Are you interested in starting an online store in 2020? Have you researched how online stores function?
2020 is a great time to start an eCommerce business like an online store or dropshipping. With the arrival of 5G in almost all parts of the United States and the rest of the western world, customers are expected to do more than 80 percent of their shopping online. So, why don’t people just kick start their online store right away?
A lot of people are skeptical about the validity of claims made by online marketers selling their “how to start an eCommerce store” course. eCommerce gurus on YouTube claim to earn more than $100k a month just by selling products on Amazon. Is there any veracity to their claims? This post is intended to share with you actual facts and statistics about the eCommerce industry.
Here Are the 12 Surprising Stats about Ecommerce Industry
1) There is no better country to import cheap wholesale items other than China. But did you also know that the number of internet users in China reached around 804.5 million in 2018? This has driven the explosive growth of the Chinese e-commerce market, which is currently a global leader. – Statista
2) In 2021, over 2.14 billion people worldwide are expected to buy goods and services online, up from 1.66 billion global digital buyers in 2016. – Statista
3) In 2019, retail e-commerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022. – Statista
4) Another interesting stat says that, in 2019, 57 percent of global internet users had purchased fashion-related products through the internet, making apparel the most popular online shopping category worldwide.- Statista
5) According to a stat by KPMG, the Generation X consumers (born between 1966 and 1981) are the most active shoppers online. They made more purchases than shoppers in any other age group.
6) In 2019, there were 295 million active PayPal accounts worldwide, representing a 16 percent year-on-year growth. – Statista
7) You will be surprised to learn that, men spend about $50 more than women, every time they go out to shop.- KPMG
8) The Millennials in the UK prefer to do their shopping on Amazon than any other online store. The reason being? The wide variety of products Amazon has to offer. – Inviqa
9) Compared to those living in Russia, Africa, and the Middle-East; people living in Asia, North America and Western Europe are most likely to shop online. The trend is expected to continue in 2020 and beyond. – KPMG
10) In 2018, global e-retail sales grew 22.8 percent compared to the previous year. – Statista
11) According to stat by the Baymard Institute, 69.57% of people who add products to an online store cart, abandon the items. In other words: they leave without buying them.
12) About 64 percent of people who have voice-controlled devices, use the service at least once a week to purchase something. – WalkerSands
For a young person wanting to start their eCommerce store, it wouldn’t be a bad idea to first get some work experience under their belt. There are plenty of eCommerce companies out there looking for talented and energetic workers. Maybe you could start your eCommerce store by hustling on the side.