Digital Commerce 360’s Post

I just came across this fascinating chart showing the projected growth of worldwide retail ecommerce sales over the next few years. The numbers are pretty staggering! 📈 In 2021, ecommerce sales totaled $4.9 trillion globally, accounting for about 19% of all retail sales. But by 2027, ecommerce is projected to more than double to $8.1 trillion and make up nearly a quarter of total retail sales worldwide. That's huge! The growth rates are particularly eye-popping in the next couple years, with over 20% year-over-year growth expected in 2023. Of course, a lot of this shift was accelerated by the pandemic forcing more people to shop online. But it seems clear the momentum towards ecommerce is only going to continue building over time. As someone who works with retail brands on their digital strategies, I know firsthand how important it is to invest in your ecommerce capabilities to stay competitive in this rapidly changing landscape. Building a great online shopping experience for your customers is no longer a "nice-to-have" – it's essential! I'm curious to hear what others are seeing in the market – does this data align with the ecommerce growth you're experiencing in your business or industry? How are you adapting your strategies to capture more online sales? Let me know your thoughts in the comments! And if you found this post valuable, please consider giving it a like or share. Let's keep the discussion going! #ecommerce #retail #ecommercegrowth #ecommercesales

The United States ranks as the second-most successful nation in eCommerce sales, showcasing remarkable growth in the digital marketplace. Between 2020 and 2023, the penetration rate of eCommerce in the US has impressively doubled, reaching an overall rate of 35%. This surge reflects a significant shift in consumer behavior, with more Americans turning to online shopping for its convenience, variety, and often competitive pricing. This trend highlights the increasing importance of digital strategies for businesses aiming to capture and grow their market share in the US, underscoring the dynamic nature of the eCommerce landscape. #eCommerceGrowth #DigitalMarketplace #USRetail #OnlineShoppingTrends #MarketPenetration

🚨 Calling all retailers! 🚨 As part of a wider report we’re putting together NOVOS | eCommerce Agency of the Year for the end of the year, we want to hear about the key challenges you faced in 2024 and what you anticipate in 2025 including areas like paid budgets, customer acquisition, churn, social commerce, organic growth and more! We’ve created a short 10-question survey and would really appreciate your insights! https://lnkd.in/dzD9jsjA Please be assured all responses will remain anonymous 😊 Thank you in advance! #retailinsights #ecommercetrends #businessgrowth #retailchallenges #ecommerce 

Q4 2023 #ecommerce sales in the US grew at its slowest Q4 rates to date, according to this Digital Commerce 360 analysis of U.S. Department of Commerce data. 👉 In Q4 2023, U.S. ecommerce sales accounted for 23.5% of total retail sales. (excl food and auto) 👉 Q4 ecommerce growth remained effectively flat compared to year ago levels. 👉 Q4 2023 marks the slowest Q4 ecommerce sales growth in the U.S. since 2008 at the peak of the Great Recession. 👉 Including all retail and food-service sales, U.S. ecommerce accounted for 15.6% of total sales in Q4. Of course, the statutory warning with these charts is about the definition of "ecommerce sales" which typically only takes into account sales that originated through an ecommerce channel and not where that demand was fulfilled nor where it was generated. Also important not to jump on the bandwagon that ecommerce is in decline, as it continues to experience growth at rates higher than the broader industry. None the less, retailers who overestimate the impact of #digital or physical in their operations do so at their own peril.  Link in comments. #retailing #commerce #onlineshopping #stores #consumerbehavior #unifiedcommerce

🛍️ Did you know? The average cart abandonment rate for online shopping… Exceeds 72% in 2024, according to a recent Baymard Institute Study. With more than 7 out of 10 online baskets ditched before the purchase is completed, this represents a massive challenge to eCommerce operations. How to better understand customer behaviors and get them over the finish line? That’s what eCommerce analytics can help you answer! Discover how in our latest blog: https://lnkd.in/e5jSYYkU #eCommerce #Sales #Retail #DataAnalytics

Let's say your store's conversion rate is 3% – is that good? How does that compare to others stores in your category? That parts always been a bit tricky. Today that changes with Tabby Benchmarks. Now you can compare your ecommerce metrics to +3,500 stores like yours in the Middle East. Find out what good performance looks like in average order values, return on ad spend, conversion rates and more. You can view the data by size and category, giving you a clear, actionable view of how your store measures up to businesses just like yours. https://lnkd.in/dqJ92G28

The achievement of $271.7 billion in U.S. retail eCommerce sales in Q3 2023 underscores the robust and growing influence of online shopping in the retail sector. This significant figure highlights the continuing shift in consumer purchasing behaviors towards digital platforms, driven by the convenience, variety, and often competitive pricing offered by eCommerce. For businesses, this trend emphasizes the critical importance of having a strong online presence, optimizing eCommerce strategies, and ensuring a seamless customer experience to capitalize on this expanding market. The data reflects the vital role eCommerce plays in the U.S. economy and the need for retailers to adapt and innovate in this dynamic digital environment. #EcommerceGrowth #RetailTrends #DigitalEconomy #OnlineShopping #BusinessStrategy

This is how real e-commerce industry benchmark report should look like 😎

We follow conversion rates among North America’s top online retailers every year. In 2023, things got more challenging. However, there are approaches that are working. High-level takeaways here: