The eCommerce industry continues to grow at an unprecedented rate, shaping the way businesses operate and consumers shop. In 2024, the trends are clear: eCommerce is not just about having an online store, but about leveraging data, personalization, and the latest digital marketing techniques to capture and retain customers. In this blog, we’ll highlight the key eCommerce marketing statistics for 2024, helping you stay informed and ahead of the curve.
1. Global eCommerce Sales to Reach $6.3 Trillion
According to industry projections, global eCommerce sales are expected to surpass $6.3 trillion in 2024, a significant leap from previous years. This shows that online shopping is no longer an alternative but a primary shopping method for millions worldwide. Businesses that prioritize their digital storefronts and marketing strategies will be the ones leading the charge in this rapidly expanding market.
- Takeaway: If your business isn’t online yet, now is the time to build your eCommerce presence. For existing eCommerce businesses, invest in optimizing user experience and marketing to capture a share of this booming market.
2. Personalized Marketing Increases Conversion Rates by 20%
Consumers now expect personalized shopping experiences. Personalized marketing campaigns, which cater to the specific needs and preferences of individual customers, are driving 20% higher conversion rates on average. Shoppers are more likely to purchase when they feel the product or offer is tailored to them.
- Takeaway: Implement strategies like personalized product recommendations, email marketing, and targeted ads to boost customer engagement and sales.
3. Mobile Commerce Will Account for 50% of eCommerce Sales
Mobile commerce, or m-commerce, is expected to account for 50% of all eCommerce sales by 2024. With more consumers shopping via smartphones and tablets, having a mobile-friendly website or app is no longer optional but essential.
- Takeaway: Ensure your eCommerce site is optimized for mobile devices. A seamless mobile experience, fast loading times, and mobile payment options will be critical for retaining customers.
4. 77% of Abandoned Carts Can Be Recovered with Retargeting
One of the biggest challenges in eCommerce is cart abandonment, with the average rate hovering around 70%. However, 77% of abandoned carts can be recovered using retargeting strategies like email reminders, discounts, or remarketing ads.
- Takeaway: Utilize abandoned cart emails and retargeting ads to re-engage customers who didn’t complete their purchases. Offering incentives such as limited-time discounts can help increase recovery rates.
5. 70% of Consumers Look for Discounts and Deals Before Making a Purchase
Price sensitivity remains a key driver for online shopping behavior, with 70% of consumers actively searching for discounts and deals before making a purchase. This behavior makes limited-time offers, seasonal sales, and loyalty programs highly effective marketing tools.
- Takeaway: Incorporate discounts, promotional codes, and loyalty rewards into your marketing strategy to attract deal-seeking customers and drive conversions.
6. Influencer Marketing Drives $6.50 for Every Dollar Spent
Influencer marketing continues to grow as a powerful tool for eCommerce brands. In 2024, the return on investment (ROI) for influencer marketing is reported to be $6.50 for every dollar spent, highlighting its cost-effectiveness and influence on consumer purchasing decisions.
- Takeaway: Consider partnering with influencers who align with your brand to drive awareness, engagement, and sales. Micro-influencers, in particular, often have higher engagement rates and more trust with niche audiences.
7. Video Marketing Increases Purchase Likelihood by 85%
Consumers love video content, and video marketing is proving to be one of the most powerful ways to boost eCommerce sales. In fact, 85% of consumers are more likely to purchase a product after watching a video that demonstrates it.
- Takeaway: Create engaging product videos, tutorials, and customer testimonials to showcase your offerings. Video content can be shared on social media, product pages, and in email campaigns to drive more purchases.
8. Subscription eCommerce Market Expected to Grow by 15%
Subscription-based eCommerce models continue to gain popularity, with 15% year-over-year growth expected through 2024. Consumers enjoy the convenience of recurring deliveries and personalized product selections, making subscription services a lucrative market for businesses to explore.
- Takeaway: If relevant to your industry, consider introducing subscription models for products or services to build a loyal customer base and generate predictable revenue streams.
9. 66% of Consumers Want Brands to Be Socially Responsible
In 2024, 66% of consumers report that they prefer to buy from brands that are socially responsible, reflecting the growing importance of ethical business practices. Brands that focus on sustainability, transparency, and community involvement are likely to earn consumer trust and loyalty.
- Takeaway: Highlight your brand’s social responsibility efforts in your marketing. Share stories of how your company is contributing to positive social and environmental causes.
10. 56% of Shoppers Use Social Media for eCommerce Discovery
Social media continues to be a key discovery platform for eCommerce, with 56% of consumers using social media platforms like Instagram, Facebook, and TikTok to discover and learn about new products. Social commerce, where purchases are made directly through social media, is expected to further grow in popularity.
- Takeaway: Invest in social media marketing and create shoppable posts to capture the attention of consumers where they spend their time. Platforms like Instagram and Facebook allow direct purchases, making it easier for users to shop without leaving the app.
Whether you’re kicking off a new campaign or looking to revamp your strategy, the lessons you’ll learn will be universal to all small business email marketing.
MailChimp is an email marketing service provider founded in 2001. It has 9 million users that collectively send over 15 billion emails through the service each month.
Conclusion
2024 promises to be another record-breaking year for eCommerce, with digital trends continuing to reshape how businesses connect with customers. From the rise of personalized marketing and mobile commerce to the growing influence of video content and social responsibility, these statistics highlight the evolving landscape of online retail. By leveraging these insights and staying ahead of the trends, your business can optimize its eCommerce strategy and thrive in the competitive digital marketplace.
