In case you’re keen in doing business online, it’s important to stay up to date with the most recent ecommerce stats, as we all realize that the most ideal approach to see any commercial sector is through hard facts and data.
We’ll begin with 99Firms’ eCommerce Statistics for 2020, which demonstrate that eCommerce is developing at a consistent rate everywhere on over the globe. In addition, specialists foresee that retail internet eCommerce sales will reach $4.13 trillion in 2020.
- It is expected that by 2040, 95% of all buys will be through eCommerce.
- The world’s quickest developing eCommerce market is China with an expected estimation of $672 billion out of 2017.
- The US has the most noteworthy eCommerce infiltration rates, with around 80% of all web clients making at least one purchase.
- The top motivation behind why individuals make online purchases is that they can shop at whatever point they need, all day, every day.
- Around 43% of eCommerce traffic originates from Google search (organic).
- Slow-loading websites see a deserting of 75%.
Financial Online’s “Information and Share Market Analysis for 2020” shows that eCommerce isn’t just flourishing in the B2C sector, but sales are likewise scaling in the B2B segment and can even grow out of B2C benefits before the end of 2020. Here are a couple of more interesting details from this report:
- It is assessed that around 35% of Google product searches are changed over into purchases inside 5 days.
- Around 51% of digital buyers direct purchases through their cell phones.
- Digital buyers are more likely to spend more on if they are provided with free shipping.
- Around 93% of online customers declared that the visual appearance of an online store plays a key factor in their purchasing choices.
- It is assessed that around 80% of online customers don’t make purchases from eCommerce sites that have problematic return policies.
- It is assessed that 85% of all items bought through social media platforms stages originate from Facebook.
As indicated by Statista, e-retail sales represented 14% of all retail sales around the world over and these figures are relied upon to continue developing and arrive at 22% by 2023.
- It is expected that mobile eCommerce retail sales will reach $3.5 trillion by 2021.
- In 2017, around 42% of online customers expressed that they like to pay with a credit card.
- Online stores that have an active presence via social media have 32% more sales.
- Generation X makes 34% out of the online shopping populace, followed by Boomers, who represent 31% of the online shopping populace. Around 30% of digital buyers are Millennial.
- Around 55% of all online customers said that online reviews affect their purchasing choices.
So, it’s reasonable – eCommerce is staying put. In any case, how can one begin? The initial step is to ensure you’re comfortable with the basics.
Types of eCommerce businesses
There are numerous approaches to classify eCommerce websites. You can categorize them as indicated by the products or services that they sell, the parties that they transact with, or even the platforms on which they work.
In this guide, we’ll look at all three angles to give you a clear picture of the types of eCommerce sites out there.
Classifying eCommerce business as per what they sell
We should begin with the products and services sold online. The following is a rundown of eCommerce merchants as per what they sell.
Stores that sell physical goods
These are your typical online retailers. Clothing, furniture, tools, and accessories are largely instancing of physical merchandise. Customers can purchase physical products through online stores by visiting the stores’ Websites, including things in their shopping cart, and making a purchase.
When the customer has made purchase, the store delivers the item(s) directly at their doorstep. There are additionally online stores where customers can make an online purchase then yet go to the store themselves to pick the items.
Beside items, services can likewise be bought on the web. Every time you employ instructors, specialists, and freelancers through online platforms, you’re doing business with service-based e-tailers.
The purchasing cycle for services relies upon the trader. Some may permit you to buy their services straightaway from their website or platform. An example of this comes from Fiverr.com, a freelance marketplace. Individuals who need to purchase services from Fiverr must submit a request on the Website before the seller delivers their services.
Some service providers, then again, expect you to connect with them first (for example book a consultation) to decide your requirements.
eCommerce transactions are directed through the internet, which is the reason, in the eCommerce business realm, items are typically referred as “e-goods”. The term digital products refer to all items that are in digital format including eBooks, online courses, software, graphics, and virtual goods.
Classifying eCommerce as per the parties involved
Looking at the parties participating in the transaction is another way in which eCommerce sites can be classified. These typically include:
- Business to consumer (B2C)
As the name suggests, the B2C eCommerce model represents to an exchange among businesses and individuals. B2C eCommerce business is the most widely recognized business model among both physical and online retailers.
Nike, Macy’s, IKEA, and Netflix are for the most part instances of organizations that participate in B2C ecommerce.
- Business to business (B2B)
In the B2B eCommerce model the two parties included are organizations. In this kind of transaction, one business provides the other with products as well as services.
Slack, a stage for correspondence between remote businesses, and Xero, a cloud-based accounting software for organizations, are instances of B2B companies.
- Customer to business (C2B)
The C2B business model represents a transaction in which individuals create value for businesses, unlike the traditional business-to-consumer model where companies are the ones that deliver value. Consumers provide companies items or services, co-operate on ventures, and eventually assist businesses with expanding their benefits.
Freelancer, an independent platform that connects remote workers and companies, is an example of an company that gets two parties to engage in C2B transactions.
- Customer to consumer (C2C)
C2C eCommerce happens when the two parties included are consumers that trade with each other. eBay and Craigslist are instances of online marketplaces where people buy and sell items to one another.
- Government to business (G2B)
The G2B eCommerce models happen when the government provides companies with goods and services. Government procurement, data centers, and e-learning are on the whole instances of G2B eCommerce.
- Business to government (B2G)
The B2G model refers to companies and businesses that provide goods and services to the government. For instance, OpenGov is an organization that offers governments cloud-based platforms for communication, reporting, and budgeting.
- Consumer to government (C2G)
Each time consumers pay on taxes, medical coverage, electronic bills, or request information concerning the public sector, they’re participating in C2G.