Top Online Business Growth Statistics You Need to Know
According to recent statistics, the growth of online businesses has been tremendous in the past decade. The convenience, accessibility, and scalability of eCommerce are the main driving factors behind this growth. In this article, we will take a closer look at the top online business growth statistics you need to know.
Global E-commerce Market Size
The global eCommerce market is expected to reach $6.5 trillion by 2023, growing at a CAGR of 16.5% from 2018 to 2023. This growth is mainly due to the increasing number of internet users worldwide and the rising penetration of smartphones and mobile devices.
Mobile Commerce
Mobile commerce (mCommerce) is growing rapidly and is expected to account for 73% of all eCommerce sales by 2021. The ease of access to the internet and mobile applications is driving the growth of mCommerce. With the rise of digital wallets and mobile payment solutions, customers are now more comfortable making purchases on their mobile devices.
Social Media Commerce
Social media has become a crucial part of digital marketing, and social media commerce is gaining immense popularity. The number of social media users worldwide is expected to reach 3.43 billion by 2023. eCommerce businesses are leveraging social media platforms such as Facebook, Instagram, and Pinterest to promote their products and increase sales.
Personalization
Personalization plays a vital role in the growth of online businesses. Customers are more likely to engage with businesses that provide personalized experiences. Studies have shown that businesses that invest in personalization can see an increase in conversion rates by up to 25%. Amazon, for instance, uses personalized product recommendations to increase sales and customer loyalty.
Customer Reviews
Customer reviews play a significant role in the growth of online businesses. Positive reviews can increase sales and improve customer loyalty. According to a survey, 90% of customers read online reviews before making a purchase, and 88% trust online reviews as much as personal recommendations.
Conclusion
The growth of online businesses in the past decade has been remarkable, with no signs of slowing down. As technology continues to evolve, eCommerce businesses need to adapt and innovate to stay ahead of the competition. Personalization, mobile commerce, social media commerce, and customer reviews are some of the key factors driving the growth of online businesses. By leveraging these trends, eCommerce businesses can increase their revenue and customer loyalty.
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