Despite the staggering scale of ecommerce, it can be difficult to ascertain which businesses are leading the pack. Despite its relative newcomer status, Amazon still enjoys an impressive 26% share – a figure that’s been growing steadily over the past decade!
To put this into perspective, consider that Walmart currently has 40% of all U.S. ecommerce sales – not too shabby!
The statistics we’ve compiled here should provide you with an insight into the magnitude of retail’s most important industry. From recent market trends to conclusions drawn from extensive research data; we have everything you need to gain knowledge about what it takes for your business’ success on this front.
In the US, e-commerce is on a staggering trajectory, with nearly $1.5 trillion in sales occurring over the internet – and that’s no fluke!
The percentage of total retail sales that occur over the web has increased from an average of less than 8% up to around 22.7% in 2017. Despite this surge in e-commerce market share, brick and mortar still maintains its dominance with an astounding 58% of all sales being transacted offline.
Despite such staggering statistics, it appears that these figures are destined for an upward trajectory due to the aforementioned trend: consumers’ spending power is increasing more rapidly than ever before!
1. The mobile commerce market is growing exponentially and accounts for 34% of total ecommerce sales
Globally, the mobile commerce market has exploded over the past decade; it now accounts for $2.8 trillion in annual sales and an astounding 34% share of all online transactions! That’s a lot of commerce happening on our phones – and it seems like this trend will only continue to accelerate.
The majority of shoppers now conduct their business while on-the-go. By 2018, nearly half (49%) plan to do so by 2020 – up from just 32% last year! In addition, 60% of consumers say they want retailers who offer web and mobile commerce solutions that work well on any platform or device; yet only 36% currently have access to such options.
2. Clothing and accessories are the most popular items to buy online
In an effort to expand their ecommerce market share, retailers are investing heavily in this sector. And it’s no wonder why; clothing and accessories make up the majority of items purchased online.
According to a recent report by Forrester, apparel and accessory sales reached $587 billion during 2016 – a 14% increase over the previous year. And while this figure pales in comparison to food and drinks – which experienced growth rates of 35% and 43% respectively – it still represents a tremendous achievement for any industry!
Clearly, there’s a significant portion of the world that is ready to shop online. In fact, according to MasterCard Global Spending on Fashion 2018 study conducted by Forrester, close to four billion people across the globe own clothing or accessory items.
In the midst of a tumultuous time for ecommerce, it’s heartening to learn that consumers are still making a beeline for brick-and-mortar locations.
Though it may come as a surprise, figures from the Ecommerce Market Share Report demonstrate that consumers are still turning to brick-and-mortar locations for the purchase of certain items – even as more and more consumers continue their shopping online.
To grasp the ecommerce market share of your enterprise, simply multiply your company’s sales by 0.51 (that’s how much of the total sales pie is currently accounted for by ecommerce.