The following statistics are eye-opening and a must in having a firm opinion on building and positioning your new e-commerce website for success. One crucial metric that you should pay close attention to is global sales. Let us explain why:
Global e-commerce sales were expected to reach $6.54 trillion by 2022.
First and foremost, global sales clearly indicate your industry’s overall performance and potential (especially if you’re a start-up using MyDev to get your e-commerce website up and running). Industry sales figures reflect how well certain relevant products or services are performing in the market and how effective your marketing strategies may be. It’s a simple fact: if global sales are increasing, your business is likely thriving, and if your sales figures are decreasing, it could be a sign that you need to reevaluate your approach. iReview, an online reputation management platform also offered by MyDev makes sure to get your Google business star rating up to where it needs to be (+4.5-star) so that customers are attracted to visit your site. MyDev also offers Sendbat, a mass email marketing tool that is free to use on a couple thousand contacts, and quite affordable when emailing up to millions of leads. With a solid Google star rating and a 3% minimum open click rate, start-ups can earn some serious income by combining the use of iReview and Sendbat in their online sales approach.
Apart from gauging industry performance and where your business fits into that, tracking global sales figures can help you identify trends. By analyzing global sales data, you can pinpoint which products or services are selling well, which ones need improvement, and which ones may need to be phased out. You can also identify which markets are the most profitable, so global sales is the first and foremost statistic you should pay attention to when deciding what product or service to sell on your website.
Let’s dive deeper into other sales statistics and see how they fit into local markets like America, and China, or by mobile market or Amazon…
In 2020, e-commerce sales in the United States alone amounted to $861.12 billion, and it was expected to reach $1.1 trillion by 2023.
The US market is a massive opportunity for you to tap into. This is particularly relevant as the world becomes more digital and online shopping becomes increasingly popular.
The largest age group of consumers in America is the millennial generation, which refers to those born between 1981 and 1996. According to a report by the National Retail Federation, in 2020, millennials accounted for over 40% of all consumers in the United States.
In terms of gender, women have historically been the primary consumers in America, and this trend continues today. According to a 2020 Bureau of Labor Statistics report, women accounted for approximately 85% of all consumer spending in the United States. So keep your website in mind with a slight bias to the landing pages preferred by millennials. However, it’s worth noting that gender roles and consumer behavior are evolving (LGBTQ+), and there are variations among different age groups and product categories (baby boomers still hold the most spending power).
In 2020, 62% of US consumers shopped online more frequently than before the pandemic.
As an entrepreneur or business owner, it’s essential to recognize the profound impact that the pandemic has had on the world of trade. With the rise of online shopping, consumers have discovered the convenience and accessibility of e-commerce, and it’s become clear that this trend is here to stay.
This is precisely why you’ve made the smart decision to partner with MyDev to build your e-commerce website. In today’s world, brick-and-mortar stores are dying fast, and the only way to stay ahead of the game is to invest in e-commerce.
By leveraging the power of your own website, you can tap into a massive potential market, reaching customers anytime and anywhere, and providing them with the convenience and accessibility they crave. With an e-commerce website built by MyDev, you offer customers a seamless shopping experience, with features such as personalized recommendations, easy checkout, and real-time inventory updates (Morsix)
As of 2021, the largest e-commerce market worldwide is China, with sales of $2.64 trillion.
Please, do not just think that you’re going to sell products on Ali-Express and make money. No! Remember, you’re building a website on MyDev to build your own brand and reap the benefits of higher margins and your own independence.
Localize your marketing and sales strategies: To succeed in the Chinese market, it’s essential to tailor your marketing and sales strategies to the local culture and preferences. This may involve localizing your website and product descriptions, using social media platforms popular in China, and adjusting your pricing and promotions to align with local market trends. Again, using MyDev’s Urless tool is going to work wonders. You’ll understand the interests of Chinese customers versus say…your common American consumer.
With the Chinese market, focusing your brand on building trust and credibility is critical. Consider partnering with trusted local influencers or celebrities to promote your brand, providing excellent customer service and support, and emphasizing the quality and safety of your products.
Mobile commerce is growing rapidly, and it’s expected to reach 72.9% of all e-commerce sales by 2021.
This statistic speaks for itself. Mobile commerce has been growing at an astonishing rate in recent years, and it’s expected to continue its upward trajectory in the coming years. This means that if you’re not focusing on mobile commerce, you could be missing out on a significant chunk of potential revenue. But guess what? All MyDev-designed websites are mobile-friendly by default! That’s right, MyDev empowers the little guy to have an advantage, a head-start, from the get-go.
MyDev developers know that mobile e-commerce provides a level of convenience and accessibility that traditional websites or retail stores simply cannot match. With the rise of smartphones and tablets, consumers now have access to e-commerce platforms anytime and anywhere. This means that you can reach your target audience 24/7, no matter where they are or what they’re doing. By leveraging mobile commerce, you, the little guy at home wanting to give it your best shot, can offer customers a seamless shopping experience and provide them with the convenience they crave.
Another significant benefit of mobile commerce is its ability to provide real-time data and insights. With mobile commerce, you can track your customers’ behaviors and preferences, allowing you to optimize your marketing and sales strategies accordingly. Tracking can be done using MyDev’s UrLess tool which gathers customer information whenever they visit your mobile-friendly website. After knowing about your customers you can therefore personalize your marketing efforts and create targeted campaigns that resonate with your target audience.
Lastly, mobile commerce allows you to stay ahead of the competition.
As of 2021, Amazon is the largest online retailer in the world, with a market share of 37.7%.
As an e-commerce business owner, it’s worth considering selling on both Amazon and your own website. Amazon is the world’s largest online retailer, providing access to a massive customer base, established infrastructure, and brand recognition. However, selling on your own website can provide greater control over the customer experience, like chatting with web visitors using Convosio (millennials prefer live chat as their communication and it leads to higher conversion rates), and avoiding some fees and restrictions imposed by Amazon.
Many businesses choose to sell on both platforms to leverage the benefits of each while minimizing their drawbacks. This approach can increase sales potential, reach, and customer satisfaction. Ultimately, the decision on whether to sell on Amazon, your own website, or both depends on your business goals, resources, and customer preferences. Take the time to evaluate your options and find the right balance that maximizes your business success.
As a new or young entrepreneur looking to sell products online, it’s important to understand global sales statistics and the demographics of American and Chinese consumers. Whether you decide to sell solely on your own website or both on Amazon and Ali-Express is your choice. We only offer the statistics shown above to arm you with a strong starting point of information to stack the odds in favor of your business success. To get started on your e-commerce business, start building your mobile-friendly website at MyDev.com today!