Five Statistics that Illustrate the Wisdom of Getting into Online Retail

Online shopping has grown from an idea that nobody thought could ever work to a multi-billion-dollar industry that shows no signs of slowing down. Everyone from the local used bookstore owner to the multinational conglomerate is using online retail to augment their sales. But like just about everything connected to the internet, online retail is changing constantly.

Today you have to understand more than simply how to make sure your payment gateway integration is compatible with your web platform, though that helps too. To give you a better idea of just how much online shopping has impacted our world of commerce we have compiled a few interesting statistics.

A Better Deal

One of the big drivers for online shopping today is that many shoppers believe they can get a better price online than they would if they bought the same thing in a physical store. In fact, a whopping 71% believe this, which is a huge percentage of shoppers.

Browsers are Shoppers

When we go online we do more than just read blog posts and look at cute cat pictures. It turns out that 80% of those folks that head to the internet also do their shopping there. A recent survey showed that not only did over three quarters of those who go online buy something, but half of them have bought online more than one time. So, this is a trend that is definitely moving into bigger numbers.

Quarter to Quarter Growth

Looking at statistics for 2013 and 2014, we saw a 13% increase in online sales from one year to the next for that quarter. I am pretty sure if we had numbers for 2015 and 2016 that number would be even higher. What is even more interesting is the huge growth in mobile sales.

As we find that many young consumers don’t even bother to own a computer, they do it all on their phone, mobile sales are climbing through the roof. They grew 35% in the same time period, with mobile sales representing almost 40% of total online sales.

Cyber Monday

This is of course the biggest shopping day on the net. But did you know that the stats for 2013 showed it to be $1.7billion was spent that day in 2013? Since online sales continues to grow, I would imagine that the Cyber Monday sales for 2017 will be out of this world. It is just a matter of time before online sales for Cyber Monday outpace offline sales for that season.

Comparison Shopping

This is a growing trend and in fact has gained so much attention that Amazon has been looking into created a program that doesn’t allow shoppers in their recently purchased Whole Foods stores to comparison shop online while in the stores. While that may only be a rumor at this point, it does show that offline stores are all to aware of the growing threat of online comparison shopping.

Right now, a little over a third of shoppers will spend at least a half hour online, comparing prices, before they make a purchase. As more of the Gen X shoppers get their credit cards expect to see that number grow.