China’s Ban on Rare Earths Export Affects Electric Vehicles Production in Western Economies
Consumers Affinity Towards Online Products Increasing in 2024
By Shubhendra Anand , 08 April, 2024
The e-commerce sites are the fastest growing sector in different economies for 2024. The consumer is more tilted towards the wide availability of products in the online sites at the ease of their home. The surveys conducted for the e-commerce segments show that online sales are growing exponentially in 2024.
According to surveys conducted in 2024 for e-commerce, consumers prefer to buy electronics from online stores. There is a growing prevalence of electronics sales online due to easy convenience. The online sites provide a better range of products for the selection of electronics. It helps to compare and decide upon the features of electronic products based on customer reviews.
Therefore, consumers have a growing affinity to go online to purchase electronics. The survey data suggests that the electronics category accounts for over 30 percent of consumers buying electronics online. It is followed by the hardware and furniture category, the highest-selling product consumers prefer. Twenty-eight percent of consumers prefer to purchase hardware and furniture products in 2024. Experts suggest that online sales are expected to grow over time with 44, 31, and 22 percent increases in sales of products over the years for electronics, hardware, and furniture, respectively. The data shows that the food category accounts for only 5 percent of consumers interested in purchasing online in 2023. This may be due to consumers' preference for fresh foods over packaged goods.
The same trend is expected to continue in 2024 as the United States' online sales are expected to grow by 7.2 percent by the end of the last quarter of 2024. The U.S. recorded 7.8 percent of online sales by the end of the fourth quarter of 2023. This study suggests how much money consumers spend on online products. At the same time, it shows consumers the reliability of the online products. Therefore, online sales drive the market dynamics, with consumers more drawn towards online products in 2024.
Online Sales of Products Grows in 2024
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Shubhendra Anand
Head Research
