Online businesses have become more relevant than ever due to the pandemic’s acceleration of the shift to digital. According to Jackson Lu, an assistant professor of work and organization studies at MIT Sloan, businesses that don’t adapt risk being left behind.
It is not surprising, then, that at least 70% of small-mid sized businesses are increasing their digital presence. Meanwhile, with 15% of Americans already shopping online on a weekly basis, it’s clear that e-commerce is here to stay.
Experts predict that by 2040, an overwhelming 95% of purchases will be made online, further emphasizing the importance of businesses shifting to a digital presence. Business owners are encouraged to take note of these online business statistics and make the necessary adjustments to stay ahead of the curve.
Key Finding: Online Business Statistics 2023
- 30.46% of business is conducted online.
- According to multiple sources, 90% of online businesses fail within the first four months of operation.
- By 2040, 95% of purchases will be made online.
- At least 70% of small-mid sized businesses are increasing their digital presence
- 15% of Americans shop online on a weekly basis
Sources: (Forbes, Zippia, Failory, WebFX, Chris Ducker)
- Amazon currently has nearly 9.7 million sellers.
- Amazon generated approximately $27.38 billion in third-party seller services in Q2 of 2022.
- Amazon currently has an estimated 300 million active users worldwide
- Amazon PPC conversion rate is 9.71% on average.
- Amazon Prime has over 200 million global subscribers.
- According to data from eBay and eBay Forums, there are approximately 18.3 million sellers on eBay.
- On eBay, there are over 138 million active buyers.
- There are 7.52 million sellers on Etsy.
- Etsy currently has over 94.1 million active shops.