The internet has provided a diverse platform for many forms of businesses to prosper over the years. The e-commerce community has taken advantage of the ever growing population of internet users to further expand their businesses. Majority of the consumers have shifted to online shopping as it is more convenient for them. Consumers can utilize the perks of online shopping for the purchase of electronic devices to clothing items either in the comfort of their own home or on the go. Smartphones and tablets have provided buyers with the ease to purchase items at their own convenience. Social media has given online shopping an enormous platform to grow and flourish. More and more consumers are gaining access to online stores due to exposure on social media platforms. Online shopping is slowly becoming a norm for many.
Studies have found that are 3.7 billion active internet users, out of these 3.7 billion, 46% of the users are estimated to be online shoppers. It is estimated that every third person in this world is likely to make an online purchase. 67% of the millennials prefer to shop online while only 33% favor shopping in stores. This ratio is significantly greater than their previous generation, generation X out of which only 56% purchased items via the internet. The conversion rate of online shopping websites has gone up significantly from 2.46% to 2.95% in 2016. It has been observed that desktops have a conversion rate three times greater than smartphones (4.14 and 1.55 respectively). The category which sold the most amount of items was found to be fashion, with travel coming at the second position and electronic taking the third. 49% of the women and 47% of the male population favor making digital purchases rather than traditional shopping methods. 41% of parents utilize the perks of online shopping while 49% of non-parents avail benefits of digital shopping. Out of all the consumers, 41% prefer to pay through PayPal, 31% opt for payment via credit cards, 18% pay through bank transfer while only 4% prefer cash on delivery.With digital shopping progressing at such a fast rate, it is expected that by 2019, the amount of online shoppers will reach a grand total of 224 million.
Simon Walker is an experience ecommerce consultant having experience of 7+ years in the ecommerce industry. He currently works at FME Dubai – a premium Magento web development company, which provides Magento consulting services to their clients across the globe. You can reach him on Twitter and Facebook.