Thanks to the growth of e-commerce, even with limited capital, in the modern times, starting a business is easy task. Consumers are increasingly trusting online shopping - it is estimated that by 2040, 95% of retail trade will be fully online. E-commerce opens the door to new opportunities for many entrepreneurs.
The potential of e-commerce is growing rapidly. In 2017, e-sales worldwide amounted to $ 2.3 trillion, by 2021 this amount has almost doubled to $ 4.5 trillion. In the US alone, online shopping already accounts for 10% of retail sales and this data is likely to grow even more.
By 2020, 72% of EU citizens were involved in online trade. 46% of buyers spent between € 100 to € 500 on one-time purchases in the last 3 months of 2020.
According to statistics, men spend by 28% more on online shopping than women. It is also interesting to note that comfort has been a priority for online shopping customers when shopping. 43% of online shoppers say they buy in bed, 23% in the office and 20% while in the bathroom or car. 10% of consumers say that while shopping online they bought expensive items under the influence of alcohol. A study of consumer behavior has shown that most buyers start looking at one particular, desired item, but eventually buy a similar but different good.
E-commerce market share
The United States is often regarded as the largest market for e-commerce, but this is not the true. Country is included in the list of 10 largest e-commerce markets in the world, although the first place is occupied by China with 672 billion dollars. Next places by the countries are estimated by the following volumes of e-trading:
• US: $ 340 billion
• United Kingdom: $ 99 billion
• Japan: $ 79 billion
• Germany: $ 73 billion
• France: $ 43 billion
• South Korea: $ 37 billion
• Canada: $ 30 billion
• Russia: $ 20 billion
• Brazil: $ 19 billion.
• United Kingdom: $ 99 billion
• Japan: $ 79 billion
• Germany: $ 73 billion
• France: $ 43 billion
• South Korea: $ 37 billion
• Canada: $ 30 billion
• Russia: $ 20 billion
• Brazil: $ 19 billion.
In 2010-2020, e-commerce increased in all age groups, with the largest increase observed in the 16-24 age group. Eight out of ten Internet users in the Netherlands (91%), Denmark (90%), Germany (87%), Sweden (86%) and Ireland (81%) bought or ordered goods or services online. Less than 50% have bought products and services online in Bulgaria (42%) and Romania (45%). The largest increases in 2015-2020 (by 20 percentage points or more) were recorded in Romania, the Czech Republic, Croatia, Hungary, Slovenia, Lithuania and Cyprus.
Nielsen`s Global Union Commerce Report provides data on the most profitable industries by country. In South Korea, most of the money - about 77% is spent on fashion, 66% on household goods, 52% of the population buys non-food items online, 51% the packaged groceries and 37% the fresh production. Japan accounts for 79% of online stationery sales.
The most popular products for online shopping in European countries are clothing (including sportswear), shoes and accessories - 64%. In Europe, the Internet is also used for restaurant delivery, fast food chains and catering services - 29%, furniture, home accessories or horticultural products - 28%, cosmetics, beauty and wellness products - 27%, printed books, magazines or newspapers are at the same level- 27%, computers, Tablets, on mobile phones or accessories is coming - 26%.
For most of buyers, paying by credit card is the most preferred method. Credit card payment system is used in 53% of transactions, followed by digital payment systems - 43% and debit cards - 38%. However, digital payment systems are the most preferred methods in China and Western Europe, while the remittance method is preferred in Eastern Europe, Africa and the Middle East.
As for online shopping in the US, more Americans prefer it to the so-called physical shopping. Only in 2020-2021, 80% of the entire American population used online shopping at least once.
While working out the strategy of electronic commerce, the decision on the adaptation with mobile devices is of significance importance. According to EMarketer, 59% of e-commerce sales were implemented via mobile.
A number of e-commerce trends have changed in 2019-2020 and this will continue in 2021 as well. The vast majority of consumers used chatbots, voice assistants, relations with social media managers etc. while shopping online.
