ONLINE SHOPPING. Tell Me More!

Let's start with a simple translated definition of online shopping. This meaning: Buying something online, or online shopping. Have you ever shopped on Amazon? If so, you’re one of the millions of consumers who are already familiar with online shopping.

In 2021, over one fourth of the population worldwide (an estimated 2+ billion) were internet users with shopping access to one or more online stores. As a matter of fact, online sales have become worth trillions annually. This trend can be credited to the combination of stores moving online, third-party marketplaces and increasing internet access across the world.

Annual retail online sales passed $4.9 trillion worldwide and are expected to grow to over $5.5 trillion by the end of this year.  I've learned that this amount is more than the GDP of Germany and Japan (approximately $4.2 trillion and $5.1 trillion in 2021 respectively)!

In the USA, online revenue passed the $400 billion mark for the first time in 2020, reaching a whopping $431.6 billion.  A mere three years from now (2025), the news is nothing but great for online shops, given the prediction that these shops will generate about $563+ billion in annual revenue.

Did someone mention not having a crystal ball?  What is one to make of these trends? My take, especially for us Baby Boomers, is that you have to use the internet if you want to buy something online!

According to a Pew Research Center study (2021) however, some U.S. adults never go online (7%) and thus, will not be able to access an online store.  Still, other respondents to the survey (85%) reported that they went online at least once per day, with 31% having constant online activity.

Is online shopping easier? Some would answer a resounding yes to this question! The reasons are many, including easier purchase of individual items, not having to go out of your way to get to the shops, and FREE SHIPPING. 

Are folks still shopping the 'olde-fashioned' way? According to a consumer spending report (PayPal, 2021), some 54.5% of Americans preferred shopping in person and 12.2% didn’t care either way.

Perhaps it's not quite time to shout out the value of online shopping from the rooftops. But if the most recent trends continue, the conclusion may be that online shopping is America’s preferred way to shop!

Have you ever made a purchase from an online store? Let us hear from you.

Till next blog, our wishes for your happiness, health and wellbeing.