Top eCommerce Trends and Statistics for 2022
Top eCommerce Trends and Statistics for 2022
The last couple of years has presented many unprecedented challenges for businesses across different industries. The COVID-19 pandemic put companies, big or small, on a tailspin as it forced them to adapt and adjust to keep their operations running, particularly those in the eCommerce industry.
While the eCommerce field has been rising even before the pandemic, the demand for over-the-internet transactions skyrocketed during the global health crisis. People were compelled to look for ways to shop amid the health and safety restrictions placed by government bodies.
As the world resorts to various new normals, consumers and businesses shift to digital. The eCommerce industry sales saw a dramatic rise to $26.7 trillion. This number, as well as the demand for online shopping, shows no signs of slowing down.
Businesses must stay ahead of trends to stay on top of the competition. This infographic will illustrate the relevant eCommerce statistics and trends every company should know.
Overview of the Global eCommerce Industry.
eCommerce is one of the fastest-growing sectors in the world today. Here are some figures to help you understand this booming digital-first industry.
Global eCommerce sales are estimated to reach $5.545 trillion in 2022. (eMarketer)
Consumers around the world spent roughly $4.29 trillion online during the pandemic in 2020—a significant increase from the previous year’s $3.46 trillion. That number is expected to see a steady growth come 2022, as eCommerce continues to be a convenient and accessible way to shop in the new normal.
There were 2.14 billion global digital buyers in 2021. (Oberlo)
The global market has had about 1.92 billion online shoppers or digital buyers pre-COVID-19 pandemic. However, that changed drastically as online shopping shot up during the outbreak, with 2.14 billion global digital buyers recorded in 2021. This number is growing fast and is anticipated to continue rising in the future.
In the first half of 2021, China had more than 800 million digital buyers, the biggest population worldwide. (Statista)
Being the country with the largest population globally, China saw about 812 million digital shoppers in June 2021, which is a leap from the previous year’s tally of more than 780 million. As the eCommerce industry sees a steady climb, it’s safe to assume that this record by China will only continue to rise in the years to come.
Come 2026, the number of online shoppers in Southeast Asia (SEA) will hit 380 million. (Facebook and Bain & Company)
SEA recorded $120 billion sales in 2021, which stood among the world’s largest besides China and the U.S. (Practical Commerce)
The average Filipino active on a social media platform spends nine hours and 45 minutes online every day. (BusinessWorld)
In 2021, the Philippines had 89 million social media users, which translates to about 80.7% of the country’s total population. Looking into this heavy internet usage, a BusinessWorld report reveals that the average Filipino consumes nine hours and 45 minutes of internet usage, where three hours and 53 minutes are spent scrolling through social media platforms.
eCommerce Trends to Watch Out For in 2022.
Businesses are moving online now more than ever. Some are doing excellent work, while others have yet to find their footing. These are some eCommerce trends to keep in mind to help you establish a more seamless online shopping experience for your audience base and, in turn, increase your sales.
More traditional retailers to make the direct-to-consumer shift
Businesses that used to partner with retail stores,shopping malls, and online marketplaces to sell their products will likely jump ship and establish their own online store to sell directly to their end-users. Shifting to a direct-to-consumer model allows them to sell products at lower prices and enjoy bigger profits by eliminating intermediaries.
Social commerce to attract more customers
People aren’t only on social media to stay updated about their family and friends. They also use these platforms for shopping. In the case of Instagram, the platform helps 80% of its users decide when buying a product or service. As social networks improve their shopping features, it becomes easier for businesses to enhance their social commerce efforts to promote their brand.
Online-to-offline strategies to streamline the buying process
Many people start their purchasing journey online. Online businesses can take advantage of this by raising product awareness virtually and allowing in-store pick-up of orders made through the website or mobile app.
Businesses are preparing to become omnichannel-ready
If your target audience can’t find you on social media, you risk losing them to your competitors. You need to be where they are to get better reach, so start thinking about search engines, social media, display ads, among others.
Businesses that have been around longer selling their products online know the importance of being present across various channels. Therefore, new companies in eCommerce must establish an omnichannel presence to boost brand visibility and conversions.
More customized marketing efforts
Customizing your marketing efforts based on data through omnichannel strategies can help you deliver the best customer experience. With the help of artificial intelligence and machine learning, clients and leads alike can receive proper recommendations and promotions tailored to their profile and shopping behavior.
Implementation of multichannel customer support
Customers expect more when shopping online—that includes customer service. Meet and exceed their expectations by providing fast and effective support through different channels, such as email, social media, phone, live chat agents, and chatbots.
Return policies will be a distinctive edge
When it comes to exchanging or returning an item, it’s seemingly faster to do so at a physical store. Seeing how online shopping is here to stay, businesses need to make their return policies customer-centric. Statistics show that 76% of consumers consider free returns a critical factor when shopping online, indicating that they are influenced by competitive returns processing.
Increased focus on website optimization efforts
On-page SEO improves your web pages to boost your organic rank through keyword and content optimization. Meanwhile, off-page SEO helps search engines better understand your site content through quality content creation and earned backlinks. These strategies help put your business in front of consumers when searching for products or companies relevant to their needs.
Rise of high-quality product videos
Consumers are more cautious when buying online because they can’t examine or try the item in person. You can help fast-track their decision by answering common questions through a well-produced product video.
Video is a powerful medium that highlights your product’s features—despite buyers not seeing it in reality—and can appeal to people’s emotions. Doing so enables you to persuade them more effectively than text.
Option for same-day or next-day delivery
Data shows that 36% of U.S. online shoppers choose same-day delivery for their online purchases in 2021. eCommerce sites that offer express delivery can win out more customers who wish to get their hands on their purchases immediately—basically, all of them, but more so those willing to pay extra for fast delivery service.
Better shopping experience with live shopping
Another trend to watch out for is live shopping. According to a 2020 survey, two-thirdsof Chinese shoppers bought products via live stream. This real-time yet virtual transaction can also be considered social commerce if the entire buying process—from awareness to decision and even post-purchase recommendations—occurs on social media platforms like Facebook and Instagram.
Moreover, promoting or selling products through live video allows for two-way communication where customers can instantly acquire a product being streamed, enabling an interactive and quicker rollout of orders.
Different payment methods to accommodate customer preferences
Some consumers abandon their carts because of the absence of their preferred payment method. With many payment options emerging today, eCommerce businesses need to be flexible and offer different modes of payment to improve customer satisfaction and sales.
These days, online businesses can also accept digital currencies and mobile payments to fulfill transactions. Some also include installment options.
Use of augmented reality for product “try-on”
Statistics show that 6 in 10 people want to visualize how and where an item can fit into their lives. Augmented reality (AR) lets consumers use their device to virtually “try on” a product, such as clothing or furniture, to see how it looks before check-out. Incorporating this technology into your strategy can help drive more conversions and make online shopping easier for customers.
It’s Not Too Late to Adapt to These Trends and Be the First in the Market .
Working with an eCommerce enabler like etaily, a company that offers end-to-end eCommerce solutions such as social commerce, D2C platform development, and market profiling, can help you tailor your business for online success. Build your online retail ecosystem now to serve your customers better. Contact us today to get started!