Ecommerce Statistics for 2024

Ecommerce (electronic commerce) has become vastly popular over the years for its convenience and global accessibility over the internet. Accordingly, online shopping carts and payment gateways revolutionized businesses and transformed the traditional retail industry.

So, with the help of superb online shops like Amazon and eBay, consumers now have access to millions of products on a global scale.

But how many users trust the digital form of shopping? What influences them to make a purchase? And how do fraud detection systems work? Don’t worry! The latest ecommerce statistics shed light on the top trends and help you discover valuable insights to build better strategies online.

As a result, the following article provides up-to-date stats to help you understand ecom opportunities for entrepreneurs and consumers alike.

Essential Ecommerce Statistics for 2024

Before getting bothered with the details, consider skimming through the exciting ecommerce statistics below for an overall peek at the data.

Here are the essential ecommerce statistics for 2023:

• Almost 20.8% of retail purchases will occur online in 2023.
• By 2026, 24% of retail purchases will take place online.
•  Ecommerce sales will grow by 8.9% in 2023.
• The global ecommerce market will total $7.4 trillion by 2025.
• Amazon hit 514 billion US dollars in net sales revenue worldwide.
• By 2040, 95% of all market purchases will be through ecommerce.
• Amazon, eBay, and Etsy are the most visited ecom websites.
• In 2020, $992 billion was spent on social media commerce.
• Social media commerce will reach $2.9 trillion by 2026.
• 96.9 million people in the United States shop on social media.

Impressive, right? Online shopping statistics point to its advantages over traditional shopping methods. But is there more to it? Let’s see.

General Ecommerce Statistics

Ecommerce offers the utilities to shop from anywhere, access a massive range of products, and compare prices to find better deals online.

Here are some general ecommerce statistics that hit hard:

1. Almost 20.8% of retail purchases will occur online in 2023

(Source: Insider Intelligence)

Although the ecommerce sale growth rate has decelerated since the pandemic, it’s slowly increasing and taking over more consumers.

Accordingly, the stats suggest that 20.8% of retail purchases will occur online in 2023, an 8.9% growth compared to the previous year.

2. By 2026, 24% of retail purchases will take place online

(Source: Insider Intelligence)

Similar to the previous section, data from Insider Intelligence indicates that the sale growth doesn’t stop there and keeps increasing.

Accordingly, by 2026, 24% of retail purchases will be online, as this method provides numerous advantages to businesses and customers.

3. Ecommerce sales will grow by 8.9% in 2023

(Source: Insider Intelligence)

Understandably, when more customers prefer shopping online, then businesses and online shops receive more orders over the web.

Accordingly, ecommerce sales have been growing over the past few years, and they’re expected to rise by 8.9% by the end of 2023.

4. The global ecommerce market will total $7.4 trillion by 2025

(Source: PayPal)

Ecommerce is a valuable long-term strategy, which is why more and more individuals and businesses turn to it to maximize international profits.

As a result, based on data from Insider Intelligence, the global ecommerce market will total a whopping $7.4 trillion by 2025.

5. Amazon hit 514 billion US dollars in net sales revenue worldwide

(Source: Statista)

Amazon has become one of the world’s largest online retailers, offering clients a wide range of products and technical services worldwide.

Accordingly, the platform hit 514 billion US dollars in net sales revenue, the highest worldwide, beating all the competitors to the side.

6. By 2040, 95% of all purchases will be through ecommerce

(Source: Nasdaq)

Ecommerce provides businesses with cost-friendly approaches and offers customers a more personalized shopping experience through technology.

So, it’s not surprising that by 2040, ecommerce will eventually take over the market, and 95% of all purchases will be through ecommerce

7. Amazon, eBay, and Etsy are the most visited ecom websites

(Source: SimilarWeb)

As mentioned, Amazon surpassed the ecommerce competition in 2022 and currently holds the title for the most visited ecom website.

But Amazon isn’t alone. According to SimilarWeb, eBay, Etsy, AliExpress, and Walmart are the next in line as the most visited ecom websites.

Ecommerce Statistics by Social Media

Ecommerce and social media channels have become the pillars of modern businesses that help build brand awareness and drive website traffic.

Here are some ecommerce statistics by social media that hit hard:

8. 25% of US shoppers consult social media before making a purchase

(Source: nChannel)

Social media platforms have altered how people communicate by enabling users to connect around shared interests globally.

As a result, based on data from nChannel, almost 25% of US shoppers trust and consult social media before making a purchase.

9. Stores with a social media presence receive 32% more sales

(Source: BigCommerce)

The ability to access millions of users worldwide will surely amplify your business sales, making it an essential marketing utility for all shops.

Accordingly, BigCommerce data suggests that stores with an active social media presence receive 32% more sales than those without.

10. 85% of orders from social media channels come from Facebook

(Source: Shopify)

Founded in 2004, Facebook has become the largest social media network, with +2.8 billion monthly active users worldwide.

Unsurprisingly, 85% of orders from social media sites come from Facebook, which offers an excellent presence for businesses.

11. 74% of users rely on their social networks to shop online

(Source: Kinsta)

Social media channels provide a convenient platform for businesses to spread video content that boosts sales and drives massive web traffic.

And that is why 74% of users rely on their social networks to shop online, as they can access valuable information on the company and the product.

12. 75% of Instagram users have taken action after seeing an ad

(Source: Locowise)

Another critical metric for businesses on social media is how actively users interact with the content spread through these channels.

Accordingly, 75% of Instagram users take action after seeing an ad, which is incredible statistics showing you can’t go wrong with IG marketing.

13. 40% of users make a purchase because of social media influence

(Source: Intuit MintLife)

Despite the many advantages of social media platforms, they often trick people into believing they should keep up with the latest trends.

Accordingly, almost 40% of users make a purchase because of social media influence without considering whether they need the product.

14. 86% of women reach out to social media for purchasing advice

(Source: Digital Marketing Institute)

According to data from Digital Marketing Institute, if you wish to reach more women on social media, you must find their favorite influencers first.

Because statistics show 86% of women reach social media for purchasing advice, and genuine influencer drastically impact their choices.

Ecommerce Statistics by User Behavior

The study of user behavior involves analyzing the actions and preferences of a business and helps develop better marketing strategies.

Here are some ecommerce statistics by user behavior that hit hard:

15. 57% of online shoppers admit to shopping internationally

(Source: PayPal)

Cross-border businesses have a great opportunity as shoppers are more likely to look beyond borders to shop online.

According to data from PayPal, 57% of all online customers surveyed currently shop internationally, pointing to the industry’s massive potential.

16. 48% of users abandon their cart due to additional fees like taxes

(Source: Baymard Institute)

Approximately half of online shoppers abandon their cart, according to Baymard Institute, when facing additional fees during the checkout.

The costs often include shipping, tax, and other additional fees, like customs, that have become the leading cause of abandoned carts.

17. 24% of users abandon their cart to avoid creating an account

(Source: Baymard Institute)

Users enjoy a clean and straightforward purchasing experience and avoid shopping on websites with too many additional steps.

According to Baymard Institute, 24% of users abandon their cart to avoid creating an account, making it crucial to offer a guest checkout option.

18. 22% of users cancel the purchase because the shipping is too slow

(Source: Baymard Institute)

Shipping is a crucial part of online shopping and can impact whether potential leads become customers on an ecommerce website.

According to Baymard Institute, almost a quarter of users cancel their purchases because the shipping methods are unsatisfactory or too slow.

19. 32% of surveyed US consumers buy things online once a month

(Source: Morning Consult)

As mentioned in previous paragraphs, online shopping is continuously gaining popularity due to its convenience for businesses and customers.

As a result, based on data from Morning Consult, 32% of surveyed US consumers buy things online once a month or less.

20. Credit cards are the preferred payment method in 53% of all transactions

(Source: Kinsta)

Customers look for smooth and hassle-free transactions, and their preferred payment method may vary depending on the business.

However, credit cards are the globally preferred payment method in 53% of all transactions, regardless of the nature of the business.

21. 76% of shoppers prefer to go to a physical store during holidays

(Source: GeoMarketing)

Ecommerce success rate derives from people not having enough time to leave their homes and shop store-by-store to find what they need.

So, during the holidays, when people are free, 76% of shoppers prefer to go to a physical store and enjoy communicating with others.

Ecommerce Statistics by Devices

Nowadays, smartphones are conveniently within reach, and consumers don’t have to wait to get home before shopping for something online.

Here are some ecommerce statistics by devices that hit hard:

22. 91% of customers make online purchases using their smartphones

(Source: Pew Research)

Smartphones play a critical role in our lives by bringing the utilities that make everything faster and more convenient.

Accordingly, based on data from a Pew Research study, 91% of customers make online purchases using their smartphones.

23. In 2023, 8% of all retail transactions will occur on a mobile device

(Source: Shopify)

Mobile devices grow smarter yearly and can take down many complicated tasks, including online transactions, without breaking a sweat.

As a result, according to Shopify, 8% of all retail transactions will occur on a mobile device, and the number’s expected to grow consistently.

24. Mobile marketing accounted for over $431 billion in sales in 2022

(Source: Statista)

Based on Statista, with the growing popularity of mobile commerce, retail sales in mobile marketing accounted for $431 billion in 2022.

And it doesn’t stop there! According to the same study, it will grow even further to 511.8 billion by 2023, 604.5 billion by 2024, and so on.

25. Tablet commerce sales should reach $62 billion by 2024

(Source: Statista)

Like mobile commerce, tablet commerce sales are also rising as these gadgets have proven more comfortable than desktop computers.

Accordingly, tablet commerce sales will grow to $69 billion in 2024 after reaching only $25 billion in 2018, facing a massive increase in popularity.

26. Mobile has the worst cart abandonment rate of all devices at 77.8%

(Source: OptinMonster)

There are dozens of reasons why users abandon their cart without making a purchase, like extra costs, slow shipping methods, etc.

According to a study conducted by OptinMonster, mobile phones have the worst cart abandonment rate among all devices at 77.8%.

27. CTRs from mobile apps are 3x higher than mobile websites

(Source: Marketing Land)

The click-through rate is a critical marketing measurement, and it shows the percentage of people who’ve clicked an ad among all who’ve seen it.

A higher CTR leads to better campaigns, and Marketing Land says CTRs from mobile apps are 3x higher than mobile websites.

28. 65% of users compare prices on mobile while in a physical store

(Source: KPMG)

Even if you don’t get away from shopping at malls, it doesn’t mean you can’t benefit from ecommerce websites to compare prices.

And based on KPMG, that’s what most people do! 65% of users compare prices on mobile while in a physical store to avoid getting ripped off.

Ecommerce Fraud Statistics

Online fraud is a severe issue that leaves businesses and consumers with billions of dollars in losses annually. But how can anyone prevent it?

Here are some ecommerce fraud statistics that hit hard:

29. In 2022, $41 billion went to waste to ecommerce fraud

(Source: Juniper Research)

Ecommerce fraud is a severe issue for digital businesses and online shops as scammers constantly develop utilities to put user safety at risk.

Accordingly, Juniper Research found that the total cost of ecom fraud will exceed $48 billion in 2023, from $41 billion in 2022.

30. 45% of US shoppers have committed return fraud or policy abuse

(Source: Riskified)

Return fraud is the act of returning a product to an ecommerce store for a refund or exchange, despite using or damaging the product.

According to a survey of 1000 customers by Riskified, 45% of US shoppers have committed return fraud or policy abuse.

31. The fraud detection market topped $36.89 billion in 2020

(Source: Fortune Business Insights)

Fraud detection and protection services utilize advanced technologies to identify and prevent fraudulent acts, a necessary cost for all businesses.

The global fraud prevention market is projected to grow from $43.97 billion worldwide in 2023 to $182.66 billion by 2030.

32. The average financial loss in an ecommerce scam is $96

(Source: Statista)

According to Statista, an average scam will cost a business $96, which can cause bankruptcy when it adds up to hundreds of occurrences.

So, fraud protection expenses are worth it. That way, you can provide a safer environment for you and your customers to conduct business.

33. Every $100 in scam orders results in $207 in losses to the business

(Source: Signifyd)

When someone steals a $100 product, it damages your business more by calculating wholesale, shipping, fulfillment, and chargeback costs.

According to Signifyd, every $100 in scam orders in 2023 results in $207 in losses to the business, emphasizing the importance of fraud protection.

34. The average ecommerce company uses five fraud detection tools

(Source: Cybersource)

Fraud detection tools consist of credit card verification, identity verification, two-factor authentication, 3D secure authentication, etc.

Accordingly, Cybersource suggests an average ecommerce company uses five fraud detection tools to avoid dealing with scammers worldwide.

35. 43% of ecommerce consumers have been victims of payment fraud

(Source: Sift)

Payment fraud occurs when scammers access sensitive payment information and use it to make unauthorized transactions online.

Sadly, 43% of ecommerce consumers have been victims of payment fraud, and from the victims, 62% have been targets of 2-4 attacks.

Wrap Up

Now you know a lot more! Ecommerce statistics point to the popularity of the online shopping system, its advantages, and the downsides. Accordingly, ecommerce aims to overpower physical shopping by providing cost-friendly utilities and maximum convenience for users.

Using the stats, businesses and individuals can safely opt for ecommerce shopping without worrying about risks at any level. So, keep up with the latest ecommerce statistics, build better marketing strategies, and enjoy shopping safely in the comfort of your home.

FAQs            

• What is the future of ecommerce in 2023?

Ecommerce has just started growing and has plenty of room for improvement. Accordingly, you can expect gradual growth in social commerce, subscription services, AR/VR, and shopping practices. By 2040, 95% of all market purchases will be through ecommerce, and retailers who stay ahead of these trends will be set for success.

• What is the most in-demand product in 2023?

According to stats from CloudWays, laser hair removal machines, portable car vacuums, seat cushions, baby swings, Matcha tea, eyebrow razors, phone tripods, and portable solar panels are among the highly trending products.

• Which is the most common incident of fraud in ecommerce?

According to Experian’s 2023 Identity and Fraud Report, payment fraud is the most common form of ecommerce scam, comprising 71% of all attacks. Identity fraud is next on the list as one of the popular methods cybercriminals use, either as the end goal or the precursor.

Sources

• Insider Intelligence
• Statista
• PayPal
• Nasdaq
• SimilarWeb
• nChannel
• BigCommerce
• Shopify
• Kinsta
• Locowise
• Intuit MintLife
• Digital Marketing Institute
• Baymard Institute
• Statista
• Morning Consult
• GeoMarketing
• Pew Research
• Shopify
• Statista
• Statista
• OptinMonster
• Marketing Land
• KPMG
• Juniper Research
• Riskified
• Fortune Business Insights
• Statista
• Signifyd
• Cybersource
• Sift