The advent of ecommerce has revolutionised the way people shop, and online retailers are now offering a convenient and accessible shopping experience. With the proliferation of smartphones and high-speed internet, more consumers are turning to online product research and shopping. In this article, we will explore the latest statistics and quotes from real people who have shifted to online shopping, revealing the growing trend towards ecommerce and how it is changing consumer behaviour.
According to a Statista Global Consumer Survey conducted in the UK in 2022, more people are now looking for information about products online than offline. The survey found that 62% of consumers in the UK researched products online before making a purchase, compared to 51% who preferred to research products offline. One respondent said, “I find it much easier to compare prices and read reviews online before making a purchase. It saves me time and money.” This shift in consumer behaviour is due to the convenience and affordability of e-commerce.
The ecommerce industry has been growing at an exponential rate, with worldwide sales expected to reach $5.5 trillion in 2022. In the US, 76% of adults shop online, and smartphones are becoming the preferred way to order online. One customer stated, “I can easily shop on my phone while I’m on the go, and it’s much more convenient than going to a physical store.” The rise of mobile commerce has made it easier for consumers to shop anytime, anywhere. Online retailers also have access to a vast amount of data on customer behaviour, allowing them to monitor revenue and customer trends.
The COVID-19 pandemic has also accelerated the shift to online shopping, with many consumers hesitant to go to physical stores. A PwC survey conducted in February 2023 found that 69% of consumers have changed their non-essential spending in the past six months. The survey also revealed that 96% of surveyed consumers intend to adopt cost-saving behaviours over the next six months. With the current economic uncertainty, consumers are more conscious of their spending habits, and this has led to a change in their shopping behaviour. Online shopping provides consumers with the ability to easily compare prices and find the best deals.
The shift to ecommerce is not just changing consumer behaviour, it is also having a significant impact on retailers. Retailers who are not yet selling online are missing out on a significant revenue stream, and those who are must adapt their strategies to remain competitive in the market. The growing importance of ecommerce is evident in the rise of online marketplaces such as Amazon and eBay, which have become popular among consumers for their wide selection of products and competitive prices. Retailers who can’t compete with these online giants must find ways to differentiate themselves by offering unique products or services or by providing a personalised shopping experience.
The rise of e-commerce is a trend that is likely to continue in the UK and around the world. According to a report by Forbes, global ecommerce sales are expected to reach $6.5 trillion by 2024. As more consumers shift to online shopping, retailers must continue to evolve their strategies and find new ways to attract and retain customers. This includes investing in mobile commerce, improving the online shopping experience, and offering personalized recommendations and promotions.
The rise of online product research and shopping is a trend that is set to continue in the future. The convenience and affordability of ecommerce has made it the preferred platform for many consumers, and the increasing availability of high-speed internet and smartphones has only served to accelerate this trend. Retailers who are not yet selling online are missing out on a significant revenue stream, and those who are must adapt their strategies to remain competitive in the market. By understanding the changing consumer behaviour and using data to monitor customer trends, retailers can develop effective strategies to attract and retain customers in the growing online market.
For further reading on the rise of e-commerce and the impact on consumer behaviour, our latest trends report may be of interest: Ecommerce Trends – Beagle Talent.
By staying informed on the latest trends in e-commerce and consumer behaviour, retailers can develop effective strategies to attract and retain customers in the growing online market. As more consumers shift to online shopping, retailers must continue to evolve their strategies and find new ways to attract and retain customers. With the convenience of online shopping, it is important to create a customer-centric online shopping experience that prioritizes convenience, affordability, and customer service. By doing so, retailers can thrive in the competitive e-commerce market and remain relevant to consumers.
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