E-commerce has evolved into a crucial component of the global retail landscape in recent years. Following the development of the internet, the retail environment saw a significant transformation similar to that of many other businesses. As a result of the ongoing digitalization of modern life, consumers from almost every nation today benefit from online purchases.
The goal of this research is to summarise all of the notable ecommerce statistics from 2021 and forecast the trends for 2022.
1. Market size
Every year, more people purchase digital goods as global internet access and adoption rates increase quickly. In 2020, there will be more than two billion online shoppers.
The global e-commerce market is projected to grow to $4.89 trillion in 2021. This represents a 14.3% increase from the previous year as the global ecommerce market grows year after year. This number is anticipated to increase over the coming years, showing that borderless ecommerce is developing into a workable business model for internet companies.
China continues to dominate the global ecommerce business, with total online sales just under $2.8 trillion. With 792.5 million, or 33.3 percent of the total, it also has the most digital purchasers in the world. With ecommerce making up 52.1% of all retail sales, China is on course to become the first nation in history to conduct more than half of its retail business online.
In 2021, the US e-commerce market is projected to be $843 billion, less than one-third the size of China. After China and the US, the UK is the third-largest market for online sales. In the UK, it is anticipated that ecommerce would produce $169 billion in total sales, a slight decline from $180 billion in 2020.
Two additional Asian nations round out the top five e-commerce markets: South Korea is projected to grow 9.0% to $120.56 billion in e-commerce sales, while Japan is projected to grow 2.0% to $144.08 billion.
An rise in the number of Asian consumers having access to eCommerce as their spending power and internet usage, particularly on mobile devices, grows has sparked a shift in purchasing power from the United States and Europe to China and Southeast Asia.
02. User insights for e-commerce:
In January 2021, there were 4.66 billion active internet users worldwide, or 59.5% of the population. 4.32 billion of these people, or 92.6%, accessed the internet using mobile devices.
The typical Internet shopper is typically a male between the ages of 25 and 49. According to a recent Affilinet study, 84.3 percent of men and 77 percent of women respectively shop online.
Overall, more people are shopping online, with the 25–54 age group reporting the highest percentages, closely followed by the 16–24 age group.
Mobile devices are preferred by younger consumers when shopping.
Instead of using their desktops, they just use their smartphones to access the internet.
Behaviors When Shopping Online:
Among social media platforms, Facebook, WhatsApp, Twitter, YouTube, Instagram, and TikTok are the most widely used.
The majority of transactions are still made with credit cards.
Online reviews, opinions, and advice are all things that shoppers use to obtain ideas, compare prices, products, and features, and find inspiration.
Search engines, social networking, and email marketing are the main channels for contacting online buyers.
The fact that 23% of consumers attribute their increased online shopping to COVID-19 suggests that even more consumers will likely use mobile devices to make purchases, thus companies should make the most of m-commerce.
Purchasing patterns changed after COVID-19 struck in 2020–2021. The pressure to hasten the digital transformation of all markets and sectors that lag behind in the creation of online shopping platforms. Retailers must offer distinctive customer experiences in 2021 if they want to keep up with the quick pace of digital development and satisfy customers.
Trends in Product Categories:
According to the most recent statistics on the top online shopping categories, fashion is the most popular category of all internet purchases. In 2021, consumers will spend $759.5 billion on goods connected to fashion, which will make up 12% of all eCommerce spending.
The second most popular online purchasing categories are toys, hobbies, and DIY. Over $590 billion is thought to be the projected cost of these goods. When combined with fashion-related products, spending in these two eCommerce industries is anticipated to reach $1.35 trillion in 2021.
With sales of $542.4 billion in 2021, electronics and media are projected to be the third most popular online purchasing category. Even the sale of perishables online is growing in popularity. Food and personal care are anticipated to cost $468.5 billion this year.
With expected sales of $362.9 billion, the furniture and appliance industry comes in at number six on the list of popular online shopping categories.
Localization and language:
Language obstacles are unusual while conducting business within a single nation. You just have one language to learn, so even if you're not a natural speaker, you can give it your full attention.
Seventy-five percent prefer to make purchases in their native tongue.
Only 59 percent of customers regularly or ever shop from English-only websites.
67 percent prefer content and navigation in their own language.
Cultural perceptions and content
Even the best accurate translations can result in embarrassing misunderstandings. For instance, the catchphrase "Finger-lickin' good" from KFC was mistranslated as "We'll eat your fingers off" in China. For example, in Belgium, Ford's catchphrase "Every car has a high-quality body" was changed to "Every car has a high-quality corpse."
Even worse, different people's cultures have varied cultural norms and customs. What is humorous or casual in one culture could be offensive to someone from different cultures.