Quick Look at 2016 Ecommerce Statistics
Knock, knock … it’s 2016 … is your online store primed for success? If you are not paying attention to latest batch of 2016 ecommerce statistics, you could very well be missing out. Worry not, we’ll get you all caught up to par in a jiffy so read on!
Customer Service Is Everything
Think your customer service model is up to par? It had better be or you will singlehandedly be losing customers; a lot more than you might think. According to Right Now, 89% of shoppers will choose another store if you provide poor customer service.
Even offering a resolution to the customer’s problem that requires some time to resolve can help you retain your customer base.
- A Nielsen-McKinsey survey found that 17% of customers still would recommend your brand, even if a resolution to their issue took some time and patience.
- By comparison, the same study found that 33% of people will recommend your brand when you are able to expeditiously resolve any issues.
But just how much support do customers require during a visit to a given online store? The answer to this question may surprise you.
- A LivePerson report found that over 80% of customers require some type of support during the online shopping experience, a goal that can be accomplished by offering live chat support and a toll-free number.
- More than 70% of customers will do repeat business with your store when they feel that their complaint has been resolved, explains Lee Resource.
- A RightNow report finds that over 80% of customers will pay as much as 25% more for a product just to assure quality customer service.
- When live chat support is added, more than 30% of shoppers say they’ll come back to your store.
The credence of the modern day customer is all about service and the buying experience over the product or the price. This is found in the form of adequate customer service. When properly delivered, customers are four times less likely to leave your brand for a competing one, explains a Bain & Company report.
Finding Your Niche
Succeeding in today’s ever-expanding ecommerce world requires more than funding or wherewithal; it’s also conducive in knowing your niche and demographic. This means that you need to identify your segment and your customer base, and learn what trends to cater to when marketing to them.
Failing to do something simple like optimizing your online shopping experience for tablet users can result in your store earning less because tablet users spend more online than other device users, advises Adobe, and are 75% likelier to make a purchase, too.
Understanding how the latest ecommerce statistics can apply to your online store is the surefire formula for success. Here are a few that you should keep as food for thought when pursuing your marketing goals.
- 50% of millennials like to buy products that deliver a portion of the proceeds to support something charitable (Millennial Marketing Trends).
- Millennials are the biggest online spenders, in spite of the fact that they don’t have the highest income levels, as compared to other shoppers (Business Insider).
- 25% of online shoppers are in the 50+ category (Business Insider).
- Millennial males prefer auction sites and shopping applications (Business Insider).
- Roughly 13% of women and 16% of men shop using a smartphone (Kantar Media).
- Discounts and online promotions are attractive to over 60% of online shoppers (FactBrowser).
To gain further insight, take a look at this demographic chart we’ve included. It can help you better understand how certain online niches appeal to various demographics of American shoppers.
The Social Media Factor
We’ve already delved deeply into social commerce facts for 2015 in a related post, and have also covered all the social commerce statistics that you should be aware of in yet another related post. But the proof is in the pudding.
Social media matters greatly when it comes to expanding your online presence, and is one of the most veritable and personable things that you can do to directly connect with your customer base. Take a look at how these following factors play a role in your ecommerce social media strategy.
- 43% of millennial consumers prefer to use social media for customer service interactions (J.D. Power & Associates).
- YouTube has longer page visits and lower bounce rates than any other social platform (Shareaholic).
- Over 50% of consumers want a return response to a tweet from a brand they like in under 60 minutes when they mention your store in a post (Lithuim).
- Positive social reviews can influence purchase decisions in over 90% of consumers (Marketing Land).
- Over 70% of shoppers rely on social media to make a purchasing decision (Mobstac).
Why Mobile Matters
As mobile phone technology grows and as data speed increases, many consumers simply rely on these devices to access the internet and do their shopping and socializing. That said, if you are not optimizing your store for effective mobile reach, then you are basically saying no to an influx in sales. Is it worth it assure cross-device compatibility? The simple answer is: Yes.
- Over 30% of shoppers will abandon a shopping cart if you don’t optimize your site for the mobile experience (MoPowered).
- Shopping cart abandonment rates increase to 57% when shoppers have to wait more than three seconds to load various pages (KissMetrics).
- Last year, mobile sales broke new records, representing over 29% of all ecommerce transactions (Criteo).
- A quality mobile shopping experience appeals to over 60% of consumers (Latitude).
- Amazon sells over $1 billion per year from mobile sales (Internet Retailer).
Mobile users convert at higher rates than any other device user. And these rates vary depending upon the device that they are using to shop your site. The chart below can provide further insight on what actions you can take to optimize your online store to help mobile users convert more often.
Priming Your Store For Conversions
Assuring that your store is optimized to deliver the best shopping experience is the smartest step that you can take on the path to success. Over 55% of all shopping carts are ultimately abandoned by consumers, and the reasons behind much of this are seemingly simple and easily remedied.
Online stores lose over $18 billion per year due to abandonment rates, and that number is increasing each quarter. If you really want to nip cart abandonment at its source, take a look at our detailed guide that reveals 21 steps you can take to win over abandoners.