With the pandemic keeping people at home, the rise of digital buyers is growing at a steady rate. There is an estimated 7.7 billion population across the world. Of which, 25% of the population shop online.
Data further suggests that by 2021 this number is expected to grow to 2.14 billion people.
In India alone 475 million shop online.
With the increase in the number of online shoppers, online retail sales too are expected to grow. As of the current year, eCommerce sales account for 15.5% and by 2021 is expected to grow at 17.5%.
Major reasons for the growth of online shoppers include:
- Ease to compare prices
- 24 hours online visibility
- Discounted and Low prices
- Convenience and Comfort of shopping from home
A lot of these customers have now resorted to shopping online, as 65% shoppers have reported to compare prices via smartphones. The major reason for this shift seems to be dropshipping and Amazon FBA as it has helped the growth of eCommerce in India.
The eCommerce market in India is growing in all dimensions. With eCommerce website builders like Shopify, Dash101, Magento, WooCommerce and many more, building an eCommerce store is just a few clicks away.
While 1 in 34 website visitors are converted, 69% of visitors abandon shopping carts. Online payments have also become a more preferred form of payment, especially since COVID. With over 1.2 billion UPI payments transactions were recorded as per March 2020 data.
The growing eCommerce market has also pushed in a lot of people abandoning their carts, especially with the increasing competition offering more options.
Here are some reasons for abandoned shopping carts:
- High Shipping Costs
- Complex Checkout Process
- Force to create accounts
Lastly, data shows that online shoppers prefer to visit one single eCommerce marketplace such as Amazon, instead of other smaller websites.
