Are you a member of the press with a question about eMarketer? Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. Digital buyers frequently shop in both places. What Does This Forecast Mean for Brands and Retailers in China? Fuller. Youll also need some coding experience or knowledge to set up and configure your store properly. In some countries, the numbers are even higher; for example, digital shoppers in the United Kingdom spend over $4200/year on average. Invest in a knowledgeable support team that can provide personalized expert assistance and avoids giving scripted responses that make your companys consumer interactions impersonal. Retail ecommerce spending will grow slower than ever in 2022, as most of the world's largest markets face economic challenges. The COVID-19 global e-commerce surge was initially born out of necessity. Even if individuals arent using it specifically for shopping purposes, its still proving an effective channel for marketing. China is continuing to lead the pack when it comes to social commerce. Nevertheless, the average conversion rate on desktop devices is much higher than that of mobile devices, this difference indicates that many consumers use their mobile devices to window-shop before making a purchase on their desktop. Interestingly, mobile users have an even higher rate of abandonment. Business personalization is a top priority for many companies. If youre thinking about venturing into cross-border eCommerce, you must first mull over how much inflation affects different countries. With auction sites VakantieVeilingen and SlaJeSlag and deal site ActievandeDag, Talpa eCommerce (Emesa) makes online shopping more fun and exciting. As we mentioned, there are an estimated 4 million Shopify stores currently online, with 2.7 million of those being based in the US. Deals ruled the 2022 holiday . Investors are wondering whether they can look to emerging markets for strong performance over the short term or the long term. How do global retail giants stack up on their home courts? In 2022, ecommerce will make up 18.4% of total US holiday retail sales. 62.6% of total worldwide ecommerce sales take place in the Asia-pacific region. Let's get started. That will give it a 37.8% share of the US ecommerce market in 2022, a slight drop from the 38.0% it had last year. According to Litmus, for every $1 that marketers spend on email marketing, they receive 36$ back in return. Premium or paid loyalty programs have become a popular alternative to the traditional type recently. Consider the best Magento PWA examples on the market now, Top 15 Shopify Design and Development Agency to Look out for in 2023, Shopify Plus vs Bigcommerce Enterprise: Primary Pros and Cons, 15 Top Shopify Development Companies in the USA 2023 to Help You Getting Started, Best Progressive Web App Examples 2023 to Take into Account. People often think that localization must be an exhausting, black-or-white task (either every detail has to change for each country or its not worth the effort). 63% of millennials, 49% of Gen Xers, and 33% of boomers use social media for their online shopping (eMarketer, 2020). This provides us with some insight into how many stores are actively managed. If your brand has an international audience, providing multilingual chatbots can help you connect with them better. Amazon is currently the most valuable company in the world, with a worth of just over $1 trillion as of June 2022 (Statista, 2022). Additionally, 9% say they get irritated when having to repeat themselves during a live chat session. Mobile commerce keeps growing. What is Magento PWA studio and why businesses should use it for their eCommerce operations? If your primary marketing strategy is driving traffic through content for search engines, this platform is perfect for you. The subscription model is one of the most practical solutions for fulfilling recurring expenses. In Japanese and South Korean markets where cross-border commerce is lowest, this percentage rose to 41% and 36%. Forecasts say cross-border ecommerce will account for A 22% share of the ecommerce market by 2022 (Altman et al., n.d.) Source: eMarketer Ecommerce Benchmarks Statistics The data below highlightS recent benchmarks set in the ecommerce market, from the fastest-growing countries TO the most popular online stores and marketplaces. Interactive projections with 10k+ metrics on market trends, & consumer behavior. Source: Euromonitor, National Data Sources, Morgan Stanley Research estimates, Yes, You Can Be a Tech Innovator at Morgan Stanley. How do global retail giants stack up on their home courts? According to statistics, 92% of customers would abandon business after just two or three poor experiences. Lets dive deeper into these two eCommerce markets. According to Hubspot Blog Research, some of the most successful strategies for email campaigns are subscriber segmentation (78%), massage personalization (72%), and email automation campaigns (71%). A similar trend is also observable in Europe, the regions eCommerce market revenue has been expanding by 13.86% on a yearly basis. Even when they are, the pandemic has shown us that these networks are vulnerable to future events such as political instability, disasters, and changes in regulation. According to the data collected by Baymark Institute, 69.99% of shoppers abandon their carts on average. If you dont have social media accounts for your business yet, these eCommerce statistics showing the benefits of social media should convince you to create some. This year, macroeconomic pressures related to the war in Ukraine, inflation, and supply chain issues will all have a heavy impact on Amazons gross merchandise value growth. Interactive projections with 10k+ metrics on market trends, & consumer behavior. 2023Morgan Stanley. Global Ecommerce Forecast 2022 $1,995.00 Add to Cart Worldwide retail and retail ecommerce spending is expected to stabilize in 2022, after two years of unpredictable circumstances and. Internet use and increased connectivity are also significant drivers, particularly in emerging markets, where populations skew younger and spend more time online than their counterparts in developed markets. Global ecommerce sales are expected to reach $4.89 billion in 2021. Mobile ecommerce market was projected to amount to 41.6% of total ecommerce sales by the end of 2022, and 44% by 2025, slowly evening out the mobile commerce vs ecommerce ratio. Additionally, the population growth rate is quite higher in these countries than in Europe or North America. Though, developing effective loyalty programs takes a lot of work. Thats an increase of 9.4% over last year, the first time since 2009 that US retail ecommerce sales growth will dip into single digits. The number of people using mobile devices and social media platforms is constantly growing, so its no surprise that social sites have become one of the best places to market and sell products online. By 2024, mobile shopping will make up 44.2% of all eCommerce sales, so its a great way to stay ahead of the competition. Reliable data in simple displays for presentations and quick decision making. Expertise from Forbes Councils members, operated under license. 2022 (New York, NY) - Will Apple's entry into the buy now, pay later (BNPL) space upend the already competitive industry? While the fashion industry ranks second, it still generates revenue of $904.5 billion, making it promising for future years. Following Apple's privacy updates in iOS 14.5, cross-app data sharing is prohibited unless users choose to opt in. According to a recent industry report, e-commerce will account for 20.4% of global retail sales by the end of 2022, up from only 10% five years ago. By choosing eco-friendly ingredients, you can make your brand more appealing to sustainability-focused customers. One way to get started with omnichannel selling is by having a mobile-friendly website. By 2025, it is predicted that there will be around 564 million eCommerce users in Europe. However, we think that this number may not be accurate. This encourages 60% of consumers to make a purchase from the company. But shifts in consumer behavior during the pandemic have changed the way certain products are bought online, particularly in the automotive and grocery categories. Large numbers of e-commerce businesses emerge as the times require. Its online business will soar by 13.5% to reach $40.79 billion, giving it a 3.9% share of US online sales. How will you do it? Personalization also lowers customer acquisition costs. Overall US holiday season retail sales are expected to approach $1.30 trillion this year, compared to last year at $1.21 trillion. and each category can be broken out by country, region or by company. While their total cumulative spending power is lower than Baby Boomers, they make up for it by shopping online more frequently. Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. The global use of smartphones and tablets is increasing, which in turn is causing online retail to expand. Additionally, eCommerce stores are pretty good for turning visits into sales. Each platform offers its advantages and disadvantages, so its best to research all options before deciding which one suits your business needs. The slow loading speed of websites on foreign servers in China has a negative impact on both conversion rates and search engine rankings. Here are five DTC e-commerce trends to watch in 2022. Developing a mobile app for your customers provides them with a better shopping experience and will result in more eCommerce sales. Amazons struggles give Walmart an opening, What happened this holiday season and what to expect from earnings, Amazon Fashion teams up with Rent the Runway on resale, Spiking holiday returns could lead retailers to adjust their policies, What retailers need to know for 2023 in 5 charts. In other words, the e-commerce space is. With WooCommerce, you need a hosted website as well as WordPress installed. A major goal for any eCommerce website is to turn browsers into buyers. With options like Magento, Shopify, or WooCommerce, its hard to know where to start. eCommerce Statistics For 2022: Growth and Trends To Watch. But thats not all. In contrast, eCommerce sales have an annual growth rate of 13%. With the increasing popularity of online shopping, businesses have a chance to start selling their products through an eCommerce store. $280. Ecwid vs Shopify Comparison: Which Solution Should You Choose? That propels ecommerces share of total US retail sales to 15.0%up from 14.6%, where it sat for the last two years. Do not turn away potential customers only because your site does not have their preferred payment method. The Daily: Influencer Marketing by Platform and Tier, Luxury Ecommerce, and Out-of-Pocket Drug Costs | Sep 6, 2022: On today's episode, we discuss what brand new forecasts the forecasting team cooked up in Q2, including influencer marketing spend by platform and tier, luxury ecommerce, and US prescription drug sales. WordPress has many social media plugins that you can install to let visitors share your products and content. WHATS IN THIS REPORT? See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. Try implementing some of the following best practices: mandatory signups, support of multiple digital payment methods, exit-intent popups. Not only does this show that reviews are an essential part of shoppers decision-making process, but it also suggests that buyers have a high level of faith and trust in their peers opinions. With a voice assistant, users can control mobile gadgets without needing to type, making it more accessible for everyone. E-commerce in South Korea could increase to 45% in the next five years, driven by food delivery and same-day options. High-profile retailers are shuttering stores, but that doesnt mean a broader retailpocalypse is IRI integrates with Meta in bid for incremental shopper marketing dollars, Deals ruled the 2022 holiday shopping season, Lululemon, Macys, and Chicos lower their Q4 outlooks, Amazon layoffs multiply, indicating continued strife in tech sector. Growth rates will not go negative, however, and some parts of the world will do just fine. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. By posting short videos about your products, you dont have to rely on online ads to attract potential customers or retain existing ones. With the pandemic driving record numbers of deliveries in 2020 and 2021, there are now 6.3 billion tons of plastic waste globally. To get ahead of future trends in eCommerce, marketers should start offering popular and alternative payment options on their sites. Online retail sales amounted to 4.9 Trillion U.S dollars worldwide. Recently, live shopping has surged in popularity, particularly in China. Global retail e-commerce revenue 2022, by region. But the growth there isnt done. After a two-year e-commerce boom driven by unpredictable circumstances and unusual growth patterns, it seems online spending is expected to stabilize in 2022. In fact, Morgan Stanleys industry model, along with other data, suggests that e-commerce will continue to gain traction, even in countries where online shopping is already popular. By 2025, 4.6 billion people will use email, making it one of the most critical digital marketing channels. In the UK, ecommerce sales will make up 36.3% of total retail sales in 2022. The COVID-19 pandemic drastically changed eCommerce trends worldwide. Even though Chinese companies can enter western markets, advertising and social content via Facebook, Instagram, YouTube, and Google are unavailable in China. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. In fact, today over 67.2% of all online transactions happen on a mobile device. Equity dilution is also a common concern among founders who didn't opt for angel investments or venture capital. By touches we mean every interaction between the customer and the company, here are some ideas to get you started: CouponFollows survey results show that approximately 47% of shoppers have used voice commands to make an online purchase, with 58% satisfaction rates. Collectively, these six e-commerce companies accounted for 58 percent of the global e-commerce market. If you still have questions or need assistance developing an eCommerce business, please contact our experts for advanced consultancy services. As of October 2022, approximately 163.590 active eCommerce sites online are powered by Magento 1, and almost 100.000 are powered by Magento 2, which accounts for close to 0.9% of all online stores worldwide. Updated 2023, Check out the comprehensive eCommerce SEO checklist to optimize your site. CRM provides business owners with a greater understanding of their customers needs and behavior. That number comprises the worlds top million websites. eMarketer expects worldwide e-commerce sales to exceed $5 trillion for the first time this year. The precise number was removed in April 2017 and the highest figure listed is for active installs. In-depth analysis, benchmarks and shorter spotlights on digital trends. By 2022, 62% of US adults will be using voice assistants. eMarketer recently found that in the US alone, the DTC ecommerce market grew from $36.08 billion in 2016 to $128.33 billion in 2021 - a gain of nearly $100 billion in just five years. Our latest forecast for Chinas retail sales, retail sales by product category, retail ecommerce, livestreaming ecommerce, grocery ecommerce, digital buyers, and ecommerce by company. According to Invesp, by 2020, 50% of searches will be voice searches, and Voice Shopping is expected to reach $40 Billion in the US by 2022. It removes the language barrier that can prevent customers from getting the support they need. This difference can be linked to the fact that older generations have more disposable income and can afford to make purchases without hunting for bargains. Its important to remember that 79% of customers are no longer interested in collecting points. The future success of your company may depend on it. In addition, there is a clear correlation between gender and buyer behavior, which is most evident when looking at the categories of products that are most often purchased online. After all, 61% of consumers are more likely to buy from brands that engage them. mobile commerce will drive almost 50% of those e-commerce sales in 2022 . Follow eMarketer on Flipboard, to explore their latest magazines and flipped articles. On the other hand, older generations prefer options like credit cards or cash-on-delivery. With 59% of online shoppers using the site to find reviews, not being listed means potential customers could simply move on to your competitor. Co-founder and CEO of Choco Up, one of Asias leading revenue-based financing and growth platforms. Retail ecommerce spending will grow slower than ever in 2022, as most of the worlds largest markets face economic challenges. In fact, its estimated that by 2025 there will be nearly 108 million social buyers in America and retail social commerce earnings will amount to approximately $80 billion. The Way Forward: Planning Ahead To Prepare For Growth. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. . (3) 7. Which countries and regions will lead the world in ecommerce growth this year, and which will stagnate? Only about a third of social network users 65 and older have made at least one purchase via social channels. With more people owning mobile devices, there is a larger opportunity to turn website visits into purchases and increase brand awareness. Use the following statistics to help you design the best eCommerce marketing campaign possible. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. Given this concern, it would benefit you to look into the inflation rates of the countries you have in mind and potentially adjust your pricing strategy based on what you find. When reviewing the development in 2022, DHgate also shared market trends for merchants to observe and follow during an uncertain time. Amazon's share as a retailer is 17%. WooCommerce is Shopifys main rival and holds the top spot overall with 24% ownership of this profitable market (Source: Buildwith). According to eMarketer data, Amazon accounted for 41.4% of all U.S. e-commerce sales in 2021. eWallets (including mobile payments, like Apple Pay). According to an estimate, the CRM market size will reach $128 billion by 2028 and grow at a rate of 12% annually. As the past year draws to a close, this article highlights three e-commerce trends to watch in 2022. E-Mail Chart Download KEY STAT: Auto and parts, and food and beveragetwo categories with historically low levels of online purchaseswill be the fastest-growing product categories in ecommerce this year. Magento is one of the most popular eCommerce platforms available and its success is attributed to a high level of usability as well as customization options. AI technologies are based on human intelligence, which allows businesses to give customers more accurate and helpful results. Furthermore, many businesses want to use Woos great SEO features to improve their ranking on search engines and generate more traffic and sales. 1. Methodology The goal of this activity is to improve customer experience. The go-global movement is echoed by consumers. According to eMarketer, that figure will reach the $1.67. Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry, included at no extra cost. Its popularity is showing no signs of dying down and further predictions anticipate that it will reach nearly $3 trillion by 2026. 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