The power of data is astounding. You are capable of making well-informed strategic decisions that will pay you in the long run with data. If there is no data to refer to, you’ll have to rely on guessing, which may cost you a lot of money.
The numbers circulated on the internet are mostly out of date and sometimes are outrageously incorrect. Furthermore, even when you have important and reliable stats, extracting meaningful strategic insights might be challenging. In this article, you’ll discover some important statistics on eCommerce and the best techniques for utilizing them in your venture.
1. In 2021, it is predicted that there will be around 2.14 billion digital purchasers.
This is a huge number and the businesses will see these numbers as prospective consumers. The estimated worldwide population of 7.87 billion people. This means that around 27.2 percent of the world’s population is purchasing online. Furthermore, this figure has been steadily increasing over the years and is likely to continue. With the number of people purchasing online is at an all-time high, what better moment you will have to open an online business?
2. Only two-thirds of small businesses in the United States have a website of their own.
It is clear that, so many businesses are yet to benefit from the rising eCommerce trend. This is fantastic news for the already established eCommerce businesses. This should alert the businesses that do not have websites as of now. The sooner they set up online stores for themselves, the better it is. Furthermore, tools such as Shopify have made the online store creation process simpler than ever.
3. While shopping at a physical store, 33.6 percent of customers use their mobiles and compare prices.
The eCommerce store owners should be delighted with this. Ecommerce drop shippers can keep their prices low since they do not have to operate a physical store or a big inventory. As a result, businesses are frequently able to provide reduced pricing to clients.
You can advertise your items in places where customers looking for price comparisons will notice them. Make your items visible in Google Shopping search results. Google is the most popular search engine, and many consumers will use that for price comparisons.
4. Friends and close ones are trusted by 81 percent of customers more than corporations.
The closed ones always suggest the best things for you, but companies promote their products for profit. This is known as “social proof.” You can increase sales by using the power of social proof. Fortunately, there are various methods for firms to leverage social evidence. You can use the techniques such as influencer marketing or post good reviews and testimonials.
5. Consumers are more inclined to trust firms that are easily reachable.
In business, relationships are critical. Consider this: people do not trust businesses, but they trust the people who manage them. A brand is just a reflection of the values and commitments that the people behind a company vow to keep. The studies have also proven that buyers are more inclined to trust firms that are honest about bad news or events.