5 Statistics on the State of Internet Business
- Asia has the biggest percentage of internet users (49%), followed by Europe (16.8%), Africa (11%) and North America (9%)
- When all other circumstances are equal 64% of Americans prefer buying in store versus buying online while millennials now make 60% of their purchases online
- Google does 40,000 searches every second for a total of 1.2 trillion searches each year globally
- By 2021 global e-commerce revenues are estimated to exceed $4.8 trillion
- 3.2 billion internet users use social media to keep in touch with family and friends, make purchases and also promote their small businesses online
16 Statistics on Running an Internet Business
- In 2018 six out of ten small enterprises did not have a website
- Fifty-one percent of small firms with websites employed in-house personnel to maintain their websites
- Before making a purchase 55% of individuals and small business owners will look online for reviews and recommendations with 47% visiting the company website plus 26% visiting the actual store and 23% interacting with friends and family
- By enhancing checkout experiences $260 billion might get recovered
- Men spend more on each transaction than women with an average of $220 spent vs $151 for women
- The average cart abandonment rate is 69.57%
- People buy a product for a variety of reasons including competitive pricing (36%), a preferred website (30%), the best delivery choices, price (17%), and stock availability (14%)
- The average word count of the top ten Google results is above 2,000
- Thirty percent of individuals would prefer to return to a website where they previously made a purchase
- The top five factors that impact purchasing decisions include the lowest price, improved delivery options, an easy return policy, payment alternatives, the ability to view inventory availability and product/service information. If your business lacks inventory, consider taking a small business loan to stock up on bulk inventories and ask for a discount from your vendor
- Eighty eight percent of buyers conduct internet research before making a purchase whether it is online or in-store
- People will not buy online because they want to see and touch things before purchasing plus shipping takes too long
- 84% of 25-34-year-olds have abandoned a previously liked website due to poor user experience or unnecessary advertising
- 59% of millennials will go to Amazon before any other website making them one of your most significant rivals straight away
- 57% of consumers would not suggest a company with a poor mobile site and 40 percent had switched to a competitor's site after a poor mobile site experience
- Even if the item isn't on sale 71% of customers feel they'll receive a better value online
Statistics On The State Of Internet Business: A Deeper Dive
Before delving into the subtleties of running your own online business be sure you have a good understanding of the terrain. Here are some online business statistics to help you understand what you're getting into.
When all other circumstances are equal 64 percent of Americans prefer buying in store versus buying online. Consumers prefer in-store retail for reasons such as sampling a product in person and buying from merchants they are acquainted with.
Ecommerce revenue is predicted to reach a stunning $4.8 trillion by 2021. This figure gets even more amazing when you realize that e-commerce generated $517.26 billion in revenue in 2018.
That equates to a staggering 276% yearly growth rate. So, expect to participate in explosive growth in e-commerce over the next three years.
Statistically internet business figures show that 1.79 billion individuals purchased products and services online last year up from 1.66 billion.
Despite the booming online business development over the last decade almost all retail purchases are still made offline.
Amazon sales increased 16.3% year over year according to Digital Commerce 360. Furthermore, this expansion won it a startling 40% share of total US e-commerce last year. As a result, Amazon revenues account for approximately half of all online business sales.
“Your website’s traffic tends to be strongly related to brand recognition and marketing spending”
Statistics On Running An Internet Business: A Deeper Dive
80% of organizations that could not accomplish their revenue targets had fewer than 10,000 monthly visitors to their website.
Meanwhile 70% of organizations that achieved their sales targets had more than 10,000 visits.
Because traffic tends to be strongly related to brand recognition and marketing spending. Thus, hitting revenue targets might result from all of these measures working in tandem.
According to Status Lab just 2% of businesses hold the whole top page of their branded search results. While 94% of consumers only look at the first page of Google results. This online business figure indicates that most businesses' online presences will include more than simply their domain.
According to Dynatrace's online business data online buyers have high expectations. 75% of them expect to be able to receive online support within five minutes of encountering a stumbling block.
Creating a strong mobile experience for your website can also assist you in lowering your bounce rate. 40% of customers will not only abandon your site if they have a horrible mobile experience but they will also visit a competitor's site after leaving yours.
Business websites and reviews are essential these days. Not just for promotional purposes but also for conversion.
This is because almost nine out of ten consumers conduct internet research before purchasing. This is true for both online and in-person transactions.
Internet Business Statistics: Next Steps
So, what can we learn from these online business statistics?
For 36% of small firms who don't have a website, the first move will be to invest in one right now. Many small businesses that have websites could set them up for less than $500 by using a DIY website builder.
If you've already created a website for your company then it's time to start optimizing it. Improved website performance is a lever that may be used to boost a variety of other metrics.
Whether you start writing long form content to gain more first page results then start polishing the mobile version of your site. Every little bit helps so focus on your page load speed too.