eCommerce Marketing Statistics 2022 by the Numbers
We all know how unpredictable the marketing climate has been in the past couple of years. Last year’s eCommerce marketing statistics are old news as we see changes in social conditions, health concerns and the economy. What worked for eCommerce in 2021 may flop in the months to come, so staying ahead of the digital marketing curve is critical.
OuterBox can help by providing you with some of the current eCommerce marketing statistics along with predictions for the coming year. This article will give you a heads up on some of the hot topics for 2022 and help you remain agile and productive!
18.7%: Expansion Rate of Global B2B eCommerce Market Size
Valued at $6.6 trillion in 2020, the B2B eCommerce market is expected to expand at the compound annual growth rate (CAGR) of 18.7% from 2021 to 2028, reaching $25.65 trillion by 2028. It’s no surprise that the pandemic boosted online sales beginning in 2020, impacting businesses around the globe. Many B2B organizations took advantage of this trend by putting their money into digital transformation to meet customer requirements by selling through online channels. This resulted in robust eCommerce B2B sales during the COVID-19 crisis. Interim stats include:
- 2023: Online sales worldwide are projected to reach 22% of all retail sales. Sales in USD are likely to reach $6.54 trillion. By contrast, online sales were 14.1% of transactions in 2019.
- 2040: Total online purchases are predicted to reach 95%, with traditional sales channels becoming nearly extinct.
19%: Total Share of Online Retail Sales Due to COVID-19
In 2020, retail sales increased their eCommerce market share to 19% from 16% due primarily to the pandemic. Restrictions that prohibited social contact fueled the rise in online retail sales. Other statistics affected by the onslaught of COVID-19 include:
- An increase of 60% in the average number of items per order.
- Nearly 40% of consumers stated they’re more comfortable with digital technology than before the lockdown – 43% are more positive about online shopping.
- Certain products, like home furnishings, have enjoyed a significant uptick in online sales, as have products that are not nationally branded.
- Gift items, particularly those that can be personalized, have experienced a rise in sales. And it would appear consumers are more willing to purchase add-on products along with gifts, especially when a discount is offered.
49.8%: Increase in Digital Ad Spending
The rise in eCommerce sales predicated by the pandemic increased the growth in advertising spending by 49.8%. The increased spending has resulted in organic search results promoting products being pushed farther down the page, making SEO strategies more challenging than ever. Businesses raised their paid search budgets significantly and spend even more on PPC management services, making sure the dollars spent provided a positive return on their investment. If organic rankings are important to your business it’s more important than ever to partner with an experienced eCommerce SEO agency to boost your organic search results.
70%: Number of Online Buyers Who Purchase from Foreign Websites
There’s one thing retailers around the world can agree on: cross-border purchases mean big profits. According to eMarketer, 80% of global retailers said their sales increased by up to 1,000% after they expanded into cross-border eCommerce. Foreign purchases are predicted to grow at an annual rate of 17.4% by 2026, with a market value approaching $2.250 billion. Cross-border buying has been helped by several factors:
- Increased use of tablets and smartphones by millennials
- Lower prices
- Unavailability of domestic products
- Consumer targeting by international companies like Amazon and eBay
$126 Billion: Global AI Market by 2025
Artificial Intelligence (AI) is the ability of a machine to simulate complex intelligent human activities. Consumers use AI technology in smartphones and smart homes. Businesses use AI in various applications, from customer support to robotic assembly lines. AI is projected to enjoy a robust growth rate between now and 2025. A large percentage of retail executives anticipate their retail businesses will adopt AI technology by this time.
75%: Millennial Consumers Who Consider Sustainability When Making Purchasing Decisions
Awareness of the planet’s limited resources is driving online shoppers to take sustainability into consideration when making a purchase. One survey indicated that 75% of millennial respondents (66% of all respondents) would take sustainability into consideration before making a purchase. Ways to connect with shoppers who are concerned about sustainability include:
- Using eco-friendly shipping methods
- Packing products in sustainable, reusable containers
- Choosing boxes that are appropriately sized for the product they contain
- Consolidating orders so they can ship together
- Offering products that are friendly to the environment
85%: Shoppers Who Prefer Free Shipping Over Fast Shipping
You’ll have a far better chance of closing a sale if you offer free shipping. While a small percentage were more concerned about the speed of delivery, far more shoppers wanted to pay nothing for shipping. Online shoppers will consider adding to their cart to meet the free shipping threshold (if a minimum purchase is required). Shipping fees and other costs significantly contribute to cart abandonment.
81%: Consumers Who Research Online Before Buying
Given that the majority of consumers investigate before they buy, It’s crucial to make sure your product pages have all the details consumers need to make a purchase. Since you can’t deliver your sales pitch in person, your website needs to carry the load. If customers become frustrated by a lack of information, they’re more likely to jump to a competitor who can give them the information they need. The experts at OuterBox can help you maximize your website with innovative SEO solutions that can boost transactions and interactions with web users.
93%: Shoppers Who Chose a Brand Based on Friend & Family Recommendations
Customers are far more likely to trust friends and family when choosing a brand. But review sites are also a powerful source in the decision-making process, with 91% saying they use them before making a purchase. Social media came in at 51%. By cultivating interest, sharing reviews and working social media as much as possible, you can boost your credibility with engaged shoppers.
59%: Shoppers Who Won’t Return After a Bad Experience
More than half of customers who have had a bad experience won’t revisit your store — and they won’t bring it to your attention. Ensure your website operates fluidly and has tech support close at hand to resolve issues in real time. If your website needs a refresh, OuterBox can help.
44.1%: The Open Rate of Abandoned Cart Follow-up Emails
When a shopper abandons their cart, a reminder email can save the day. The fact that they took the time to shop your site and put something in the cart speaks of serious intent, so it’s wise to follow up and try to save the sale.
48%: Shoppers Who Go Straight to the Biggest Marketplace
Big names have big reputations — and those large marketplaces get nearly half of the clicks when they come up in search results. That’s a lot to compete against. You need to find a way to cut through the clutter and offer consumers something the big companies can’t provide. It may be something like custom options, personalized services or superior products. Know your strengths and talk about them. OuterBox can help you analyze your options and discuss ways to maximize your reach.
3 Quick Lessons on eCommerce Marketing From 2021
How, where and when consumers shop continues to shift as websites become more fluid and the internet more sophisticated. Following are some interesting industry benchmarks and trends in the marketplace that may influence how you market your website:
- Device Used on Top 100 Websites:
- Desktop 53% (up 10% from 2020)
- Mobile 47% (down 10% from 2020)
- Traffic Acquisition Sources
- Direct: 55.0%
- Organic: 26.9%
- Paid search: 5.8%
- Referrals: 5.6%
- Social media: 3.6%
- Email: 2.1%
- Display ads: 0.9%
- Average Conversion Rate (CVR) on eCommerce Sites
- 6.6% (up from 4.9% in 2020)
100%: OuterBox Support for Our Clients
We’ve proudly served a large variety of businesses, from budding entrepreneurs to well-established companies. As a digital marketing agency and eCommerce web design leader, we have the know-how and talent to help you achieve your goals going forward. And, we have search engine optimization (SEO) services for eCommerce that are second to none. Contact us today to discuss how we can help or request a free estimate for your project!