Digitalization has changed the face of the trade industry over the past few years. Due to its purchase conveniences from the comfort of home, presently, online shopping has crossed the multi-billion-dollar benchmark worldwide. Recent research has claimed that by 2040, almost 95% of all kinds of purchases will be done through online shopping. Nearly 25% of the world’s buyers hail from the digital buying community. This uprise has encouraged eCommerce platforms to embrace an equipped payment gateway to manage this cashless transaction and grow sales.
It is worth noting that India’s large number of smartphone users now have cheap data that helps online surfing and shopping affordable from groceries to home appliances, fashion products to healthcare, and electronics to simplify everything. This article will aim to acquaint you with the amazing online shopping statistics in the current year 2022.
Most Important Reasons for the Growth of Online Shopping Trade
- Easy Comparing Options and Best Deals at Online Purchase: Buyers always prefer to compare products and select the best quality at the lowest price. Now, think about this, if they have to do this by visiting multiple shops, it would be a tiresome and time-consuming experience after all. Not to mention the extra spending at the runs. Online shopping gives you the luxury to save lots of time and energy on every purchase.
- Safe shopping: Standing in the 2022 post-pandemic world, people have reduced social gatherings and marketing of goods from physical shops; they have moved to the new normal age of online purchase. They have realized eCommerce has proved to be a boon in their lives in a time of need and will continue to do so in the future.
- Reliable Payment Gateway: You no longer have to worry about carrying cash to stores. Or, if you are the store owner, forget about the cash transaction issues with customers and fail transaction cases. Zaakpay is one such India payment gateway that provides you easy-to-navigate user interface secure transaction with 100+ payment options to pay digitally for your online business.
- Home Comfort: The days of queuing up in front of a store are over. You no longer need to drag the heavy shopping bags when you have the luxury to order online within the four walls of your house and relax while they bring you your purchase at the doorstep.
- Everything in One Place: Compared to a departmental store, an online store is vast in its intake and storage capacity. There is never a limit of quantity and variety here. You have the luxury of doing nothing more than a few mouse clicks to buy various kinds of products on a single platform.
Online Shopping Facts of 2022 at a Glance
As an online store owner, you must scrutinize these below-mentioned trends. Focus on linking your business with an integrated India payment gateway to ensure your growth in the eCommerce hub.
India’s Online Shopping Statistics
- Overall Growth Rate of eCommerce Industry: According to GlobalData, the Indian eCommerce industry will hit $74.8 billion, linear growth of 21.5% in the single year 2022. Analytics are witnessing that this pandemic has encouraged consumers to conduct payments through various digital modes in most purchases, even from a market. So, if you are a tradesman, consider giving your merchandise a headstart by conjoining your business transaction operator with a digital payment gateway. Multinational companies are inclining towards eCommerce these days. According to Bobble AI, this industry has grown almost 77% alone between 2020 and 2021, with a significant contribution from two and three-tier cities.
- Shoppers Count: A Recogn report says that in India, the total eCommerce shopper number could rise to 228 million by the end of 2022, a direct 45% leap from the current statistic.
- Social Media Influence: A survey shows that more than 58% of online buyers have used Facebook, WhatsApp, Instagram, YouTube, etc., to purchase goods. The younger generation prefers the newer medium of social media like Instagram and YouTube, whereas the elderly population is more comfortable with Facebook and WhatsApp for online marketing.
- Payment Platform Accessibility and Impact: Online business owners are now switching to an online payment gateway that enables quicker payment settlement between the merchant and the shopper. For example, Zaakpay has emerged as one of the fastest-growing payment platforms in India that features robust security, no activation cost or hidden charges for any conversion, easy payment analytics, etc. This increase in the adoption of digital channels has pushed small businesses by 46% in tier 2 and tier 3 cities of India.
- Impact of Current Happenings: Indian Government has long ago initiated promoting non-cash transactions to advance the nation digitally. And this recent growth in eCommerce at the time of Covid-19 has boosted digital payments. GlobalData analysts have found that these pointers will push electronic payments at a Compound Annual Growth Rate (CAGR) of 18.2 percent between 2021 and 2025, which will hit $120.3 billion.
- Newer Facilities in Payment System: To keep pace in this online industry, many major online stores are introducing new modes of payments such as Quick-Response (QR) code, Unified Payments Interface (UPI), payment links, etc., to replace hand-to-hand money payment. Zaakpay is a platform that experts specially design to conduct eCommerce payments faster.
- Online Shopping Count Vs. In-store Shopping Count: Economic Times has suggested that in India, online retail is slowly replacing the retail market as it is reduced by 5%, whereas the online shopping industry is heightened by 25%. Studies have projected that in India, online business is estimated to grow at the rate of 10.7% by 2024 as compared to 4.7% in 2019.
- Revenue: In India, eCommerce revenue is estimated to produce US$ 99,438 m in the year 2022.
World’s Online Shopping Statistics
- Store Count: As per world statistics, almost 12 to 24 million online stores are present worldwide.
- Revenue: Statista has found that eCommerce sales have entered the $3.53 trillion benchmark in 2019, potentially generating $6.54 trillion revenues globally.
- Numbers on Offer Days: According to FreightPros, on special offer days like Black Friday, the entire shopper community spends over billions on online shopping.
- Shoppers Count: As of 2019, the world has around 1.92 billion online shoppers, as suggested by OptionMonster.
- US Statistics: America has emerged as the most prominent online buyer community nation regarding money spent on shopping. According to World Atlas, they spent nearly $1804 alone in 2015 on an average.
To conclude, e-retail is the future of the shopping business. From giant companies to smaller ones, they all have started to believe that eCommerce is the future of shopping. Today, business records show that they choose to embrace eCommerce over the traditional medium of offline business. Thus, the Indian virtual-shopping market will become the second-largest online shopping hub globally by 2034.