50+ eCommerce Statistics to Shape Your Strategy for 2024

Gearing up for another roller-coaster year of dynamic trends, evolving customer expectations, and an upward revenue curve?

We’ve curated over 50 crucial data points to give all eCommerce business owners and marketers a sense of what 2024 holds for them. Use these research signals to carve your strategy for unprecedented growth and reach more shoppers.

You’ll also find actionable advice and key takeaways to hit the ground running. So, put on your thinking hats and get to the whiteboard to start planning!

50+ eCommerce statistics to shape your strategy for 2024

We spent hours studying the latest research reports and surveys from the world of eCommerce to find what’s in store for you in 2024. Here are 50+ eCommerce statistics to help you make informed decisions and move the needle for your business.

Market outlook: What does 2024 have in store for you?

Is the eCommerce industry headed for a recession? Or can online merchants expect a spike in revenue? Several studies signal a positive year ahead for those in the eCommerce sector. Things are looking up as shoppers across different parts of the world are willing to spend more.

Here’s a glimpse of the most crucial data points to think about in your eCommerce strategy:

1. The eCommerce sector breached the $6 trillion mark in 2023 and is projected to reach over $6.8 trillion in market size by 2024. This indicates a positive growth trajectory for the industry. (Insider Intelligence)
   
   
2. More data signals the eCommerce boom, with global revenue expected to reach $6,431.4 billion by 2027. In the United States alone. (Videowise)
   
   
3. The retail omnichannel market earned an estimated $8 billion in 2022 and is projected to grow at a CAGR of 16.6% between 2023 and 2030. It’ll triple in value and reach the $27 billion mark by 2023. (Yahoo Finance)
   
   
4. The eCommerce segment contributed close to 18% of total retail sales in the US market in 2023. This percentage will increase to 20% in 2024. (Videowise)

5. The pet care vertical was the fastest-growing category across the sector at a rate of 11.2%. This was followed by the snacking niche at 10.8% and the ambient food sector at 7.7%. (NIQ)

6. Ad spending by eCommerce businesses will have an estimated value of $38.4 billion in 2024. This has more than tripled since 2019, when it was $12.5 billion. (Semrush)

7. 40% of eCommerce businesses struggled with rising costs as the biggest challenge in their operations. (Metapack)

8. India saw the biggest increase in eCommerce web traffic between 2022 and 2023. The total traffic for online stores reached 8.43% in 2023. (Semrush)

9. China-based AliExpress witnessed the largest year-over-year growth in 2023, with a 44% increase. This was followed by Amazon and Walmart. (Semrush)

10. Over 70% of businesses globally are also prepared for a potential recession in 2023. As a result, these sellers took various precautionary measures like price adjustments and operational changes. (Shopify)

User experience: Your website UX can make or break the deal

If you're driving decent traffic to your online store, but the conversion rates remain disappointing, it's likely because of poor website UX.

Savvy shoppers expect a frictionless experience when shopping online. They're ready to bounce at the slightest inconvenience—be it limited payment options, confusing layouts, slow-loading sites, or unappealing design. ****

1. 92% of eCommerce business owners consider that poor user experience on their website adversely impacts revenue. 30% believe that this is costing over $100,000 every year. (Storyblok)
2. Business leaders estimate that a bad website experience can cost them an average of $72,000 in lost sales annually. (Storyblok)
3. 60% of shoppers leave an average of five purchases every year due to some friction in the website experience. Around 20% leave an eCommerce website in under five seconds. (Storyblok)
4. 52% of business owners consider the ability to choose from multiple payment methods as their biggest priority for improving user experience. On the other hand, a majority of shoppers consider easy navigation as a top factor of good UX. (Storyblok)

💡Read more: Elevate eCommerce Customer Experience with Industry Experts

User-generated content (UGC): Make your customers the face of your brand

Today’s shoppers trust user-generated content more than ever. They want to see your products in action and hear from actual customers to make confident buying decisions. It’s time to embrace customer advocacy and nudge happy consumers to spread the word.

Word-of-mouth marketing has a new name, and it’s UGC.

1. 69% of eCommerce brands and retailers are planning to increase their investment in UGC in the coming year. (Bazaarvoice)
2. 9 in 10 eCommerce marketers believe that user-generated content can minimize marketing costs when compared to professional photography or influencer marketing. (Nosto)
3. 89% of marketers and merchants believe that UGC is crucial for building social proof, especially for earning credibility around sustainable products. (Nosto)
4. 92% of marketers claim that UGC helps create customer advocacy because customers feel appreciated. It’s important for establishing a brand community. (Nosto)
5. 81% of eCommerce business owners think user-generated content resonates more with potential shoppers and existing customers than influencer content. (Nosto)
6. Instagram is the most popular platform for producing UGC, with 34% of shoppers posting content for their favorite brands. This is followed by YouTube (24%) and TikTok (21%). (Nosto)
7. Buyers rely heavily on user-generated content to research before making a purchase. 7 out of 11 content types used in their research process are generated by users, like reviews, photos, etc. (Nosto)

8. 78% of buyers feel more confident making a purchase when they UGC for a brand. 35% rely on UGC more than ever to shop selectively in a challenging economy. (Bazaarvoice)

9. 43% of shoppers in the US, especially from the younger age groups, want to consume more UGC before making a buying decision. (Bazaarvoice)

10. Placing UGC content on product pages can be a game-changer for eCommerce businesses. Nearly 3 in 4 buyers trust UGC more than branded content on product pages. (Bazaarvoice)

11. 55% of shoppers claim they don’t buy a product without first seeing some content from existing customers of the brand. (Bazaarvoice)

12. 78% of customers consider reviews as the number one deciding factor before buying anything. 77% believe Q&As are the most important aspect to consider. (Bazaarvoice)

13. Seeing high-quality customer reviews within the first 20 seconds of landing on a product page has a 21% chance of convincing shoppers to buy. (Bazaarvoice)

14. A few other elements on your product page to influence buying decisions include:

1.Average star ratings (19%)

2.Number of reviews (13%)

3.Details in the review (13%)(Bazaarvoice)

15. Shoppers expect user-generated content to tell them about the value for money (62%), the quality of products(50%), and whether the product matches the description (44%). (Bazaarvoice)

16. 83% of shoppers want to see a combination of branded photos and customer photos to make a confident buying decision. (Bazaarvoice)

17. A vast majority of shoppers (73%) want to see branded videos on product pages, while 69% want to see shopper videos. (Bazaarvoice)

💡Read more: How to Use UGC Videos for your eCommerce store

Omnichannel experiences: Meet shoppers where they are

The key to unlocking greater brand loyalty and higher sales is delivering a seamless experience across the board. Whether customers want to buy on social platforms, your website, or in-store, you have to give them a coherent experience everywhere.

These effortlessly fluid shopping experiences allow consumers to go from discovery to purchase and repeat purchase without friction.

1. 84% of consumers research online before going out to shop in a store. 50% of them want to find the best deals and learn more about the product or check its availability. (Manhattan)
2. 89% of shoppers are relying more on online shopping experiences to get better value for money, especially in response to the increasing costs of living. (Manhattan)
   
   
3. There's a striking difference in shopper behavior in the US and the UK. Only 13% of consumers in the US spend less time on their phones and prefer in-store experiences. In contrast, double the percentage of shoppers (26%) in the UK do this. (Kin + Carta)
   
   
4. eCommerce businesses can connect in-store and online experiences in many ways. Here’s what shoppers expect from in-store technology:
   1. Price comparisons (43%)
   2. Product searches (40%)
   3. Stock availability checks (38%) (Kin + Carta)
5. 28% of consumers claim that they’ve never had a seamless retail experience across online and in-store outlets. (Kin + Carta)
   
   
6. 44% of shoppers have stopped buying from a brand because of frustrating experiences online. Whereas 72% have never had a positive experience when shopping in a store. (Kin + Carta)
   
   
7. 66% of buyers have spent more time and/or money because they were able to get a more immersive experience. (Kin + Carta)

💡Read more: 25 Omnichannel Retail Examples for eCommerce Businesses

Influencer and creator marketing: Build long-term partnerships

eCommerce brands need to step up their influencer marketing game to reach a bigger, wider audience. Influencer and creator collaborations open up the gateway to a niche audience and boost brand awareness. Plus, shoppers are more likely to take recommendations from a trusted influencer or creator than your brand.

1. Over half (53%) of shoppers consider themselves content creators, and 17% of them actively create content for their favorite brands. (Bazaarvoice)
2. 68% of eCommerce brands plan to increase their investment in influencer marketing. This means influencer and creator partnerships are proving effective for online merchants globally. (Aspire)
3. 69% of eCommerce marketers want to work with smaller creators because nano and micro-influencers achieve the highest engagement rates across different channels. (Aspire)

4. 70% of creators and influencers consider long-term partnerships the best. To build stronger relationships with brands, 52% of them want to work with brands that have brand ambassador programs. (Aspire)

5. 83% of influencers agree to work with brands simply in exchange for their products—if the product value is high or they love the brand. (Aspire)

6. 68% of brands increased their influencer marketing budgets in 2023. A year ago, brands spent an average of 25% of their marketing budgets on influencers. (Aspire)

7. A majority of marketers (68%) are looking to launch campaigns on TikTok. But 45% also want to create content on YouTube. (Aspire)

💡Read more: How to Find Creators for UGC Video Content

Social commerce & mobile shopping: Take shopping beyond your website

Social commerce is quickly becoming the norm, offering the convenience of directly shopping on the platform. Instead of browsing endlessly through a website, shoppers can simply watch a shoppable video, learn more about the product, and place an order. It’s all at their fingertips on a mobile screen!

1. 73% of consumers from the 18-34 year age group purchased products from social platforms. (Bazaarvoice)
2. The number of US-based shoppers who rely on social media has been on a steady rise since 2020. It’s projected that more than 114 million buyers will actively use social commerce in the US by 2025. (Videowise)

3. 80% of consumers on TikTok claim that the platform helps them discover new products and brands. (TikTok)

4. More than half (56%) of consumers rely on mobile phones almost always or frequently to research before making a purchase. (PWC)

5. Shoppers spend 26% of their buying process on social media to discover and learn more about a product or brand. They divide this time between site searches (38%) and organic searches (49%). (Bazaarvoice)

6. Every 4 in 10 shoppers use their phones while they’re inside a store and want to find more information about a product or compare it to other brands. (PWC)

7. 36% of shoppers compare the prices of a product to a competing brand while they’re standing in front of it in a physical store. (PWC)

8. 58% of shoppers claim to discover a brand through social media. 49% of them say they’re more likely to find products/services on social platforms than other channels. (Bazaarvoice)

9. 31% of shoppers respond positively to targeted advertising on phones. Among Gen Z shoppers, this number is nearly half (43%). (PWC)

10. 9 in 10 people buy from brands they follow on social media channels. (Shopify)

11. Brands using social media to win new customers and maximize retention attribute 29% of their total sales to social commerce. (Aspire)

💡Read more: Elevate Your BFCM eCommerce Strategy With Interactive Video

Over to you: Design your eCommerce strategy today

That's a wrap-up of our handpicked data points on how the world of eCommerce will change in the coming year. Now it's your turn to define new tactics to drive growth and boost sales in 2024.

If you’re planning to double down on video marketing, read our case studies to learn how industry-leading brands succeeded with video.

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