10 Online Shopping Statistics You Need to Know in 2024
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You order anything at the touch of a few buttons. Whether it’s as small as a toothbrush or as elaborate as a new electric car, online shopping is reaching new heights. With Black Friday and the holiday season right around the corner, it’s time to look into the online shopping statistics you need to know in 2024.
Over 2.14 billion people shopped online in 2021 with that number expected to rise even more this year. There are expected to be at least 266 million online shoppers in the United States alone in 2023. This number is expected to rise to over 291 million by 2025.
The way we shop online is changing with consumers becoming more empowered through cash back and coupon apps like Ibotta and Rakuten. How consumers pay is changing with platforms like Cash App and Venmo replacing traditional banks.
Whether you’re building an e-commerce website or have an online shopping habit, understanding how it works can make you a smarter consumer. We’re sharing 10 online shopping statistics that will change the way you think about online shopping.
1. High Shipping Costs Are Stopping Purchases
Have you ever filled up your cart and then closed the tab? You’re not alone. The most common reason why people choose to abandon their online carts is that the shipping costs are too high. 63% of US shoppers surveyed quoted high shipping costs as the main reason for abandoning carts when shopping online.
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You can use coupon browser extensions like Ibotta to automatically search for free shipping and discount codes to make your online shopping more affordable. Anyone who shops online should be using cash back services like Ibotta to earn money and access exclusive offers.
2. Almost 50% of Shoppers Research Products on Social Media
It’s not just big purchases that people research. The rise of algorithms on social media means that Instagram and TikTok are two of the biggest sources of inspiration for online shopping.
Instagram is gradually pivoting towards a shopping app by integrating shopping features into the platform. TikTok’s new ‘TikTok Shop’ feature seeks to provide the same service. Even when consumers aren’t shopping through social media, they’re using platforms to research products.
Today’s influencer culture means you can find product reviews for almost anything online. Whether you’re choosing your airline seat or buying new winter boots, there’s probably a review out there online. Social media is influencing purchasing decisions more than ever before.
3. People Don’t Buy Without Discount Codes
High shipping costs are the primary reason why people abandon their online carts. Discount codes not working is the second most popular reason for cart abandonment.
You might find a discount code on a YouTube video or Instagram post that spurs impulse shopping. If the discount code doesn’t work, you’re more likely than not to abandon your cart. 46% of people cited it as the reason they don’t finish checking out online.
Getting discount codes is easier than you think. You don’t need to go scrolling through social media for influencer discount codes. Cash back websites like Dosh will help you earn money on almost every purchase without worrying about discount codes.
Browser extensions like Honey and Karma will automatically search for discount codes when you check out online. Using these two types of add-ons to maximize your savings when shopping online.
4. 3 in 4 People Shop Online At Least Once a Month
It’s not just during the holiday season that people shop online. Over 75% of people shop online at least once a month. The convenience of online shopping means you can purchase almost anything from the comfort of your own home. E-commerce websites give consumers access to brands that aren’t sold in-store in their region.
If you’re shopping online on a weekly or monthly basis, you want to sign up for a cash back program. Whether you’re a frequent flyer or buy your monthly vitamins online, your cash back will quickly start to add up. Check out the $25 TopCashback referral bonus.
5. Almost 60% of People Prefer to Shop Online
Research by Raydiant in 2022 shows that 56.6% of people prefer to shop online compared to in-store. The pandemic made online shopping even more convenient with a 10% jump from 2020 to 2022.
Online shopping gives customers the ability to shop around for the best price and explore more products and brands than they’d have access to in-store. Online discounts are the most popular reason why people choose to shop online as it’s easier to stay within a budget.
Websites that offer free and easy returns see higher volumes of customers due to the added convenience. Options like same-day shipping and ‘try before you buy’ services give customers more freedom when shopping online.
6. Consumers Are More Likely to Buy with Free Delivery
53% of people in a 2022 survey said that free delivery would make them more likely to make an online purchase. Consumers view free shipping as a way of making online shopping more affordable than traveling to stores to purchase in person.
It’s why companies often offer free shipping promotions, whether it’s on your first order or after spending a specific amount.
7. Amazon is More Popular Than Search Engines for Product Inspiration
Almost 60% of online consumers start searching for a product on Amazon. It’s starting to rival traditional search engines as the website consumers use to research products or find inspiration. Only 31% of people use search engines when searching for products, while 57% use Amazon.
It’s why more small businesses and household brands are offering their products directly through Amazon. Prime memberships allow customers to enjoy free shipping throughout the year, along with other benefits. There are estimated to be 163.5 million Amazon Prime members in the United States alone.
8. 70% of Consumers Read Customer Reviews
While we all love a little impulse shopping, most of us take time to read at least one review. Over 70% of online shoppers reportedly read 1 to 10 customer reviews before making an online order. Only 10% said they didn’t regularly read reviews.
Yes, people really are reading your product reviews. It’s why e-commerce website ranks products with more customer reviews higher than those without. Next time you find a product you love (or hate!), leaving a review will likely help someone else with their online shopping.
9. 75% of Millennials and Gen-Z Want Buy Now, Pay Later Options
When you check out online, you’ve probably seen the option to split your payment across 3 months or more. These ‘Buy Now, Pay Later’ options are popular amongst millennials and gen-z, whether they’re purchasing clothes from ASOS or buying concert tickets.
75% of younger customers are interested in monthly payment schemes, including buy now and pay later services. Buy now and pay later services allow you to pay for your online shopping across multiple repayments, usually on a weekly or fortnightly basis. While these options are fee-free, you will be charged a late fee if you miss a payment, which can hurt your credit score.
Services like Klarna, Clearpay, and Afterpay are the most popular options available through most e-commerce websites. You can even use buy now and pay later options when ordering food through Deliveroo.
Most millennials and gen-z are turning to these payment services as an alternative to traditional credit cards.
10. 30% of Consumers Pay Using their Digital Wallets
Apple and Google Pay have made it easier than ever to shop online. Gone are the days of passwords and having to keep your physical card at hand. You can pay with your face ID or your phone code within seconds.
Digital wallets are now as popular as credit cards when making online payments as the preferred choice for 30% of consumers.
Accounts like Cash App make it easy for you to maintain a separate digital wallet from your current accounts. You’ll get a Cash Card to use through Apple or Google Pay as part of your digital wallet.
Getting started with Cash App is easy, allowing you to easily make online orders and send money to your friends and family. You can sign up with Cash App through our referral link to get a sign-up bonus to kickstart your digital wallet and put it towards your next online purchase.
Final Thoughts: Online Shopping in 2024
Online shopping is changing. Understanding consumer habits and trends can help you build a successful e-commerce website or get the most out of your online purchases. Take advantage of social media and customer reviews to make smarter shopping decisions and look out for brands and websites that offer free shipping.
Get the most out of your online shopping by signing up for a cashback app through one of our referral links for an exclusive sign-up bonus. Earning cash back online and accessing exclusive discounts has never been easier.
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