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10 Facts About the Future of Owning an Ecommerce Business

10 Facts About the Future of Owning an Ecommerce Business
Technology is changing at the speed of light. Now we can check email and call people off our watches. To really take advantage of future trends you have to understand where the future of technology is going and how you can keep ahead of the trend. Therefore, being able to profit from it with your ecommerce business.
Obviously, common sense tells us that ecommerce businesses is where the retail sector is moving towards. One third of all ecommerce sales are now happening on mobile devices. While more and more shopping malls, brick and mortar stores, boutiques are going out of business because they can’t keep up with online shopping. Before shopping online from our computers was a convience like no other, but now you  must step up the game. You can be sitting in carpool and order your new swimsuit for your upcoming vacation from your phone. Shopping from anywhere at anytime is now possible with mobile devices.
“Mobile is now the primary access point to online retail for most consumers,” says Andrew Lipsman, vice president of marketing and insights at comScore. “As a result, retailers really need to rethink how they deliver their online shopping experience.” This chart by shows consumers now spend more time with online retail on smartphones and tablets than desktop and laptop PCs. Consumers do not have to be sitting at their PC to search or shop online – by using their hand-held devices their next purchase in the palm of their hands!
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Statistic reports, “The total value of retail e-commerce sales worldwide amounted to 1.08 trillion U.S. dollars in 2013 and is projected to grow to 2.48 trillion U.S. dollars in 2018. During this quarter, it was found that 15.4 percent of all retail e-commerce dollars were spent via mobile devices. In the first quarter of 2015, mobile e-commerce spending reached 10 billion U.S. dollars in the United States alone.”
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Know the Facts!

Here are 10 additional interesting facts about how mobile devices are broadening the reach of  an ecommerce business.
  1. 80% of internet users own a smartphone.
  2. Consumers use many different types of devises to shop and browse the internet. 91% use a PC/laptop, 80% use a smartphone, 47% use a tablet and 37% use a games console.
  3. In most recent quarter, mobile e-commerce spending surpassed 10 billion U.S. dollars for the second quarter in a row, reaching 11.1 billion U.S. dollars in mobile commerce sales.
  4. In the US the ecommerce annual growth rate is nearly 17% per year, social media and smartphones have supercharged its growth. By 2017 the annual revenue for online retail will hit $370 billion.
  5. By the end of 2017, U.S. mobile users will spend $90 billion via mobile payments, a 48 percent increase over the $12.8 billion spent in 2012. This shows you we are just on the cusp of where the mobile surge is going. That’s why we urge you to “get on the ban-wagon” now!
  6. Fifty-nine percent of U.S. smartphone owners have used their devices to research an item before purchasing it, compared to 65 percent for tablet owners.
  7. Eighty percent of mobile users’ purchasing decisions are influenced by the mobile channel, even though they may not use their devices to complete the final purchase.
  8. Mobile traffic to online stores is being influenced by social media. Consumers are using Facebook, Twitter, Instagram, Youtube, and other various social outlets to power their purchases. They see “friends” sharing and talking about products they use on social media which can lead them to purchase the same or similar products. This development should lead an ecommerce business to recognize the “social-fuelled” product discovery and begin their social ad targeting to reach customers.
  9. Research shows the most popular time to buy online is weekdays between 12-2pm and on Sunday evenings. Think about it, many people go to lunch from 12-1 pm or 1-2 pm, therefore, leading to the flux of purchases during that time!
  10. I am sure you are aware of this final fact, but I want to really bring home the importance of mobile devices to the ecommerce. Last year’s Hummingbird update done by google was a pivotal turning point for any ecommerce business as they made it very clear how important mobile is to the future of ecommerce. Websites that were not useable on a handheld device saw their ranking suffer. I hope this was not your ecommerce business!

Who’s shopping online?

Here are some interesting demographic statistics to give you more insight!
  • You would think it would be women who drive online shopping and trends in the market since they control up to 80% of the household spending. However, men spend nearly as much online as women. A STUDY CONDUCTED BY SEEWHY, showd that 57% of women made a purchase online in 2013, compared to 52% of men.
  • Men are also the ones who are more likely to purchase products via their mobile device. Men are more likely to make purchases on mobile devices – 22% of men made a purchase on their smartphones last year, compared to 18% of women.
  • Millennials ages 18 to 34 are the key age demographic for online commerce. They spend more money online in a given year than any other age group, spending approximately $2,000 annually. Even though, they have lower incomes than older adults. This shows that as the Millennials age and their incomes increase it is predicted so will their expenditures online!
  • Senior and Baby Boomer groups have also adopted online shopping via their mobile devices. An interesting fact, one in four mobile shoppers in the US is over the age of 55.

Go Mobile!

Ecommerce business owners must be aware of the constant movement and changes taking place in the online marketplace in order to stay current and prosper in the future!
If your ecommerce business is not taking advantage of mobile marketing you are already way behind the eight-ball. Any ecommerce business today needs to be mobile ready. Check out the new collection of mobile ready and responsive designed websites at Pure-Ecommerce.

View New Responsive Websites

RELATED ARTICLE: [Importance of Being Mobile-Friendly]
Sources: Smart Insights,  Infinity Technologies, Statista, CMO, Business Insider

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