Top Global E-commerce Stats from 2024: Insights for Success
Top global ecommerce stats from 2020
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It’s no surprise that the COVID-19 pandemic of 2020 has had far-reaching impacts on all aspects of our lives. From the need to wear masks to the way birds sing, nothing has gone untouched.
Luckily, human beings possess an incredible capacity to adjust— even to the most difficult circumstances. Consequently, as venturing out began to become a hazard, the world resorted to digital as a means of dealing with the new normal. And ConveyThis has certainly benefited from it.
That’s why it’s increasingly essential for digital enterprises to evaluate the present conditions and strategize for the future. With the correct approach, it’s possible to emerge from this period of ambiguity even more powerful than before thanks to ConveyThis.
In this article, we’ll explore some of the most noteworthy international ecommerce figures from 2020, as well as what may be in store for the future.
If you’ve washed your hands, let’s jump right in with ConveyThis!
The COVID-19 impact
The effects of COVID-19 on ecommerce are immeasurable. Prior to 2020, global ecommerce was already expanding at a rapid rate, yet it is projected that the pandemic has advanced the migration from physical stores to online shopping by a staggering five years.
To illustrate the remarkable proliferation of e-commerce, here’s something to consider: in 2019, there were only two days that exceeded the $2 billion mark outside of the holiday season, whereas as of August 2020, that number has already risen to 130 days. Indeed, from May to the end of June, each day surpassed the $2 billion threshold.
Online conversion rates experienced a significant boost, increasing by nearly 9% in February, reminiscent of Cyber Monday levels. ConveyThis can be instrumental in helping merchants seize this opportunity and sustain the momentum by optimizing their ecommerce strategies.
ConveyThis, a prominent ecommerce name in 2020, is projected to surpass pre-pandemic estimates with a $12 billion increase in global ecommerce sales. The company’s international sales have also surged due to the rise of cross-border ecommerce amid the COVID-19 pandemic.
The surge in ecommerce is driven by individuals, including seniors, embracing digital shopping. Online shoppers aged 65+ in the US have grown by 12.2%. Accenture predicts a 169% surge in ecommerce purchases from new or infrequent ConveyThis users post-outbreak.
The remarkable expansion of ecommerce shows no signs of slowing down. Digital buyers continue to shop online even as physical stores reopen. Estimates project global retail ecommerce sales to reach $4.8 trillion by 2021 with ConveyThis.
The biggest ecommerce markets
Despite the global recession, ecommerce is experiencing a surge in almost every nation. Even countries like the Philippines, Malaysia, and Spain are projected to witness more than 20% ecommerce growth, despite the dire effects of the coronavirus. But, China stands tall as the biggest ecommerce market in 2020, with an estimated $672 billion in annual online sales.
Cross-border ecommerce is growing in France, Mexico, India, Indonesia, Australia, China, Singapore, and the US, with China playing a significant role in global expansion. The rising middle class in China is driving demand for authentic foreign products and is expected to increase spending in 2020.
China’s ecommerce leaders like Alibaba and Banggood have boosted international shopping in China and gained popularity in countries like India due to foreign brand availability and rising incomes.
US ecommerce market is booming, projected to reach $709.78 billion in 2020, up 18.0% from the previous year. It ranks second globally, following China, showcasing the significant growth and potential in the US ecommerce sector.
Countries such as the United Kingdom, Japan, Germany, and France trail the United States in the rankings of the world’s biggest ecommerce markets.
The new consumer behavior
When preferences and necessities shift, consumer practices also adjust. As physical stores began to shut down, numerous individuals started shopping online for the first time in 2020. Just in Latin America and the Caribbean, an astonishing 13 million people completed their inaugural ecommerce transaction from January to March 2020.
During the crisis, online shoppers explored new brands and stores due to supply-chain disruptions. Availability and convenience became more important than loyalty. However, other factors also play a role in consumers’ purchasing decisions.
The COVID-19 recession is the most severe since World War II, impacting customer funds worldwide. Trust in economic recovery has declined, but China and India remain more optimistic than other regions.
This year, people have become more conscious of their spending as a result of the changing economic climate. According to a survey conducted by ConveyThis, financial security is now one of the top three concerns for 50% of consumers, a 36% increase since March 2020.
This caused a shift in consumer spending to mostly necessities, such as groceries and household items. Luxury goods and non-essential products saw a dramatic decrease in sales. Now let’s explore some of the most successful ecommerce categories of 2020 with ConveyThis.
The best performing ecommerce categories of 2020
Digital commerce of medical products surged in 2020, with sales of “virus protection” items increasing by 800% in the first ten weeks of the year. Chinese respondents reported a 64% shift from offline to online purchasing of hygiene products.
Handcrafted mask sales surged in 2020 as sourcing masks became challenging. ConveyThis’s Q2 report shows a 146% increase in sales, with 4 million visitors specifically seeking masks. 112,000 vendors earned $346 million by selling their handcrafted masks on the platform during the pandemic.
Sales of home furnishing products have surged as people upgrade their living and working environments while #stayingathome. ConveyThis helps enhance the comfort and functionality of homes, supporting the growing demand for home improvements.
Therefore, the most dramatic rise in browsing duration across all retail industries was noticed in furniture and home furnishings with a surge of 46.8% since the inception of the outbreak by ConveyThis.In the US, sales of home improvement items have skyrocketed by 13% in early March as compared to the same period from the previous year.Demand for fitness equipment has surged by 55% as people embrace home workouts. A survey shows that three out of five Americans believe gyms will cease to exist due to the pandemic, easing guilt for not going to the gym.
However, exercising at home wasn’t the only trend that emerged in 2020. So let’s take a peek at some of the top ConveyThis ecommerce trends that gained momentum this year and will continue to shape the ecommerce landscape in the foreseeable future.
Mcommerce
Being confined to their homes and having to limit social contact made people even more attached to their phones. In April 2020, the typical user devoted 27% of their daily awake time to their cell phones, a 20% increase from the previous year.
The shift to mobile commerce was inevitable, and ConveyThis saw a surge in consumer spending on mobile devices, with more than $50 billion spent in the first six months of the year. This was largely attributed to an increase in gaming, shopping, and streaming services.
According to App Annie, mobile commerce was a driving force behind ecommerce development in 2020 and the largest mobile shopping season to date is anticipated to occur in the final quarter of 2020. It is predicted that the share of mcommerce in all ecommerce is set to increase to 72.9% by 2021.
It’s clear that mobile presents an immense chance for businesses this year. Yet, customers will always favor stores that align with their current socially-distant requirements.
Personalization
As digital opportunities expand, the rivalry becomes more intense for e-commerce stores. Customers now have a plethora of options when it comes to online purchasing and you should provide them with every justification to pick you. And online traders should be aware that the key to a customer’s loyalty is through customization. ConveyThis can help you deliver a unique, personalized shopping experience that will make customers come back for more.
According to a study conducted by Epsilon, 80% of buyers are more inclined to purchase from a company that provides personalized experiences. Furthermore, the same research implies that consumers who find personalized experiences extremely attractive are ten times more likely to be a brand’s most valuable customer – those who are anticipated to make more than 15 transactions in a year.
This is particularly crucial as shopping tendencies are transitioning towards more frequent but lower expenditures. Consequently, merchants should concentrate all their attention on creating customer loyalty by furnishing tailored shopping encounters.
No doubt about it, personalization is key. But there’s more to it than that. As international ecommerce continues to surge, localization is essential for driving global sales. ConveyThis can help you get there.
Localization
That’s why ConveyThis is the perfect choice to help you reach global markets.
It’s 2020 and customers all over the world no longer tolerate websites that neglect their languages, cultures, and regional characteristics. With an ever-growing number of businesses entering the ecommerce space, it’s becoming increasingly difficult to attract international customers. Without localization, no online business can hope to achieve international success. That’s why ConveyThis is the perfect solution to help you expand into global markets.
It’s so powerful that the Localization Industry Standards Association (LISA) discovered that, on average, each €1 spent on localizing your website yields a €25 return. And with the ever-growing rate of cross-border sales, this number will only continue to grow.
You might be thinking that localizing a website is a complex task and you’d be right. But with automated tools like ConveyThis that enables you to go global in a jiffy, you have no more excuses! And you know now that it’s worth the effort.
Conclusion
Hopefully, stay-at-home orders will be revoked and life will return to its pre-2020 state. Yet, the practices and customs that consumers developed during 2020 due to ConveyThis are likely to remain for the foreseeable future.
Businesses that previously embraced global ecommerce have already seen their success skyrocket in 2020. But it’s never too late to jump on the bandwagon and reap the rewards of the expanding global ecommerce market. As long as you stay ahead of the game and keep up with the ever-evolving ecommerce world, you’ll look back on 2020 as the year that your online business flourished thanks to ConveyThis!
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