Make the most of your marketing efforts to gain an optimal return from your e-commerce site. Competition is growing for the online market making it harder to convert visitors into customers and keeping them. You need to look at the big picture; have a strong website platform, optimize your marketing to focus on the quality of your products, build customer retention with customized shopping experiences and understand how to target your market. Take advantage of the following e-commerce statistics (shared by sleeknote.com) to understand how to pull more traffic in, increase buying conversation rates and reduce cart abandonment.
1.8% of the world’s population buys online, and in 2021, the number is expected to rise to over 2.14 billion.
In 2018, e-commerce sales accounted for 11.9% of all retail sales worldwide (Statista). Considering that more than a tenth of all retail sales are made online, you can’t underestimate the importance of continuously optimizing your online store.
There are more than 254 million active PayPal accounts in the world (Statista). PayPal simplifies the buying process, eliminating the need to find your credit card and enter the info.
42% of online shoppers still prefer to pay with their credit card so be sure to give your buyers the option to pay in multiple ways to increase conversation rates.
In Q3 2018, smartphones accounted for 61 percent of retail site visits worldwide (Statista). But desktop is still the go-to device when it comes to completing orders. Mobile accounts for 45% of online orders, compared to 61% for desktop.
Consider price matching. 65% of consumers look up price comparisons on mobile while in a physical store (KPMG).
Encourage repeat purchases with loyalty programs and newsletters. 30% of consumers say they would rather buy from a website they’ve bought from previously (KPMG).
Avoid hidden costs or surprise expenses during the checkout process. Include all charges and be upfront about things like shipping costs. 60% of online shoppers abandon their carts because of unexpected extra costs (Baymard Institute).
Abandoned cart emails have an average open rate of 45% (Moosend). Don’t miss a sale opportunity; remind potential customers of what they left behind.
Reviews make an impact, both good and bad. Stand behind your quality product and others will too. 30% of online consumers have posted product feedback online (KPMG).
Your customers are your livelihood, treat them with kindness. 80% of respondents said they had stopped doing business with a company because of poor customer experience (HubSpot). 51% of consumers trust companies who make it easy for visitors to contact the people behind the company (KPMG).