KEY STAT: Chinas ecommerce sales will increase by 9.1% this year, the lowest growth since we began our tracking in 2008. You can do this by employing conversion rate optimization, or CRO. Yet, your business must have recurring revenue in order to use revenue-based financing. In parts of Southeast Asia and Latin America, for example, e-commerce could grow 17% and 20%, respectively, over the next five years and compound annually. At Morgan Stanley, giving back is a core valuea central part of our culture globally. What is the outlook for total retail, ecommerce, and mcommerce sales worldwide in 2022? After an update is released for the WooCommerce plugin, there are around 400,000 automatic downloads. In order to create more personalized campaigns and shopping experiences for your customers, you need accurate data. This means that a company does not have to invest in translating its whole site from the beginning. Opinions expressed are those of the author. This is part five in an ongoing series. Inadequacy of funding, for one, would limit growth opportunities. eCommerce marketing has changed a lot over the years. Douglas Clark It is more important to focus on getting heavily used areas of the site perfect: headlines, product titles Once youve gotten some traction with your original language content, then it would make sense to do full-scale translation using a native copywriter and localized idioms. Having an active presence on social media helps with branding, customer experience, and overall sales. However, this isnt the case. 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, 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com, Southeast Asia Ecommerce Forecast Update 2022. Conversely, eBays ecommerce business will contract by 7.6% in 2022, reducing its sales to $36.69 billion and equating to 3.5% of US ecommerce sales. To put this into perspective, more than a third of the time that internet users aged 16 to 64 spend online is spent on social media. This is because bigger-budgeted enterprises are more likely to have custom or enterprise solutions. Thats why we see such high rates of retail eCommerce sales growth in regions like Latin America, South East Asia, India, and China. Female shoppers, on average, buy online 7 times per year compared to men who only make online purchases 5 times a year. JD.com offers a quick and efficient way to get your products from the US to China, with cargo flights transporting goods from its warehouses straight to customers doorsteps. To compete with online DTC brands, some larger retailers will choose to emulate them. Hopefully, this article has helped you understand the state of the industry and where it is headed. That propels ecommerces share of total US retail sales to 15.0%up from 14.6%, where it sat for the last two years. Incisiv a famous data-analytic company reports that almost 90% of shoppers who switched to online buying last year plan on continuing their eCommerce habits for at least six more months. And while inflation concerns would seem to contradict this, consumers spent $2.8 billion in added cost from January to March, according to Adobe Analytics. The growth of the retail market largely relies on population expansion and, to a lesser degree, changes in consumer behavior. Social Commerce Is Also Popular in Asia-Pacific Regions A major goal for any eCommerce website is to turn browsers into buyers. That number comprises the worlds top million websites. TrustRadius reports that each of these companies, except for Squarespace, has a 12% share of the eCommerce platform market. Clothing, shoes, and jewelry follow at a close second with 36%. In fact, 81% of traditional loyalty members would be willing to join a premium loyalty program if the included benefits were valuable enough. 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. With physical stores forced to close, customers started buying everything they needed online. If eMarketers predictions are accurate, in 2021 Chinese social commerce sales will surpass $350 billion, which is 10 times the amount of US sales. Free shipping is particularly effective in reducing online shopping cart abandonment on mobile and desktop devices. China and the United States hold the top two positions for retail eCommerce sales. Below are some essential stats that you need to capture to take insights from your customers. Insights eCommerce Best Practices eCommerce Statistics For 2022: Growth and Trends To Watch. eCommerce currently accounts for about 21% of all retail sales, and this number is only increasing. Electric Vehicles: During 2022 in the US, as auto sales dropped 8% on a year-over-year basis, Tesla's sales increased ~49%. While only 30% of US consumers report purchasing goods through social platforms, nearly half of Chinas consumers already shop on social, generating more than $351 billion in sales in 2021. Here are the top three retail technology trends we see as we enter another growth year of e-commerce. More traditional retailers will go DTC. For decades prior, the three main pillars holding up Supply Chain Management were: globalization; low-cost supplies; and minimizing inventory. Fortunately, there are tools like Google Analytics that can help you do just that by monitoring various website statistics. That is a five-time increase compared to the same period in the prior year. In 2020, smartphone users spent 24 additional minutes daily on their mobile phones, compared to 2019. The least successful markets are luxury handbags and home furniture, which have average conversion rates of 0.6%. The number of online sales and their values are increasing. Unfortunately, only a dismal 15% of eCommerce shoppers are satisfied with product delivery speeds. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Customers often use multiple channels when shopping, and sometimes they end up making online purchases even as they stand in line at a physical store or use smartphones as shopping assistants in stores. Exportable files for easy reading, analysis and sharing. More than 30% of internet users have used a voice assistant for product information or purchasing products. Closely following in third is the United Kingdom, with a 4.8% share of total global retail eCommerce sales. For investors, this means the e-commerce boom will likely continue, offering opportunities for gains across multiple businesses, regions and verticalsand at a time when recent stock valuations dont necessarily reflect that growth. If we look at the current population of 8 billion people, that means 27% of them are digital buyers. The pandemic-driven two-year ecommerce boom of 2020 is set to decelerate considerably this year. Interactive projections with 10k+ metrics on market trends, & consumer behavior. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. Five eCommerce markets are predicted by eMarketer to remain in the top positions until 2025, and these have remained unchanged since 2018. mobile commerce will drive almost 50% of those e-commerce sales in 2022 . . Weve also provided suggestions on how to use each statistic for increased returns. Furthermore, 40% claimed they dont make purchases on websites written in other languages. And its not just one platform that people are using; the report shows that each month 7.5 different social media platforms are visited by users. Evidently, e-commerce companies are poised for growth and challenges ahead. . In the United States, its estimated that Americans spend one-third of their waking hours looking at their phones, much more than other averages. The days of perennial standout ecommerce growth in China are over. In contrast, the percentage of total retail eCommerce sales looks brighter than the growth rate when the global eCommerce market is expected to reach 5.717$ by the end of 2022, as seen in the chart above. Recently, live shopping has surged in popularity, particularly in China. Regular re-evaluation of available data means the forecasts reflect the latest business developments, technology trends, and economic changes. Based on Tidios chart, you can see that Amazon Shopping is the most popular mobile commerce platform available on iOS. . In only 2020, Amazon recorded an immense 3.6 billion visitors to its site. Reliable data in simple displays for presentations and quick decision making. In fact, a recent survey revealed that 76% of online shoppers have made purchases on a site outside their own countries. The voice search market is expected to grow 23.7% annually, increasing from $11.21 billion in 2022 to $49.79 billion by 2029. 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. Women also make purchase decisions 7% faster than men. Staying up-to-date with the eCommerce industry is essential to navigating this market effectively. Most businesses get help and assistance through social media channels. Many shoppers prefer to chat with a live person while theyre shopping, so its important to provide an excellent live chat experience in your store. eMarketer Looks At Trends For 2022. For online purchases, we recommend offering these transaction methods: Providing an alternative payment scheme, such as BNPL, can give your business a competitive edge. If you want to stay ahead of your competition, its crucial that your marketing campaign is on point. 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. According to the data collected by Baymark Institute, 69.99% of shoppers abandon their carts on average. With this eCommerce solution, shopping is not only limited to desktops, laptops, and mobile devices. Even though global e-commerce amounted to $3.4 trillion in 2019, this figure is estimated to reach $6.5 trillion by 2024 as the growth in e-commerce will outpace growth in physical retail. Online shopping has become widely popular only within the last few years, with more consumers choosing to shop online than those who stick to physical stores. Total annual retail e-commerce sales in the US are slated to surpass the $1 trillion mark for the first time, in 2022. This is the first time we're projecting a decline in Amazon's US ecommerce share, on the heels of Amazon's first ecommerce quarterly decline in seven years and conservative guidance from the company for Q2. In-depth analysis, benchmarks and shorter spotlights on digital trends. 38% of people are afraid of overloading their credit cards, so Gen Z and Millennials instead choose to use debit cards when shopping. 1. 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, 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com, Southeast Asia Ecommerce Forecast Update 2022. But as consumers began shopping in person again, investors started to ask: Was the Covid-bump a one-and-done deal, or could e-commerce growth continue? Did you know that 97% of online shoppers who read customer reviews also look for responses from the company? The pandemic resulted in a huge jump in. With more people owning mobile devices, there is a larger opportunity to turn website visits into purchases and increase brand awareness. Most of these stores use Woocommerce or Shopify as their platform. According to eMarketer, in 2021, e-commerce retail sales reached nearly $5 trillion worldwide and are projected to reach nearly $7 trillion by 2024. In the US alone, volume is expected to increase from $128.4 billion in 2019 to a whopping $553.28 billion by 2024! This honor goes to Alibabas subsidiary eCommerce platforms: Taobao, Alibaba.com, and Tmall. The market research firm said the sector's value would grow at a compound annual growth rate of 33.7% between 2022 and 2028. A lot of people will scan the code out of curiosity, and this makes it more likely that theyll visit your site. Reliable data in simple displays for presentations and quick decision making. 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. What resources will you need? So if youre thinking about starting a loyalty program, consider offering immediate rewards instead of points. The average daily time spent on social media is now 2 hours and 27 minutes, according to the Digital 2022 Global Overview Report. 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. 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. 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. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. Shopify is the most common option available. Exportable files for easy reading, analysis and sharing. Exportable files for easy reading, analysis and sharing. Investors are wondering whether they can look to emerging markets for strong performance over the short term or the long term. Right now, close to 9.1 million stores are existing online with more emerging every day. Social media platforms are important for eCommerce brands because 91% of consumers who follow those types of companies on social media visit their websites and apps. Promotional material is great, but its not the only thing that this can do. This encourages 60% of consumers to make a purchase from the company. Which countries and regions will produce notable e-commerce growth figureseither positive or negativefor this year and through 2025? Some popular premium loyalty rewards include free shipping, immediate discounts, and online deals. Another study shows that customers anticipate an increase in subscription use of 27%. The popularity of mobile devices has allowed the voice commerce market to grow globally. Negative customer interactions can quickly lead to a loss of business, so its crucial for eCommerce companies to have excellent customer relationship management. By 2024, mobile shopping will make up 44.2% of all eCommerce sales, so its a great way to stay ahead of the competition. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. Interestingly, mobile users have an even higher rate of abandonment. The food and beverage industries have the fastest growth, showing a 38% and 35% increase in revenue, respectively. WooCommerce is Shopifys main rival and holds the top spot overall with 24% ownership of this profitable market (Source: Buildwith). Current Price. The second most amounts of Magento website users come from the United Kingdom, where 12.247 websites are active there on Magento 1 and 8.339 on Magento 2. The result is increased costs of advertising and reduced return on ad spend (ROAS). If you want to construct an eCommerce store, you have to choose an eCommerce platform that will manage payments and other features of your website. Also in 2022,Apples share of the ecommerce marketwill surpass that of eBay for the first time. mCommerce, or mobile commerce, is expected to surge in the next few years. Andrew Hutchinson Content and Social Media Manager. The slow loading speed of websites on foreign servers in China has a negative impact on both conversion rates and search engine rankings. Even in a slower-growth environment, total new spending will be enormous. Insider Intelligence latest news, announcements, and media resources. According to these statistics, people spend, on average 3 hours and 40 minutes using their mobile devices each day. Morgan Stanley is differentiated by the caliber of our diverse team. ecommerce in 2020 would be 19% year over year. Data suggests that annual growth in e-commerce will outstrip traditional retailing at least until 2025. . According to eMarketer, that figure will reach the $1.67. E-commerce incumbents and new entrants are racing to gain consumers' attention. 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. 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). Email marketing has a very high return on investment, especially in retail, eCommerce, and consumer goods industries. Macroeconomic Trends Affecting Retail Sales in 2022, Ecommerce Sales Growth Will Decline to Single Digits, Livestreaming and Groceries Will Be Silver Linings, Macroeconomic Conditions Weigh on Chinas Big Three Ecommerce Platforms. Last year, they reported that 64% of all traffic was from mobile. Statista predicts that the revenue of email marketing will reach almost 11 billion dollars at the end of 2023. 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. In 2022, it is estimated that $64.06 billion will be spent on tablets for mCommerce. Let's get started. By 2025, they are expected to reach almost 25% of total retail sales. By 2025, it is predicted that there will be around 564 million eCommerce users in Europe. Even if individuals arent using it specifically for shopping purposes, its still proving an effective channel for marketing. Numerous other eCommerce titans in China, including JD.com, TMall, and Taobao, play a significant role in the countrys online sales volume. Macroeconomic Trends Affecting Retail Sales in 2022, Worldwide Ecommerce Growth Drops to Single Digits, While Overall Retail Muddles Through, Look to Emerging Markets for Growth, Particularly in the East, One-Third of the Planet Will Be Digital Buyers, but Growth Is Slowing Dramatically. 80% of consumers consider the landscape a blend of both, so businesses that adopt an omnichannel selling approach will have a competitive advantage. Although retail has had it tough since 2020, every national market covered by eMarketer saw double-digit ecommerce growth. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. In the past three years, cross-border e-commerce has experienced a booming time and also a slowdown due to various factors, such as the COVID-19 pandemic and inflation. How many new digital buyers will come online this year, and where can they be found. . You can turn one-time customers into regulars by using targeted marketing strategies and giving them a great customer experience. Social media usage has increased significantly in the past few years. Try implementing some of the following best practices: mandatory signups, support of multiple digital payment methods, exit-intent popups. By giving customers a quality personalized experience, businesses can keep them coming back without excessive marketing. with an annual growth rate of 21%, China is also one of the fastest-growing eCommerce markets. Other well-known eCommerce sites include Rakuten (Japanese) and Samsung (South Korean). 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. In short, if you have an online store and are only relying on a mobile site to make sales, youre missing out big time. Consider local SEO and using long-tail keywords so that people searching by voice will be able to easily find your store. Additionally, because QR code solutions are low-cost, it is projected that global growth will reach over $2.7 trillion in 2025. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. In fact, growth forecasts estimate that by 2022, in the United States alone . However, it is quickly becoming a top player in the eCommerce software market. The Competitive situation between e-commerce and traditional commerce. According to Litmus, for every $1 that marketers spend on email marketing, they receive 36$ back in return. Watch as Morgan Stanley gets an inside look at why Jim Farley, the CEO of Ford, is gearing up for a new era of transportation. Magento is the third most popular choice for eCommerce sites and lags behind WooCommerce and Shopify in market share. All About eCommerce Expected Trends. Each year, we produce nearly 300 reports, 7,000 charts, 1,500 newsletters, and 200 forecasts across the industries of Advertising, Media, and Marketing; Financial Services; Healthcare; and Retail and Ecommerce. This is a clear sign that you need to optimize your eCommerce site for mobile users today. Because of this pattern, many retailers target women in their social media marketing campaigns that aim to stimulate impulsive buying decisions. Exportable files for easy reading, analysis and sharing. Retail e-commerce sales in India will climb 31.0 percent this year to reach US $32.70 billion, according to eMarketer's latest forecast. To incentivize online customers to share their favorite products on their accounts, add social media icons to your store. Even though net sales increased by 38.6% in Q2 2022, Wong says that Olaplex isnt immune from these problems. According to eMarketer data, Amazon accounted for 41.4% of all U.S. e-commerce sales in 2021. We now expect it to grow by 6.4% year over year to reach $6.988 trillion, up from the $6.796 trillion we expected in our Q1 forecast. What is the global outlook for retail sales and retail ecommerce sales in 2022 and beyond? We believe that the Covid-driven bump will not flatten future e-commerce growth, says Brian Nowak, an equity analyst covering the U.S. internet industry. Regular re-evaluation of available data means the forecasts reflect the latest business developments, technology trends, and economic changes. With Magento, you can easily build and customize your online sales platform to scale your business. Client-only email newsletters with analysis and takeaways from the daily news. January March April May June July August September October November December . As a global financial services firm, Morgan Stanley is committed to technological innovation. Its no wonder Amazon is so successful when 61% of its customers say it provides a more streamlined checkout than its competitors. As we mentioned, in 2022, global eCommerce sales are projected to reach over $5 trillion. This is the first time were projecting a decline in Amazons US ecommerce share, on the heels of Amazons first ecommerce quarterly decline in seven years and conservative guidance from the company for Q2. 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. In contrast, eCommerce sales have an annual growth rate of 13%. Autonomous Driving: In 2022, GM's Cruise expanded its autonomous taxi service to most of San Francisco in the . Expertise from Forbes Councils members, operated under license. Retail Ecommerce Sales in China, 2020-2026 (trillions, % change, and % of total retail sales), Retail Ecommerce Sales in China* and the US, 2020-2026 (trillions), Top 10 Countries, Ranked by Retail Ecommerce Share, 2022 (% of worldwide retail ecommerce sales), Total Retail Sales in China* and the US, 2020-2026 (trillions), Retail Sales in China, by Product Category, 2022, Livestreaming Retail Ecommerce Sales in China, 2020-2024 (billions, % change, and % of retail ecommerce sales), Grocery Retail Ecommerce Sales in China, 2020-2026 (billions, % change, and % of total grocery retail sales), Top 6 Companies in China, Ranked by Ecommerce Sales, 2022, Top 3 Companies in China, Ranked by Retail Ecommerce Sales Share, 2017-2023 (% of total retail ecommerce sales), Livestreaming Retail Ecommerce Buyers in China, 2020-2026 (millions, % change, and % of digital buyers), Top 10 Countries, Ranked by Number of Digital Buyers, 2022 (millions), Department stores adapt to survive in the difficult retail landscape, The economy, Web3, and social media highlight our analysts takeaways from the NRF 2023 Big Show, Retail sales rise 6.0% in December, as consumers pulled back on spending. 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, 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com. This is due in large part to technological advances such as branded shopping apps, 5G wireless connections, and social shopping platforms that make it easier for people to shop on their phones. In-depth analysis, benchmarks and shorter spotlights on digital trends. Reliable data in simple displays for presentations and quick decision making. Marketplace Sales, 2019-2023 (millions and % of total Amazon retail ecommerce sales), Amazon US Ecommerce Sales, by Product Category, 2019-2022 (% of total US retail ecommerce sales in each category), US Premium Travel Credit Card Emerging Features Benchmark 2022, The State of Central Bank Digital Currencies, A marketers guide to post-cookie solutions, Gen Z no more focused on a brands social values than older generations, TikTok could open its algorithm to regulators, breaking a major dam for social media, Netflix will make its upfront debut after early advertising stumbles, Googles DeepMind might release ChatGPT competitor Sparrow this year, Apples Maps upgrades could be the start of an assault on Googles local search dominance, Amazons first year of Thursday Night Football missed viewership goals, Spiking holiday returns could lead retailers to adjust their policies, Amazons struggles give Walmart an opening. In a study from Flow.io, it was found that over two-thirds of English-speaking shoppers said they would not purchase from a website if it wasnt translated into English. In September 2022, Builtwith reports that a total of 6,607,128 websites use WooCommerce. eMarketer expects worldwide e-commerce sales to exceed $5 trillion for the first time this year. . and each category can be broken out by country, region or by company. If the website doesnt load quickly or if photos of products cover up descriptions, it creates a bad first impression of your business. If you have a physical store, another great way to increase traffic is by allowing QR code payments, this creates a better shopping experience overall and gives customers more payment options, which can influence whether or not they make a purchase from you. Plus moreIdeasfrom Morgan Stanleys thought leaders. Though there are headwinds in certain countries and verticals, we believe these barriers will continue to come down, says Andrew Ruben, who covers retail and e-commerce in Latin America. What was once the gig economy has evolved to become the multi-earner era. Many factors are driving growth, including logistics, mobile device ownership and marketplace expansion. Shopify store numbers have increased by over 200% since 2020, with 201.53% growth between March 2020 and January 2022 according to genus.ai. Whats the outlook for total retail and ecommerce sales in China this year? View a slide-show representation of this reports key insights, where carefully vetted data is combined with industry trend analysis, included at no extra cost. Which Trends Will Stand Out Among Countries and Regions in 2022? Entering marketplaces can open up new opportunities for online shops to bring in higher revenues. Personalization provides users with product recommendations and targeted email campaigns that match their interests. eCommerce Statistics For 2022: Growth and Trends To Watch. By establishing a presence on these online channels, you can improve your brand awareness and turn visits into social commerce sales. . According to online review statistics from Trustpilot (2020), as many as 62% of consumers say they will not support brands that engage in review censorship. In the United States, there are 57.624 sites on Magento 1 and 34.863 sites on Magento 2, making it the country with the most Magento-powered websites, as gathered from data by Builtwith. Currently, the Asia-Pacific region and South America are growing at the fastest pace in terms of eCommerce. 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. If youre looking to create an online store, WooCommerce is one of the most popular eCommerce platforms. 60 % of total retail sales, and Tmall, showing a 38 % emarketer ecommerce 2022! There will be able to easily find your store is the United States...., every national emarketer ecommerce 2022 covered by eMarketer saw double-digit eCommerce growth in are., operated under license will scan the code out of curiosity, and overall sales our culture.. 15 % of its customers say it provides a more streamlined checkout than its competitors and... Emarketer saw double-digit eCommerce growth in e-commerce will outstrip traditional retailing at least until 2025. employing conversion optimization! Latest business developments, technology trends we see as we enter another growth year e-commerce. Marketplace expansion would be 19 % year over year analysis, benchmarks and shorter spotlights on digital trends that. 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