E-commerce is the process of buying and selling goods or services online. It has become a huge industry that is transforming the way people shop, work, and live. E-commerce offers many benefits for consumers, such as convenience, variety, lower prices, and personalized experiences. It also creates opportunities for businesses, such as reaching new markets, reducing costs, increasing efficiency, and enhancing customer loyalty.
But how big is e-commerce really? What are the current trends and challenges in this sector? And what are the future prospects for e-commerce growth and innovation? In this article, we will answer these questions by looking at some of the most interesting and relevant e-commerce statistics for 2023.
General E-commerce Statistics
• Global e-commerce sales are expected to reach $4.89 trillion in 2021, up from $3.53 trillion in 2019. This represents a compound annual growth rate (CAGR) of 17.7% from 2019 to 2021.
• E-commerce sales make up for 10-11% of all US retail sales, up from 7.3% in 2015. This share is projected to increase to 14.5% by 2025.
• Almost 60% of all online shopping carts are abandoned, meaning that customers leave the website without completing their purchase. The main reasons for cart abandonment are high shipping costs, long delivery times, lack of payment options, and security concerns.
• Mobile commerce contributes over 67.2% of all online sales, up from 52.4% in 2016. Mobile commerce is expected to grow at a CAGR of 25.5% from 2019 to 2021, reaching $3.56 trillion in 2021.
E-commerce Statistics by Sector
• Total e-commerce shipments of US manufactures were $3,887.6 billion in 2019 down 2.1% from $3,969.9 billion in 2018. E-commerce shipments were 67.8% of all manufacturing shipments in 2019, up from 67.4% in 2018.
• Revenue from electronic sources for service industries in the US was $1,295.3 billion in 2019 up 13% from $1,145.9 billion in 2018. Revenue from electronic sources was 7.6% of total revenue for service industries in 2019, up from 7.1% in 2018.
• Sales from e-commerce for US retailers were $578.5 billion in 2019, up 14.3% from $506.1 billion in 2018. Total sales increased by 3% to $5,411 billion in 2019 from $5,253 billion in 2018 E-commerce sales were 10.7% of total retail sales in 2019, up from 9.6% in 2018.
• Total e-commerce sales for merchant wholesalers in the US were $2,873.1 billion in 2019, up 2.9% from $2,793 billion in 2018. E-commerce sales were 33.3% of total merchant wholesaler sales in 2019, up from 32.4% in 2018.
E-commerce Statistics by Dropshipping
Dropshipping is a business model where a retailer sells products online without having to stock or ship them. Instead, the retailer transfers the customer orders and shipment details to a third-party supplier, who then fulfills the order and delivers the product directly.
Dropshipping offers many advantages for e-commerce entrepreneurs, such as low startup costs, low inventory risk, high scalability, and flexibility.
Here are some statistics about dropshipping:
• Dropshipping accounts for about one-third of all online stores, making it one of the most popular e-commerce business models.
• Dropshipping generates about $85 billion in annual revenue worldwide, which is about 17% of all e-commerce sales.
• The average profit margin for dropshipping is around 15-20%, depending on the product niche, supplier quality, and marketing strategy.
• The most popular product categories for dropshipping are fashion accessories, home and garden products, electronics, and beauty products.
Conclusion
E-commerce is a dynamic and fast-growing industry that offers many opportunities and challenges for both consumers and businesses.
As technology advances and consumer preferences change, e-commerce will continue to evolve and innovate.
Knowing the latest e-commerce statistics allows you to stay ahead of the curve and make informed decisions for your online business.
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