6 key ecommerce insights for 2023

Forbes published a great ecommerce report last week. Ecommerce is constantly changing but according to the article, 2023 has some interesting figures in store for us all. I’ve read the whole report for you and highlighted 6 key points you need to be aware of.

  1. In 2023, 20.8% of retail purchases is expected to take place online. By 2026, it’s expected to be 24%. 3.2% growth may not sound like a lot in 3 years but it’s massive! Trust me!
  2. Ecommerce sales are expected to grow 10.4% in 2023. How does this relate to your own sales forecast for this year vs. last year?
  3. 48% of shoppers abandoned their basket at the checkout due to additional costs (like shipping). If you’re a small ecommerce brand, it’s hard to get around delivery costs, but consider offering an economy service as well as standard (e.g. 2nd class as opposed to 1stclass). Also consider free delivery, which sounds counter intuitive but not if you add a spend threshold – a minimum spend – it prompts people to increase their order in order to qualify for free delivery.
  4. 22% of shoppers abandoned their session because shipping times was too long. Again, offer choice. Next day delivery will always be sought after by some – especially around key events like Christmas.
  5. Basket abandonment rate on mobile is a whopping 84%! On desktop it’s 72%. Abandoned basket emails can be very effective, but prevention is better than cure, so look carefully at how your website functions (on mobile particularly), how easy it is to shop and purchase. Streamline your checkout as best you can.
  6. 91% of online purchases were made via a smartphone. This highlights the importance of the experience your customers have with your website on mobile. Especially considering that huge basket abandonment rate (84%)! Prioritise focus on the checkout experience via mobile and make it as seamless as possible.

Q. What are the key takeaways for you and your business?
Q. Are you confident that your business will grow at the same rate as stated above? (10.4%)

If you’d like to discuss your sales forecast for 2023 (or possible lack of it ), drop me an email.

You can read the full article from Forbes here.

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