21 Global Online Payment and Shopping Statistics

Global-Online-Payment

Understanding the Basics of E-Commerce

Though many e-commerce efforts focus on the United States, did you know that in a recent survey the US placed fifth in nations that spend their disposable income through e-commerce opportunities? India and China led the way in this survey with even Brazil coming in at a higher percentage of spending than American consumers. Though there is a definite advantage in focusing on the spending habits of Americans with your e-commerce efforts, the amount of money that people in other nations are spending can’t be ignored if you’re truly going to be a global niche expert in your field.

Here’s what you need to know about the basics of e-commerce right now:

Most people buy things at home.
If your e-commerce platform is geared toward people who shop for things while they’re at work, you’re only promoting your business to 5% of the total marketplace. Most people shop online at home, and most of that shopping happens in someone’s living room. By knowing this, then you know what your original content needs to be geared toward for the average consumer.

Most purchases occur in the evening.
Though some people start out their day by shopping online, a vast majority of people shop after they’ve come home from work. These means people are tired, stressed out, and are shopping as a means of relaxation. By limiting the hard sale techniques and instead communicating a sense of value that someone can get with each product or service you offer, you’re more likely to convert an e-commerce opportunity.

Most customers are concerned about security.
More than half of the people who shop online will actually purchase more items when there is an added level of security on your e-commerce platform. This obviously means an added overall cost upfront for your business, but by knowing this, you can plan for greater revenues to be headed your way that will more than make up for the cost in the long term.

Guarantees are necessary.
When you’re shopping online for a dress, for example, you aren’t going to know if the fit is going to be exact. If that item doesn’t fit right, the customer wants the ability to exchange it for the right size instead of being forced to keep it. By offering return guarantees for items that arrive and aren’t what a customer expected, you’ll be able to encourage more business. Warranties are included with this category – if a product has a defect in it, customers want to be able to exchange it without a monetary cost for a properly operating product.

Stay away from unexpected expenses.
Most people leave a shopping cart without becoming a customer because there are unexpected expenses included with their purchase price. This could be unreasonable shipping and handling charges, sales taxes that aren’t expected, or product upcharges. Researching the exact product at your competitors is pretty easy to do and it only takes a few moments. If your price is unexpectedly high, it’s a pretty good chance that a customer can find a better price somewhere else.

Are you following the basics of e-commerce? Take these ideas to heart for your platform today so that you can maximize the potential of your business!