E-commerce 2023: The latest data and forecasts for all things online retail growth
It's interesting to look back at e-commerce growth over the last few years and think forward to the future of this industry. As demonstrated by these charts from Statistica, the annual revenues of the US e-commerce industry shot up in 2020 and 2021.
What's more, despite recent growth slowing slightly, Statistica Market Insights estimates strong continued growth in this area in 2023 and beyond.
The reasons for this are two-fold - the rise of revenue from total retail sales, both in the US and worldwide, and also stark growth in the % of the total retail sales being e-commerce.
This constitutes a much larger share than previously to the pandemic, showing that some of the rapid changes to…
Real-world data shows the most crucial sources of traffic for e-commerce websites
E-commerce/online retail is a booming sector. But because the latest marketing techniques change so rapidly, it can be tricky to keep up with the latest trends whilst also keeping your feet on the ground.
Datareportal's 2023 global overview shows that search engines and social networks are the 2 biggest sources for self-reported online brand research. But how are users navigating to e-commerce websites?
B2C top traffic sources
Hubspot's 2022 user survey, compiled by 400+ users, primarily of B2C audiences, demonstrates a mixed bag in terms of traffic attribution.
The biggest question mark is a sizable chunk of 22% direct traffic, which could include:
'Dark' social (untrackable social shares)
Direct links from pdfs, shared documents, or other non-trackable sources
But interestingly, after direct, we see…
E-commerce conversion rate and lead generation landing page stats for desktop and mobile devices for benchmarking averages across different industries
As you will know, conversion rates are often used as a KPI to review the effectiveness of e-commerce sites. Naturally, all site managers and owners want to know the benchmarks - "how do our conversion rates compare?". As consumer and business confidence falls, it's more important than ever to audit and optimize your marketing success metrics.
In this post, I have compiled different free industry sources focusing on retail e-commerce conversion. At the end of this article, we also feature an analysis of landing page lead generation conversion rates by industry sector towards the end of the post. We keep this compilation updated as new conversion data is published in 2023.
E-commerce conversion funnel
This funnel-based view of the conversion process is a useful starting point since as well as the typical average basket…
When you’re running your online store with WooCommerce, getting GA to track the right data can be a bit of a hassle
As a cybernaut (great word, huh?), you probably feel like you don’t need yet another motivational quote in your life - if you’ve spent any time on Instagram recently, you understand where I’m coming from - but as a marketer or entrepreneur, you know these particular words ring true.
To do this "measuring" thing properly, we tend to follow the same recursive loop:
Set a goal
Collect data via analytics tools
Use that data to set a benchmark
Implement a strategy to achieve the goal
Track those metrics to measure progress towards the goal
Find areas for improvement
Make changes to your strategy
Rinse and repeat
The most common analytics platform used by marketers for step two of that process is Google Analytics (GA). GA is wonderful because it’s comprehensive,…
When it comes to e-commerce businesses, there are certain types of analytics that you need to keep a close eye on
Whatever type of business you have, as long as you have an online presence, you need to carefully track your analytics. When it comes to e-commerce businesses, there are certain types of analytics that you need to keep a close eye on. This will help you understand what marketing strategies are actually working, what makes people want to buy from you, as well as how to improve your sales, acquire more customers and cut down on customer acquisition costs.
But while there are numerous similarities between e-commerce analytics and the analytics used by other types of businesses, e-commerce companies have their own particularities and needs – in other words, you need to monitor more metrics in order to grow your online business.
In this blog post, I’m going to share some of…
No holiday shopping season is the same, but this year’s trends can help you prepare next year’s tactics
Despite being a US tradition, “Black Friday” kicks off the official holiday shopping season for buyers around the globe. But marketers know the promotional season starts much sooner, and what happened this year can be helpful in planning next year’s strategies.
Thanks to Thanksgiving’s late date this year, 2019 has six fewer shopping days than 2018 and three fewer than 2020. November 29th is the last possible date for Black Friday to fall, giving marketers six extra days to promote Cyber Week and pre-BFCM (Black Friday/Cyber Monday) deals.
The Cyber Week peak
‘Tis the season for retail email - 68% of consumers say they pay more attention to email during the holidays.
While early November promotions have trended in the past several years as marketers compete more and more aggressively for inbox attention,…
To sell products online, your e-commerce website content needs to be persuasive. Here are three metrics to measure whether it is.
We all want to be persuasive, don’t we? To influence others, to get stuff done. Most of us readily use all the tactics in our toolkit: smiling, quickly building rapport, and, over time, earning all-important trust. Then we leverage this ‘relationship equity’ to get what we want (or not).
In the e-commerce selling realm, persuasiveness — not just content — is king. To crown our site a UX king we need to a) first track how persuasive our site is, and then b) employ new tactics that we hope will increase, or lift, this persuasiveness.
[si_guide_block id="20212" title="Download our Individual Member Resource – E-commerce success mapping" description="This template introduces an analytical approach which we think is particularly useful for improving results from e-commerce site marketing but can be applied to other types…
If you’re not measuring what happens after your visitors buy, you’re missing the additional revenues that these metrics drive
Many e-commerce stores seem to have a ‘one and done’ approach. They focus all their time and marketing dollars on getting prospects to their door, convincing them to shop, then getting them to buy. But then, after that first purchase, they just hear the sound of their marketing engine winding down.
If this is the case for you, your acquisition costs — whether SEO, PPC, or other channels — all go towards this one transaction, rather than being spread out over multiple ones. This obviously this gives you a lower ROI on your acquisition marketing investment.
[si_guide_block id="20212" title="Download our Individual Member Resource – E-commerce success mapping" description="This template includes a brief description of the technique and a full example template is provided for the range of levers that can be used to…
Predictive Analytics are your ticket to higher revenues
In case you haven’t spent much time with web analytics, I’ll start by giving you this definition of predictive analytics (PA), courtesy of Wikipedia:
‘Predictive analytics is an area of statistics that deals with extracting information from data and using it to predict trends and behavior patterns.’
Whereas with descriptive statistics you learn what data can and can’t describe your customers’ behavior, with predictive analytics you learn what to do next — that is, use data about past actions to make predictions about future actions.
Obviously, if you can discover and anticipate what your customers — and earlier-sales-stage prospects — really want from your brand, you’ll hold the ‘golden ticket’ to higher revenues and customer loyalty. As a result, you’ll become a rockstar analyst on your team.
This graphic below shows how three well-known brands use PA to serve up more customer-centered experiences.
Discover what marketing channels were effective for online stores in Europe and how consumer behavior has changed in 2018
"There is nothing so stable as change," Bob Dylan once said and perfectly described all areas of life, including business. To stay relevant and successful, you should observe and analyze the current situation on the market. That is why I'm going to share with you some figures that demonstrate what marketing channels were most efficient for e-commerce in east and central Europe over the last year.
Average order value dropped, number of sessions jumped
For the CEE e-commerce Report, the Promodo digital marketing agency studied 150 e-commerce websites within 11 niches and found out that the number of user sessions has rocketed by 97% compared to 2017. This progress is almost three times less than in the previous year.
In turn, the number of transactions significantly falls behind the visits volume. Its growth…