Firstly, I found this list of powerful eCommerce statistics to guide your strategy. Then I added stats on disputes in eCommerce, which I found through WordProof’s participation in Europe’s Blockchains for Social Good contest. Lastly, I enhanced the relevant stats with what impact blockchain will have on them.
After the stats, I dive deeper into how timestamping eCommerce content and orders can drastically reduce disputes between buyers and sellers. Accordingly, timestamps will improve eCommerce as a whole.
- 3 to 5% of the 38.5 billion e-commerce transactions per year, end in a dispute, roughly 155 million a year;
- It’s estimated that there will be 2.05 billion global digital buyers in 2020;
- The number one reason people shop online is that they’re able to shop at all hours of the day;
- 65 percent of shoppers look up price comparisons on their mobile device while in a physical store;
- 85 percent of consumers conduct online research before making a purchase online;
- 81 percent of consumers trust the advice of friends and family over businesses;
- 80 percent of people stop doing business with a company because of poor customer experience;
- Consumers are most likely to trust a business that makes it easy to contact people at the company;
- On average, only 2.86 percent of eCommerce website visits convert into a purchase;
- 69 percent of shopping carts are abandoned;
- Unexpected extra costs are the number one reason shoppers abandon carts;
- Abandoned cart follow-up emails have an average open rate of 45 percent;
- Nearly half (48 percent) of online shoppers simply head straight to a large e-commerce marketplace;
- Mobile e-commerce is expected to account for 67.2 percent of digital sales in 2019;
- Users who have a negative experience on a mobile website are 62 percent less likely to purchase from that business in the future;
- Longer mobile page load times drastically increase bounces.
Enhancing eCommerce through Timestamping eCommerce Content
Timestamping e-Commerce content impacts many of these trends in a direct way. I highlighted three of them in the list above.
Here’s, in short, the reasoning why, per statistic:
3 to 5% of the 38.5 billion e-commerce transactions per year, end in a dispute, roughly 155 million a year
Strategy: with timestamping eCommerce content and orders, you level the playing field between buyer and seller. This drastically reduces the number of disputes between buyers and sellers.
65 percent of shoppers look up price comparisons on their mobile device while in a physical store.
Strategy: timestamp your product information, like pricing, with blockchain. Hereby, you can prove to your buyer that you don’t engage in consumer-unfriendly practices like dynamic pricing.
85 percent of consumers conduct online research before making a purchase online.
Strategy: with timestamping, you can take accountability for the content you provide, and showing that you didn’t temper with it. Furthermore, you can verify if the specifications provided comply with the manufacturer’s information.
81 percent of consumers trust the advice of friends and family over businesses.
Strategy: through timestamping both product information and reviews (connected to blockchain identity), there’s less trust in businesses needed. Therefore it makes the information provided as trustworthy as that of friends and family.
These are some examples of the direct impact of blockchain timestamps in eCommerce. I expect all other eCommerce stats to be impacted by blockchain timestamps sooner or later.
Timestamp your eCommerce products
Learn how to get started with WordProof today:
Ideally, you’d timestamp:
- All content, under which product information;
- Order information;
- Reviews, tied to decentralized identity providers.