Trends in Ecommerce and What They Mean for Your Business.
SaleCycle recently released their report on 2017 Ecommerce statistics and it sheds an interesting light on the growth of online shopping. Here are just a few of the highlights.
US ecommerce grew by another 16%. To put it more plainly, online sales rose to $453.46 billion dollars. And while Amazon accounts for 40% of that revenue, the remainder is still a pretty big piece of the pie for online businesses to share.
- What this means: Shoppers are continuing to flock to the internet to spend money. Businesses need to consider adding ecommerce to their repertoire if they haven’t already or risk being left behind.
Black Friday and Cyber Monday
- These are still two of the biggest sales days of the year and 2017 was their biggest to date. Many online retails sites, however, are turning it into a “Black Friday Week” by offering deals in advance of the day to get a head start on the competition. In 2017 US shoppers spent more than $16 billion over the Black Friday weekend.
- What this means: There is a good amount of money to be made online at the beginning of the Holiday Shopping Season. If a business isn’t in a position to offer deep-discounts, it may be worthwhile to create special items that can only be purchased during this time in order to get customers to their website.
Ecommerce sales were at their highest between 4 and 5pm on Black Friday and 8 and 9pm on Cyber Monday.
- What this means: Higher internet traffic can impact the speed and responsiveness of a website. If it takes too long for a site or page to load, consumers may move on. The right website host and server can mean the difference between hundreds of dollars in sales and thousands.
The Average Order Value for the US ecommerce market in 2017 was $227.12 but that number goes down a bit toward the end of the month.