Online Business Statistics

17+ New Online Business Statistics for 2024

Published on: December 17, 2023
Last Updated: December 17, 2023

17+ New Online Business Statistics for 2024

Published on: December 17, 2023
Last Updated: December 17, 2023

The majority of businesses operating today will already have some form of online presence.

The truth is it’s not possible to flourish as a business without one. 

Over 5 billion people in the world are online and prepared to look for products on the web.

To reach this global audience, you also need to be online.

But, you’ve got to get the process right. 

Fortunately, the following online business statistics will help you understand what approach is best for you to take. 

Key Statistics

  • 81% of shoppers will research a business before ordering
  • By 2040, experts believe 95% of purchases will be done with e-commerce
  • 15% of Americans already shop online every week
  • 79% of businesses with websites expect significant growth
  • 85% of businesses manage websites in-house
  • 36% of small  businesses are already selling online
  • 18% of mobile searches become sales
  • Business blogs boost lead rates by 126%
  • 60% of online shoppers start by using a search engine
  • 85.9% of millennials buy products online
  • 34% of online shoppers prefer it to visiting physical stores
  • Globally, 1.79 billion people shopped online
  • 75% of online customers want help within 5 minutes
  • 48.7% of online shoppers are women
  • The average online shopper is 38.9 years old
  • 73% of customers use multiple channels for shopping
  • 33% of people stop using a business due to a lack of personalization

Top Online Business Statistics in 2024

1. 81% Of Shoppers Will Research A Business Before Ordering

Online Business

The internet has made it very easy to research products and businesses online.

For consumers, it couldn’t be easier.

Most people have a mobile phone with them and can look up a business at any time. 

In other words, it’s no longer enough to go into a physical store or find a well-priced product online.

Anyone can look up your business, see reviews on the business, judge how you handled complaints, and find out a host of other business-related information. 

When you look at it that way, it’s not surprising that 81% of shoppers will look up a business online before deciding whether to buy a product or not. 

As a business owner, you need to be constantly aware of your business profile and make sure you handle any negative publicity promptly and fairly. 

The need to look good when being reviewed online is one of the primary reasons 70% of small businesses are investing more in their digital presence. 

(Zippia)

2. By 2040, Experts Believe 95% Of Purchases Will Be Done With E-commerce

Purchases via e-commerce have been steadily increasing.

It’s estimated that there was $520 billion in retail sales via e-commerce in 2018.

This had increased to over a trillion by 2022.

As mobile phones have become more powerful, it’s easier than ever to review a product, or business, and then buy something while commuting or doing some other activity. 

As a result, experts estimate that 95% of purchases will involve at least some element of e-commerce by 2040.

There will always be a few things that people want to see physically before ordering.

But, in most cases, this will simply be a precursor to ordering online. 

(Zippia)

3. 15% Of Americans Already Shop Online Every Week

When e-commerce first arrived on the scene it was something that people tried for occasional purchases, perhaps something that didn’t matter too much if it turned up or not. 

Once consumers developed trust in e-commerce, its use increased. 

Today, Forbes estimates that 15% of US adults will shop online every week.

An impressive 28% are using online shopping but only a few times a month.

These are the ones that will soon be using it weekly, while the weekly group moves to daily.

In the survey, 37% of respondents said they used it less than a few times a month but did shop online occasionally. 

Interestingly, 20% of those questioned said they never shopped online.

Unfortunately, the survey didn’t reveal the age ranges of respondents as this could be relevant to the percentages of people not shopping online. 

(Zippia)

4. 79% Of Businesses With Websites Expect Significant Growth

Online Business

It’s worth noting that 35% of small businesses feel that their business is too small to warrant a website.

Part of this is a lack of understanding of the power of websites, the other part is a concern regarding the cost of creating a website. 

Of these small businesses, the majority feel that social media can achieve the same results as a website. 

However, these businesses should talk to those with websites.

A recent survey found that 79% of business owners who have a website feel that their business will grow by at least 25% in the next three to five years. 

Of the businesses without a website, just 64% are confident that their business will grow in the next three to five years. 

In short, businesses with a website are more confident they will grow than those without a website. 

(Zippia)

5. 85% Of Businesses Manage Websites In-House

One of the biggest issues for many small businesses considering websites is the cost of creating and maintaining a website. 

A recent survey found that 23% of small businesses don’t invest in a website because of the cost involved.

Interestingly, 28% of small business owners choose not to have a website because they feel it’s not relevant to their business. 

Of those who have chosen to create a website, 85% of them manage the website in-house.

That means they use existing employees or hire someone just to look after the site. 

This approach is generally cheaper than using a professional.

It’s also easier to keep posting new content.

This helps to raise brand awareness and boost customer numbers. 

When releasing content it’s best to use a variety of formats, that means images, videos, and text.

In-house website management also makes it easier to create offers and promotions. 

The site should also have reviews and testimonials.

It’s important to post all reviews, including bad ones.

Just make sure you also post how the business dealt with any issue. 

(Zippia)

6. 36% Of Small  Businesses Are Already Selling Online

By 2040 95% of purchases will likely involve some sort of e-commerce.

In other words, you need to get online now. 

The good news is, that 36% of small businesses are already online and selling their products.

A further 36% of businesses are online in one form or another but are not yet selling products. 

Both these types of businesses are moving in the right direction.

The concerning group is the 28% of small businesses which don’t yet have anything online for potential customers to review. 

If you’re one of the 28% then you need to take action today.

Launch a site, add an introductory discount, and move your business in the right direction for the future. 

Having a web presence should be seen as essential to all businesses.

Even if you don’t sell online, a business will increase people’s awareness of your brand and that will lead to more sales, although they are likely to be local sales. 

(Zippia)

7. 18% Of Mobile Searches Become Sales

Cell phones are the most commonly used of all the mobile internet options.

Of course, tablets and even laptops are also usable while on the move. 

The majority of modern mobile devices are just as powerful as a desktop and significantly more convenient.

That’s why the number of sales which start from a mobile is gradually increasing.

The latest studies show that of the millions of mobile searches done daily, 18% of them go on to become a completed sale.

The sale will be processed within one day of the mobile search. 

In other words, it’s not enough to have a website.

You need to make sure the site works well on an array of platforms and screen sizes.

If the site doesn’t autocorrect to the size of the screen you’re likely to find most of your potential customers quickly head elsewhere. 

(Zippia)

8. Business Blogs Boost Lead Rates By 126%

Online Business

Images and infographics are generally well-received by visitors.

In fact, they are listed as the most popular part of a website as 76% of people questioned said that. 

However, while images and videos are popular and generally an easier way to absorb information, businesses should also find time to write blogs and even content articles. 

According to a recent survey by Zippia, businesses with blogs get a 126% boost in the generation of quality leads.

While not all leads become customers, a surprising number will. 

Blogs and content are also a great way to add additional links.

It leads to 97% more inbound links, 55% more page visits, and 434% more indexed pages. 

In short, a blog can attract a lot of extra customers, you just need to know how to manage the visitors and convert potential customers to real customers. 

(Zippia)

9. 60% Of Online Shoppers Start By Using A Search Engine

If you’re looking for something online then the first thing you’ll do will probably be to type the product into your browser. 

You may well be using Chrome, according to reports it’s the most popular browser with 3.3 billion users.

In comparison, Apple Safari has just one billion, and Microsoft Edge has 212 million.

You probably don’t think much about which browser you’re using, most people don’t.

However, browser usage allows us to monitor usage. 

Research shows that 60%, that’s over half, of shoppers will start their online product search by using a search engine

When presenting your company to the 60% of shoppers starting from a search engine, remember that 62% of internet users will share with friends an online deal they are impressed by.

Don’t forget that 69% of Americans shop online and 25% do so at least once a month. 

(Zippia)

10. 85.9% Of Millennials Buy Products Online

If you’re trying to attract customers to your site then you should remember that all ages of people use the internet.

However, the younger generations use the internet more, especially when it comes to purchasing things. 

According to the latest statistics, 85.9% of Millennials already purchase products online regularly.

That means all you have to do is make them aware of your brand and the quality of your products. 

Older generations tend to be more cautious, meaning you’ll need to introduce them to your site and products before easing them into reviews and brand knowledge. 

The result is the same, it’s simply a slower, slightly gentler process. 

It’s worth noting that Millennials are now the largest generation, which contributes to their buying power.

Generation Z is likely to have an even bigger internet presence.

However, many of Generation Z have not yet reached working age, meaning they don’t yet have the buying power or inclination of Millennials.  

(Zippia)

11. 34% Of Online Shoppers Prefer It To Visiting Physical Stores

As an increasing number of people try shopping online it’s important to remember that this isn’t just a fad.

Online shopping is here to stay and looks set to be the most popular form of shopping for the future. 

The latest research shows that 34% of people who have shopped online would prefer to shop that way again.

They find the experience better than shopping in a physical store.  

When you survey people who frequently shop online, the percentage of people who prefer online shopping jumps dramatically to 62%.

Of course, the same is also true for those who never shop online, 82% of those prefer shopping in physical stores. 

These statistics carry over into contactability as well.

For example, 47% of regular online shoppers prefer to be contacted by email instead of mail or telephone.

This figure jumps substantially for Millennials with 73% of them preferring to be contacted by email.

(Zippia)

12. Globally, 1.79 Billion People Shopped Online

Online Business

Internet shopping is becoming more popular.

It’s generally easy to order online and can be done at any time of the day or night. 

In most cases, delivery is also fast.

That’s why an increasing number of people are shopping online. 

According to Statista, 1.79 billion people shopped online in 2022.

That’s nearly a quarter of the global population and roughly 40% of all the people with internet access. 

The number of online shoppers has been rising steadily for years.

Experts predict that over 3 billion people will shop online by 2027. 

By 2030 it’s likely to be much harder to sustain a traditional bricks-and-mortar store. 

It’s worth noting that, in the US alone, there were approximately 270 million online shoppers in 2022.

That’s over 75% of the population. 

If that trend continues across the globe, there could be as many as 6 billion online shoppers.

That’s a lot of potential customers.  

(Statista)

13. 75% Of Online Customers Want Help Within 5 Minutes

We already live in a society which expects instant gratification.

With so many forms of credit, most people are not prepared to wait for the products they want. 

It appears this expectation has also transferred to internet sales.

It may generally be impossible to get your product instantly, but that hasn’t stopped people from demanding other things. 

Specifically, customers expect to get instant help when they need it.

In fact, the latest survey by Dynatrace shows that 75% of people will leave a website if they don’t get either an offer of help or a reply to a query within five minutes. 

This can be difficult for businesses.

A bot can offer help to satisfy the initial demand, without annoying customers who prefer to shop by themselves. 

But, the bot can’t answer all queries, businesses need a backup option.

That can be difficult to arrange 24/7.

(Dynatrace.com)

14. 48.7% Of Online Shoppers Are Women

Interestingly, women have a reputation for loving shopping and getting carried away when the opportunity arises. 

However, according to the latest research, women are more controlled than men when shopping online. 

The research found that 48.7% of online sales involve women customers.

The other 51.3% are completed by men. That means men are the bigger spenders online.

What the survey doesn’t show is what was purchased and whether the items were bought on impulse or planned. 

A separate study found that 84.3% of men shopped online and only 77% of women.

It also showed that, despite women in the US controlling most of the household spending, men were the driving party in online spending. 

(Pymnts.com)

15. The Average Online Shopper Is 38.9 Years Old

An increasing number of people are using digital payment methods to speed up the purchasing process.

Payment methods are a useful way to collect data on online shoppers, specifically identifying things like sex and age without identifying the individuals. 

This information has been put together to reveal that the average age of an online shopper is 38.9 years old.

That’s older than you may think as the younger generation are much more comfortable on the internet. 

It’s a reflection of how older people are adopting new technology. 

Interestingly, the average age of someone shopping in a physical store is 44.8 years.

That’s not significantly older than online shoppers. 

It could simply mean that those with the most disposable income are within the 30-50-year-old range. 

Business statistics suggest that these numbers will change over the next 5-10 years.

As more people start shopping online the average age of people shopping in physical stores will likely rise.

Only the oldest generation will feel the need to do so in the future. 

(Pymnts.com)

16. 73% Of Customers Use Multiple Channels For Shopping

This statistic isn’t that surprising.

After all, how many people do you know that only shop in one place when using physical stores? 

The same is clearly true online as 73% of online consumers use multiple channels to find and purchase the right products at the right price. 

This illustrates why brand awareness is so important.

Customers need to know you exist.

This will increase the likelihood of them browsing your site before choosing where to purchase their desired product.  

Knowing this also serves to remind you that you need a gimmick to keep them on your site and persuade them to buy from you. 

To successfully have a gimmick you need to know what your competition is doing and then offer something better.

Get it right and you can build customer loyalty for the future. 

(Hbr.org)

17. 33% Of People Stop Using A Business Due To A Lack Of Personalization

Online Business

This statistic is a great example of how difficult it can be for a business to find the right balance online. 

According to a recent survey, a third of all online shoppers will stop using a business if the service they are receiving doesn’t feel personalized enough. 

That’s 33% of your customers and trier friends that you could lose.

However, this statistic also suggests that two-thirds of your customers prefer a less personalized experience. 

Keeping both sides happy is hard.

Fortunately, AI is proving to be useful.

All you have to do is encourage customers to choose how much personalization they want, AI can handle the rest.

That means they’ll get as much or as little contact and help as they want.

It’s still tricky to keep it all balanced but definitely easier with a little help. 

(Shopbase.com)

Summing Up

Every business needs to take a look at the latest online business statistics.

Offering services and products online has the potential to provide lucrative rewards.

In most cases, simply being online is considered an essential part of business success. 

The above statistics will help you understand which audience you should be targeting and when.

That will ensure every business makes the most of online opportunities and helps to ensure their future success. 

Big data is helping businesses to understand their customer base better than ever before.

It’s also helping the internet grow and become more relevant. 

As the statistics show, the majority of businesses will be online in the future.

The best thing you can do is get a head start and get online today.

Sources

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Written by Kelly Indah

I’m a statistics researcher here at EarthWeb with a special interest in privacy, tech, diversity, equality and human rights. I have a master’s degree in Computer Science and I have my Certified Information Systems Security Professional (CISSP) certification.