A lot of retailers are still contemplating whether or not to tackle having an E-commerce website. For most retailers, the personal experience that they provide for the customer is why they sell more products in-store. What about a consumer that already trusts your business, but does not have time to come into the store? These are the questions that Retailers are having to ask themselves when confronted with these everyday situations from their own customers.
Here are some stats below to motivate you to start thinking about looking into devising a website strategy that addresses E-commerce.
E-commerce sales are expected to grow to more than $400 billion in the next several years, with Forrester Research estimating $414.0 sales in 2018 and eMarketer estimating $491.5 in 2018.
Source: eMarketer, Forrester Research
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As a business owner you need to take a look at what your website, SERP results and overall online web presence are saying about your business to a potential new customer. Most consumers today are pretty sophisticated when it comes to using mobile devices, researching products online before making a purchase, seeking peer reviews, and shopping online.
Here are some of the most important takeaways about who shops online:
The conventional wisdom is that women drive shopping trends, since they control up to 80% of household spending. However, when it comes to e-commerce, men drive nearly as much spending online in the U.S. as women.
Men are more likely to make purchases on mobile devices. Fifty-seven percent of women made a purchase online in 2013, compared to 52% of men, according to a study conducted by SeeWhy. But 22% of men made a purchase on their smart phones last year, compared to 18% of women.
Millennial, those consumers aged 18 to 34, remain the key age demographic for online commerce, spending more money online in a given year than any other age group. They spend around $2,000 annually on e-commerce. This, despite having lower incomes than older adults.
Boomers and seniors have adopted mobile commerce. One in four mobile shoppers in the U.S. is over the age of 55. That’s about even with their share of the overall U.S. population.
Online shoppers tend to live in households with higher-than-typical incomes. An Experian survey found that 55% of e-commerce shoppers in the U.S. live in households with incomes above $75,000 (40% were in households earning $100,000 and above). The median household income in the U.S. is around $50,000, according to the Census.
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So where does this leave you and your business? Well hopefully a little more motivated! You do not have to run out and find a website company that will produce that E-commerce site for you in 90 days. What you should be thinking about it, is “when” you are going to integrate an e-commerce website into your Internet Marketing Strategy.
