eCommerce sales neared $3 trillion in 2018 and it is expected to reach $4.5 trillion in 2021.
Online shopping is more popular than ever. But it is easy to underestimate how quickly eCommerce is really growing. We’d like to share some statistics with you.
3 Reasons People Buy Online
Here are some key factors driving consumers to online shopping vs brick and mortar…
Reason #1: Simple access to a huge selection of products
First of all, there is no need for a car. You don’t have to leave your home or even wear pants. You just need internet access and a laptop, or a smartphone, to surf the web and find just about anything you’d ever want to buy.
Reason #2: Better prices
Businesses can often offer lower prices online. This is due to having less overhead and fewer middlemen. In addition, fast and cheap, or free shipping options are also becoming more accessible.
Reason #3: Product Reviews
Reviews and rating systems provide you with upfront info about the quality of the product. Reviews are crucial to the success of a business. Online shopping provides reviews at your fingertips, so you can see what previous customers think!
At the end of the day, time and money are key drivers in decision making. Online shopping helps with both.
5 eCommerce Growth Statistics
- eCommerce is growing 23% year-over-year
- Millennials now make 54% of purchases online
- 96% of Americans have made an online purchase in their life
- Nearly half of businesses in the United States offer their full product catalog online
- There are over 500,000 businesses who make use of Instagram as an advertising platform