E-commerce business takes place when buyer and seller conduct their business transactions with the help of the internet. It is the most considered and preferred way of purchasing all sorts of products and services by consumers all over the world now. E-commerce businesses are of the following major types like Consumer to consumer (C2C), Business to business (B2B), Business to government (B2G), Business to consumer (B2C), & Mobile commerce (M-commerce). Ecommerce has become a part of our daily lives. We order clothes, electronics, and food online. We use credit/debit cards almost every day. Online shopping or e-commerce is fully integrated into our lives and below are some of the ways.
- It’s estimated that there will be 2.14 billion global digital buyers in 2021.
- In 2021, eCommerce sales are expected to account for 18.1 per cent of retail sales worldwide.
- More than one-third of American small businesses do not have a website.
- The number one reason people shop online is free delivery.
- 6 per cent of shoppers look up price comparisons on their mobile devices while in a physical store.
- 81 percent of consumers conduct online research before making a purchase online.
- 81 per cent of consumers trust the advice of friends and family over businesses.
- 58 per cent of people stop doing business with a company because of poor customer experience.
- Consumers are most likely to trust a business that makes it easy to contact people at the company.
- On average, only 1.94 per cent of eCommerce website visits convert into a purchase.
- 57 per cent of shopping carts are abandoned.
- High extra costs are the top reason shoppers abandon carts.
- Abandoned cart follow-up emails have an average open rate of 41.09 per cent.
- On average, 52 per cent of online stores have Omni channel capabilities.
- Nearly half (48 per cent) of online shoppers simply head straight to a large ecommerce marketplace.
- Mobile eCommerce accounts for 45 per cent of US eCommerce sales.
- Users who have a negative experience on a mobile website are 62 per cent less likely to purchase from that business in the future.
- Longer mobile page load times drastically increase bounces.
- Younger people shop online more than older people.
How does this impact business around the globe?
E-commerce is growing to become virtually extraordinary in the present-day commercial enterprise world; some accept it with it already has reached a higher level. Since the earlier stages of eCommerce, buying, selling and the entire design of commercial enterprise have changed. Today for an enterprise to survive, an online entity is necessary.
Digitisation has made the discipline intensely hard to thrive in. A business having a physical keep is no longer accurate enough for genuine customers online. Smartphones have given a major contribution in this phase. The quantity of humans actively using a cell phone is a ways greater than people using a laptop – such as the impact of digitisation. A Smartphone enables so many activities and presents infinite aspects to utilize; one of these is e-commerce through phones – M-Commerce; which is actually the same as the former however via a mobile.