at a rapid pace, and the years ahead will likely bring further new trends. In order to survive, businesses need to embrace these shifts and structure their strategies accordingly.
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