Amazing Facts about Online Shopping
We all have tried shopping via different online platforms as it has become a quite prevalent medium of shopping these days. At present, marketers are earning millions through online shopping and no need to highlight that it has totally changed the way people shop. However, when retailers become reluctant to accept the piece of this growing pie and this is where multichannel marketing comes in the picture. Any successful online marketing strategy, nevertheless, starts with understanding, and then serves the distinct shopping preferences and patterns of the consumers.
We all wonder that what is the reality behind this online shopping craze and what are the facts you, as a consumer must know to have a clearer idea of this arena and the habits of modern day shoppers. So, here are some facts:
1. It is anticipated that online shopping retail sales to grow steadily $370 billion in 2017, up from $231 billion in 2012.
2. Customers between the age of 25 to 34 will keep on leading the path in smartphone usage in-store, reading reviews, comparing prices, buying products, and engaging with brands on a number of social media platforms while in physical stores.
3. A large part of millennials (approx 72%) look for their stuff online before they visit a store or a mall.
4. Approx fifty percent of Millennials claim that they regularly browse for the stuff that they do not likely plan to buy. It is said by the thirty six percent of consumers that they mere buy items that are essential and one third among these are willing to pay full price.
5. The revenue of online retail platforms registered a huge growth rate of 11 per cent year-over-year for the first quarter of 2014. They got the surge of 13 percent online orders compared to the same quarter last year.
6. Retail revenue attained via a mobile phone in the first quarter of 2014 was up by 35 percent if compared with last year’s first quarter. Mobile orders reach 13.7 percent of total e-commerce orders in 2013 Q1 while it was 18.5 percent during Q1 2014.
7. Consumers with the age of around 50 represent the Web’s largest community. It comprises about one-third of the total 195.3 million Internet users in the U.S.
8. Surprisingly, two-third of Americans who crossed the age of 50 buys from e-retailers on line.
9. It is found in a survey done by Forrester that more than three-quarters of 57,499 U.S. online adults had ordered services or products online. And while Gen Y adults with the age of 24 to 32 are those who have done this and the consumers with the age of 33 to 46 spend a large amount of their money.
10. Gen Xers, with an average of $561 in spending, spend approx 15% more online than Gen Yers who spend $489. The total of Gen Xers is roughly 25% more than the average online adults who spend $449.
11. All and all, online shopping leads to satisfaction and the rate is almost 83 percent. Nevertheless, it gets decreases up to 50 percent when consumers are asked about, specifically, convenience to pick the delivery date; ability to select a particular time of the day for delivery of purchase; convenience to reroute packages; and the option of green shipping.
12. In fact, consumers of the present time look for a wide range of flexible options from retailers; 62 percent consumers also want to buy items online and have returns in-store, and 44 percent want to use online platform for purchasing but have their purchases in a store.
13. Online Shopping crossed $2.29 billion in sales recently
14. Digital interactions influences 36 cents of every dollar spent in the retail store, or approximately $1.1 trillion total.
15. Mobile phone devices are used by approx 84 percent of store visitors before or during a shopping trip. 22 percent of consumers spend more because they use digital; just over half of these shoppers have spent approx 25 percent more than they wanted to spend.
Facts and trends change day by day, but a clear insight is displayed by them and they also play a major role in deciding that which way the market will take from now. The aforementioned facts will also help new startups to have a great overview of the industry.