PragICTS is an avant-garde ICT services company based in Sri Lanka for Software, Infrastructure, and Cloud.
This blog is used as one of the platforms to share our learning's, experiences, and thoughts in snippet format.
We don't expect anyone to take these as absolute truths but consider it as perspectives to reflect upon.
The Internet connects the world's population like no other alternative.
The numbers are staggering and provide unimaginable opportunities for those who are bold, brave, and creative. The numbers...
- Population: 7.79 Billion
- Mobile: 5.15 Billion (66.11%)
- Internet: 4.57 Billion (58.55%)
- Social: 3.96 Billion (50.83%)
Numbers in Detail
- A person spends an average of 6 hours and 30 minutes per day on the Internet.
Number of websites in the world: 1.7 Billion
Global eCommerce revenue: 4.2 Trillion
It is estimated that there will be 2.05 billion global digital buyers by 2020
The number #1 reason people shop online is that they’re able to shop at all hours of the day.
81% of consumers conduct online research before making a purchase online
81% of consumers trust the advice of friends and family over businesses.
65% of shoppers look up price comparisons on their mobile device while in a physical store.
80% of people stop doing business with a company because of poor customer experience.
Consumers are most likely to trust a business that makes it easy to contact people at the company.
On average, only 2.86% of eCommerce website visits convert into a purchase.69% of shopping carts are abandoned. The unexpected extra cost is the number
one reason shoppers abandon carts.
Abandoned cart follow-up emails have an average open rate of 45%
average, 52% of online stores have omni-channel capabilities. This means they sell to and communicate with customers through multiple channels.
For example, you might have a website, Facebook Shop, Instagram account,
and an email list.
Nearly half (48% ) of online shoppers simply head straight to a large eCommerce marketplace.
Mobile eCommerce is expected to account for 67.2% of digital sales in 2019.
Users who have a negative experience on a mobile website are 62% less likely to purchase from that business in the future.
Longer mobile page load times drastically increase bounces.
Younger people spend more time shopping online than older people.
- There’s never been a better time to start an online store.
- Businesses without websites should set up an online store asap.
- Optimize your customer experience for convenience – one way you can do this is to set up a Facebook Shop.
- Advertise your products with Google Shopping so shoppers looking up price comparisons will see them.
- Create great product pages that are detailed, accurate, and answer every question shoppers might have.
- Harness the power of social proof to build trust and increase sales.
- Boost customer retention by providing a stellar customer experience.
- Build strong relationships with customers and make hands-on customer service a priority.
- Consistently seek to improve your website’s conversion rate.
- Optimize your checkout process to reduce abandoned carts.
- Avoid springing high fees on customers during the checkout process and consider offering free shipping.
- Create an email campaign to automatically follow up abandoned carts.
- Look to create a seamless, personalized omni-channel experience for customers.
- Capture shopper's attention by creating killer ad designs.
- Optimize your website to instill trust in visitors quickly.
- Choose a great website theme that’s optimized for mobile devices.
- Resize your images to improve your website’s load speed.
Present Context There is no foreseeable control or ending to the raging global pandemic. This is driving the need and realization for online fulfillment and convenience. As the COVID-19 pandemic reshapes our world, more consumers have begun shopping online in greater numbers and frequency. According to new data from IBM’s U.S. Retail Index, the pandemic has accelerated the shift away from physical stores to digital shopping by roughly five years. In the first six months of the year, consumers spent $347.26 billion online with U.S. retailers, up 30.1% from $266.84 billion for the same period in 2019, according to the latest Digital Commerce 360 analysis of U.S. Department of Commerce data. Comparatively, eCommerce sales during the first half of 2019 grew just 12.7% year over year. Department stores, as a result, are seeing significant declines. In the first quarter of 2020, department store sales and those from other “non-essential” retailers declined by 25%. This grew to a 75% decline
The mobile is taking the Internet accessibility to the remaining frontiers of the global population. Initiatives such as Tesla's Star-link project aims for global accessibility of high-speed internet at affordable rates. Cloud based computing is making it possible for ubiquitous real-time computing capability. The next phase of the internet expansion is now being driven to bring on board all equipment, devices, etc. for greater interaction, integration and experience through iOT enablement. By 2025, it is estimated that there will be more than to 21 billion IoT devices. This makes it possible for the ability to manage, track, integrate and interact at a more cohesive and holistic manner. Brings about unprecedented capabilities and possibilities for the world at large. These are all made possible through supporting technologies which includes voice enablement, AI, Big Date, VR, AR, etc. By PragICTS www.pragicts.com