Ecommerce sales statistics give you insight into the online purchasing habits and trends of consumers. They can also be used to make strategic business decisions that align with evolving consumer expectations and market conditions.
In 2023, retail ecommerce sales reached an estimated 5.8 trillion dollars worldwide. That number is expected to rise significantly over the next several years.
The Basics
Ecommerce, or electronic commerce, is a massive ecosystem of technologies and digital platforms that make buying and selling products online possible. It includes everything from websites and ecommerce sales apps to payment solutions and ad platforms.
E-commerce sales have quickly surpassed brick-and-mortar shopping for many retailers. It’s no surprise, considering that it’s cheaper and more convenient to sell products through digital channels.
The internet is a global marketplace, and every minute millions of people log in to browse for information, download music, shop or buy online. Despite some unique challenges, it’s also one of the best opportunities for businesses to reach a global audience and maximize their revenue potential.
As with any business, there are a lot of things that need to come together in order for a company to run smoothly. It’s important to keep track of a variety of metrics in order to identify issues and opportunities. These seven ecommerce sales metrics can help you stay on top of your game.
Benefits
Ecommerce is a powerful business tool that can provide many benefits for both businesses and consumers. It offers customers a wide variety of products and services, while allowing businesses to reach new markets. It can also save time and money on shipping costs.
For customers, ecommerce is convenient because they can shop anytime from the comfort of their homes or offices. They don’t have to deal with traffic jams or finding a parking space, and they can avoid pushy salespeople. It is also possible to compare prices and sellers and there are many tools available that can help them find the best deals.
Another benefit of ecommerce is that it is open 24/7, unlike traditional stores. This means that shoppers can buy your product at any time, which is especially useful during times of bad weather or economic or health issues when people are stuck in their homes and can’t go shopping. This makes ecommerce an ideal selling platform for both large and small businesses.
Implementation
Getting the most out of eCommerce sales requires careful planning, scoping and implementation. This involves choosing the right digital commerce platform that is compatible with your current systems, scalable and can create experiences appropriate to your business. The right platform can also help you automate and streamline processes to support internal adoption, facilitate strong ROI and ensure long-term sustainability.
As shoppers make their decisions online, they often compare prices and product information from multiple sources. This is why it’s important to provide clear, accurate product information that helps consumers choose the best options for their unique needs.
The right eCommerce strategy will help you grow your business despite economic challenges. A well-crafted plan can include tactics like boosting cart conversion rates, using upselling and personalization to drive average order value and improving SEO to improve discoverability. It may also involve leveraging email to deliver targeted messaging that generates greater engagement. This is an effective way to build trust, confidence and anticipation in your customer base.
Tracking
Ecommerce sales data is critical to the success of an online store. This information helps companies set realistic goals, identify revenue drivers and measure the effectiveness of marketing campaigns.
For example, average order value (AOV) reveals how much customers spend on a single transaction and can help you determine the right amount to budget for acquiring new customers. It’s also useful for calculating customer lifetime value (CLV) which is the total amount of money a company could make from a particular customer over their entire relationship with the brand.
Moreover, by analyzing customer shopping behavior, brands can pinpoint obstacles that prevent visitors from progressing down the funnel, such as confusing navigation or slow-loading pages. By identifying metrics and KPIs that directly impact business objectives, marketers can shut out all the noise and focus on what matters most. Ultimately, this approach streamlines the entire sales process. Unlike GA, which only tracks events, Google Analytics 4 includes Enhanced eCommerce tracking as standard. Once enabled, this data will appear under the Views menu in your Google Analytics account.