Simply put, descriptive statistics is a bridge between raw data and important conclusions. When we summarize and organize a data set based on its characteristics, especially in quantitative research, we have something to work with, something tangible.

If you are tackling tons of data from qualitative research, this post will take a deep dive into how descriptive statistics work and how you can perform this type of analysis.

What Are Descriptive Statistics?

Descriptive statistics take the form of coefficients. We use these to summarize a data set, whether it represents a sample or the entire population. As we analyze grand sets of data, we break down descriptive statistics into different measures (variability, central tendency, etc.)

Before we delve into the intricacies of descriptive statistics, let’s take a minute to talk about the different types of analytics. There are 4 main categories that make the analysis process a success, and each of them addresses a different question:

• Descriptive analytics - What happened?
• Diagnostic analytics - Why did that happen?
• Predictive analytics - What will happen next?
• Prescriptive analytics - What can we do to make it happen?

[caption id="attachment_2736786" align="aligncenter" width="512"] Chart courtesy of Co-Learner[/caption]

Data analysis is a lengthy and complex process. To have actionable data on hand, we need to take all the necessary steps to analyze it. In a way, it’s similar to the job of the doctor. They start by examining the patient. They use the information to diagnose the problem that causes the patient’s symptoms. Then, they predict what will happen i.e. how the symptoms change or progress over time. After all this is done, the doctor prescribes a treatment.

Descriptive statistics is the starting point of the journey.

Let’s dig a bit deeper into this.

Descriptive Analysis

Descriptive analysis tells us what happened or what is happening. To do this, it uses techniques like calculating summary statistics or drawing visualizations of data.

Let’s say that you own a company and want a revenue analysis. This phase will tell you about the number of sales in a selected period (per day, per month), the variation of sales by store, and the average sale price.

Diagnostic Analysis

After the descriptive statistics are made, you’ll have more questions to answer. You’ll need to know why the data is as is. For instance, if there’s a deviation in sales between stores, this part will show you why it occurred.

At this point, you can relate data to the possible causes, form a hypothesis, and examine the cause-and-result relationship.

Predictive Analysis

Now it’s time to make predictions. Data analytics tells you what has happened and what is happening right now. Using that, you can make predictions for what is most likely to happen in the future.

Prescriptive Analysis

Finally, it’s time to make your predictions and plans happen. At this point, you should have an idea of what you want to achieve, so you’ll come up with possible scenarios where you’ll improve your business’ performance and the data.

Examples of Descriptive Statistics

When you have quantitative data on hand, whether it is from research you need for school or data for your company’s operations - descriptive analysis is the first step to take.

The simplest descriptive statistics example is the GPA. A student’s grade point average takes data points from exams, grades, and classes, and finds an average to understand the overall academic performance of the student.

Types of Descriptive Statistics

There are 3 types of descriptive statistics that you should know about:

1. Measures of central tendency
2. Measures of distribution
3. Measures of variability

Let’s talk some more about this differentiation.

1. Measures of Central Tendency

This type of descriptive analysis focuses on the average or middle value of the data set. In comparison, measures of variability focus on the data dispersion.

The two use tables, graphs, and discussions aimed to help people understand what the data analysis means.

When we analyze the frequency of each data point, we describe it using the median, mean, and mode. These are the 3 ways to find the central tendency i.e. the average.

The Mean

Also marked as the M, this is the method that most analysts use to find the average.

How do you calculate it?

Take all response values and add them up. Next, divide the sum by the number of responses.

Here is an example:
Data set: 8, 5, 10, 4, 12, 6, 9

[su_table responsive="yes"]

[/su_table]

The Median

The median is the middle value, the number that’s set in the middle of the data set. To find it, you need to order each response value by size - smallest to biggest. The median is in the middle.

In case there are 2 numbers in the middle, you’ll need to find the mean of those 2 numbers. Let's give you an example.

Data set: 3, 8, 2, 10, 5, 12

[su_table responsive="yes"]

[/su_table]

The Mode

Finally, we have the mode. Note that a data set can be without a mode. It can have a single mode - or more than one. To find this number, you need to look for the most frequent response.

Let’s go through the steps with this example:
Data set: 5, 2, 7, 2, 9, 2, 4, 7

[su_table responsive="yes"]

[/su_table]

[caption id="attachment_2736791" align="aligncenter" width="512"] Image courtesy of Nhan Tran[/caption]

2. Measures of Distribution

When we measure distribution, we measure the frequency of each value. Any data set is made up of values or scores - distributed in a specific way. Whether you choose tables or graphs, you can use descriptive statistics to summarize the frequency of any value or a variable in percentages - or numbers.

We call this frequency distribution.

To help you understand this better, we’ll show you 2 ways to present frequency distribution - one using numbers and the other one using percentages.

In the first case, the respondents in a study are asked what their favorite color is.

[su_table responsive="yes"]

[/su_table]

In a grouped frequency distribution table, you’ll find that the numerical response values are grouped into ranges with percentages calculated for each group.

[su_table responsive="yes"]

[/su_table]

Measures of Variability

The third type of descriptive statistics is measures of variability. This type evaluates the response values and shows how spread they are. When we measure variability, we look at 3 things:

• Range
• Variance
• Standard deviation

The range will tell you how far apart are the highest and lowest response scores. Here is how to calculate it:
Data set: 10, 5, 15, 20, 25, 35, 30

[su_table responsive="yes"]

[/su_table]

The variance is the degree of spread in your data set i.e. the average of deviations from the mean. Here is how to calculate it:

Data set: 10, 20, 30, 40, 50

[su_table responsive="yes"]

[/su_table]

The standard deviation is the average variability amount in a data set. In other words, it shows how far a given score is from the mean. If the standard deviation is larger, the data set is more variable.

This process goes like this:

Data set: 5, 10, 15, 20, 25

[su_table responsive="yes"]

[/su_table]

Ready to Do Some Analysis?

Descriptive statistics is step number one in the analysis of quantitative data. It’s the core, the basis on which each of the other steps are based. Often used for making summaries of large sets of information, this is a great way to get an idea of what your results represent.

FAQs

[Q1]What are descriptive statistics?[/Q1]

[A1]Descriptive statistics are methods used to present and summarize data and provide a clear overview of its characteristics.[/A1]

[Q2]What are the different types of descriptive statistics?[/Q2]

[A2]The 3 main types of descriptive statistics are measures of central tendency, measures of variability, and measures of distribution.[/A2]

[Q3]What’s the main purpose of descriptive statistics?[/Q3]

[A3]The main purpose of this method is to simplify and summarize data and make it easier to interpret.
[/A3]

The post Descriptive Statistics: A Deep-Dive Into Definitions and Types appeared first on Business2Community.

The popularity of podcasts is continuing to grow to this day, with researchers predicting over 100 million podcast listeners by 2024 in the US alone.

As the demand for podcasts rises, it is more important than ever to keep on top of the ever changing landscape of podcasting.

Here are 30 podcast statistics that you need to know.

Podcast audience demographics

1. Podcasts are most popular with the younger generation (12-34 year olds).

Who listens to podcasts? According to a survey taken in the US, podcasts are most popular with those aged between 12 - 34 years old. It was found that 50% of those surveyed aged 12 to 34 years old had listened to a podcast within the last month. This is compared to 22% of those aged 55 years old or above.

In the UK, 30% of podcast listeners are between the ages of 30 and 39, while 27% are between the ages of 18 and 29 years old.

2. 53% of podcasts listeners are male.

As of 2022, slightly more men listen to podcasts than women.

In the UK, 53% of podcast listeners are male. A similar gender split is seen in podcast listenership in the US.

[xyz-ics snippet="UK-and-US-Podcast-Listeners"]

3. Many podcast listeners come from high income households.

According to Statista, in the UK, 43% of podcast listeners have a high annual household income.

4. 13% of podcast listeners are part of the LGBTQ+ community.

In the US, research shows that 13% of podcast listeners identify as being part of the LGBTQ+ community. In the UK, 9% of the overall podcast listenership consider themselves part of the LGBTQ+ community.

5. The majority of podcast listeners are North American.

According to a worldwide survey, 40.8 percent of internet consumers in North America listened to a podcast at least once a month. In Western Europe, podcast consumption was somewhat lower with 28.1 percent during the same period. The same research states that these numbers are set to increase to 46.3% and 32.8% respectively by 2026.

6. There will be an estimated 28 million podcast listeners in the UK by 2026.

As of Q2 2023, there are 23.3 million people who listen to podcasts in the UK. The popularity of podcasts is growing steadily, as this number is set to reach 28 million by 2026.

7. Podcast listeners are more likely to live in cities than in rural areas.

Roughly 30% of podcast listeners both in the UK and US are more likely to live in a big city, as opposed to smaller towns (20%) and rural areas (11%).

8. A large number of podcast listeners are interested in health and fitness.

A study in the UK found that health and fitness is a prevailing interest in the average podcast listener’s life. It was found that 39% of podcast listeners in the UK were interested in health and fitness. SImilar results were found in the US, where 41% of podcast listeners stated that they were interested in health and fitness.

Podcast listener behaviour

9. The average podcast consumer listens to 8 episodes per week.

We now know just how many podcast listeners there are, but just how many podcast episodes does the average podcast fan consume per week? Research shows that the average listener consumes 8 episodes per week.

10. The smartphone is the most popular device used to listen to podcasts.

What do people use to listen to podcasts? Studies show that 73% of listeners prefer to listen to podcasts on their smartphones over desktop devices.

11. Apple Podcasts is the most popular podcast platform.

Based on monthly downloads, research shows that Apple Podcasts is the most popular podcasting app. 38.6% of podcast downloads are on Apple Podcasts. Perhaps unsurprisingly, Spotify is following closely behind at 28%.

Here are the top 10 most popular podcast listening platforms, according to Beansprout:

[xyz-ics snippet="Most-Popular-Podcasting-Apps"]

12. 35% of people in the US listen to Spotify.

While Apple Podcasts is the most popular platform for podcast listeners, Spotify is showing steady growth in its listenership over the last few years. In 2022, it was reported that 35% of people in the US have listened to Spotify in the last month - this is up from 20% in 2018 and 25% in 2020.

13. One-fifth of people listen to podcasts while they’re driving.

As of 2022, 20% of people listen to podcasts in the car.

Where are people listening to their podcasts? The Infinite Dial showed that many people listen to podcasts during their daily commute, with 20% of podcast listeners in the US stating they consume podcasts in the car.

14. In 2019, there was a 2,000% increase in podcast live events.

Many podcasters have taken to the stage in order to bring their podcasts to a live audience. In 2019, the number of live podcast events was recorded to be growing at a remarkable rate.

In 2019, there was a 2,000% increase in podcast live events over a six year period according to ticket sales in North America. The number rose from 21 live events in 2012 to 460 in 2019.

Most popular podcasts

15. Most popular podcasts worldwide.

As of March 2023, The Joe Rogan Experience is the most popular podcast in the world.

Most people have their favourite, go-to podcasts, but what are the most popular podcasts in the world right now? Currently, The Joe Rogan Experience takes the top spot with an estimated 11 million listeners per episode.

Here are the top ten most popular podcasts in the world right now.

[xyz-ics snippet="Most-Popular-Podcasts-In-The-World"]

16. Most popular podcasts in the UK

As of March 2023, the most popular podcast in the UK is The Joe Rogan Experience, which is currently topping the Spotify Podcast Charts.

Using the Spotify Podcast chart, here are the top ten most popular podcasts in the UK as of March 2023:

The Joe Rogan Experience

Diary of a CEO with Steven Bartlett

The Rest is Politics

Fozcast - The Ben Foster Podcast

ShxtsNGigs

Huberman Lab

The Therapy Crouch

Rob Beckett and Josh Widdicombe’s Parenting Hell

I’ve Had It

Nearlyweds

17. Most popular podcasts in the US

As of March 2023, the most popular podcast in the US is The Joe Rogan Experience, which is currently topping the Spotify Podcast Charts.

Using the Spotify Podcast chart, here are the top ten most popular podcasts in the US as of March 2023:

The Joe Rogan Experience

Huberman Lab

The Deck Investigates

This Past Weekend

I’ve Had It

Armchair Expert with Dax Shepard

The Girl in the Blue Mustang

Call Her Daddy

Distractible

Anything Goes with Emma Chamberlain

18. Most popular podcast genres

As of Q3 2022, the most popular podcast genre in the US was comedy.

According to a 2022 Edison Research study, comedy was the number 1 genre listened to by US podcast fans.

Here are the top ten most popular podcast genres in the US:

Comedy

Society and Culture

News

True Crime

Sports

Business

Arts

History

Religion and Spirituality

Education

19. Most popular podcast genres among women

As of 2022, comedy was the most popular podcast genre among women, with 21% of listeners in the UK saying they listened to comedy podcasts.

[xyz-ics snippet="Most-Popular-Podcast-Genre-Among-Women-In-The-UK"]

20. Most popular podcast genres among men

As of 2022, comedy was the most popular podcast genre among men, with 18% of listeners in the UK saying they listened to comedy podcasts.

[xyz-ics snippet="Most-Popular-Podcast-Genres-Among-Men-In-The-UK"]

Podcast episode statistics

21. Video podcasts are increasing in popularity.

Many regular podcasts listeners may have noticed that many podcasters are making the shift from audio-only podcast episodes to ‘vodcasts’ - podcasts with a video component. In 2019, 17% of podcast hosts recorded a video version of their podcasts as well as audio.

Spotify has now allowed for video podcasts to be viewed on their platform, so it’ll be interesting to see how this number grows.

22. The length of an average podcast episode is 20 - 40 minutes.

As of March 2023, the length of an average podcast is between 20 - 40 minutes.

The average length of a podcast episode is difficult to pin down as the data changes with each new podcast. However, according to Buzzsprout, the standard podcast length is currently between 20 - 40 minutes.

The average podcast episode duration is broken down as follows:

Less than 10 minutes: 15%

10 - 20 minutes: 15%

20 - 40 minutes: 32%

40 - 60 minutes: 21%

Over 60 minutes: 16%

23. Wednesday is the most popular day to publish a podcast.

According to a 2018 report by Megaphone, the majority of podcasts are published on a Wednesday. This was closely followed by Tuesday and Thursday, respectively.

Sunday was reported to be the least popular day to publish a podcast.

24. Most podcasts are published between 2am - 5am.

Now that we know what day is the best day, we may be led to ask the question: What is the best time to publish a podcast? The same 2018 report by Megaphone also states that most podcasts are published between 2am and 5am.

Resonate indicates that posting your podcast during these hours garners more downloads, as it puts the podcast at the top of subscribers’ podcast feeds.

25. 40% of podcasts are published every 8 - 14 days.

How often are podcasts published? According to Buzzsprout, the majority of podcasts (40%) are published every 8 - 14 days. This is closely followed by 3 - 7 days at 33%.

0 - 2 days 7%

3 - 7 days 33%

8 - 14 days 40%

15 - 29 days 19%

Over 30 days 2%

Podcast and Marketing

26. Podcast ad spending in the US is set to surpass 2.5 billion dollars by 2024.

With 464.7 million podcast listeners globally, podcasts offer undeniable opportunities for advertisements and marketing. As of Q1 2023, podcast advertising spending in the United States is predicted to surpass 2.5 billion dollars by 2024.

27. 70% of podcast listeners in the US visited an advertisers’ website after hearing a podcast ad.

The data shows that podcast advertising is growing in popularity, but just how effective is a podcast ad?

As of Q4 2022, 70% of podcast listeners from the United States said that after hearing a product advertised in a podcast, they visited the advertiser's website.

The same survey indicated that 67% of respondents said they talked to friends or family about the advertiser, while 66% looked at the advertisers’ social media.

[Source: Statista - the data was collected from 600 respondents aged 18-64 years]

28. The podcast industry is set to be worth $4 billion by 2024

Just how much is the podcast industry worth? According to a report by IAB, the podcasting industry is set to be worth $4 billion by 2024.

29. 51% of listeners report purchasing things that are mentioned in podcasts.

According to a 2022 study by the Guardian 51% of media users said podcast adverts made them want to buy something from the brand being advertised versus 38% for radio.

30. 66% of listeners say that podcast adverts introduced them to new products or services.

The same study by the Guardian highlighted that 65% of listeners said they pay attention to podcast advertisements - this is compared to 39% who said the same about TV ads and 38% for radio.

The evidence is clear, podcasts are growing - both in popularity and in revenue potential. With podcast listeners set to hit 504.9 million worldwide by 2024, there’s arguably never been a better time to get start your podcasting journey.

Sources

https://www.demandsage.com/podcast-statistics/

https://www.statista.com/forecasts/1123105/statista-amo-podcast-reach-us

https://www.statista.com/statistics/912381/united-states-monthly-podcast-listening-age/

https://www.statista.com/study/119302/target-group-podcast-listeners-in-the-united-kingdom/?locale=en

https://www.statista.com/forecasts/1147560/podcast-reach-uk?locale=en

https://www.statista.com/study/119303/target-group-podcast-listeners-in-the-united-states/?locale=en

https://www.statista.com/statistics/1291333/podcast-listeners-europe-by-country/?locale=en

https://www.thepodcasthost.com/listening/podcast-industry-stats/#:~:text=Podcast%20fans%20consume%208%20episodes%20per%20week%2C%20on20average&text=The%20average%20weekly%20listener%20will,or%20more%20shows%2C%20every%20week.

http://www.edisonresearch.com/wp-content/uploads/2022/03/Infinite-Dial-2022-Webinar-revised.pdf

https://www.buzzsprout.com/global_stats

https://www.thepodcasthost.com/listening/podcast-industry-stats/#How_Many_People_Listen_to_Spotify

https://www.alltopeverything.com/top-10-most-popular-podcasts/

https://www.statista.com/statistics/1061594/popular-podcast-genres-with-males-great-britain/?locale=en

https://www.statista.com/statistics/1061620/popular-podcast-genres-with-females-great-britain/

https://www.thepodcasthost.com/planning/should-i-make-a-video-podcast/

http://www.edisonresearch.com/wp-content/uploads/2022/03/Infinite-Dial-2022-Webinar-revised.pdf

https://podcastcharts.byspotify.com/

https://www.buzzsprout.com/global_stats

https://megaphone.spotify.com/learn/what-time-should-you-publish-your-podcast

https://www.edisonresearch.com/weekly-insights-1-11-2023-top-podcast-genres-in-the-u-s-q3-2022/

https://www.statista.com/statistics/610071/podcast-ad-spending-us/

https://www.statista.com/statistics/610071/podcast-ad-spending-us/

https://thehustle.co/podcasts-live-events/

https://www.axios.com/2019/07/09/podcast-events-monetization-ticket-sales

https://www.statista.com/statistics/1205722/podcast-advertising-effectiveness-us/

https://www.iab.com/wp-content/uploads/2022/05/IAB-FY-2021-Podcast-Ad-Revenue-and-2022-2024-Growth-Projections_FINAL.pdf

https://www.theguardian.com/gnm-press-office/2022/mar/16/new-research-podcast-advertising-commands-highest-levels-of-attention

https://whatsnewinpublishing.com/podcasts-are-commanding-higher-levels-of-attention-key-insights-from-the-guardian-study/

https://www.oberlo.com/statistics/how-many-people-listen-to-podcasts#:~:text=In%202024%2C%20the%20number%20of,billion%20for%20the%20first%20time

The post 30 Best Podcast Statistics for 2023 appeared first on Business2Community.

Whether you are new to the world of cryptocurrency or a seasoned crypto ‘whale’, read on to discover the latest blockchain and cryptocurrency facts, statistics and 2024 trends.

Blockchain User Statistics

Who is using blockchain? We’ve broken down the user demographics so you can find out more about the average crypto user.

1. Blockchain.com wallets reached over 81 million wallet users in 2022.

In order to purchase Bitcoin, you need what is called a Blockchain wallet. As of 2022, there were over 81 million wallet users in the world, according to research carried out by Statista.

2. In the UK, crypto users grew by nearly 1.5 million between the fourth quarter of 2022 and the fourth quarter of 2021.

Is cryptocurrency a big deal in the UK? Well, according to a report by Statista, crypto is rapidly growing in popularity amongst UK users. In fact, it is reported that crypto users in the UK grew by roughly 1.5 million between Q4 2022 and Q4 2021.

3. There were 402 million crypto users recorded worldwide in Q4 2022.

There's no doubt that more and more people around the world are becoming more aware of cryptocurrencies, but just how many crypto users are there? It was recently reported by Statista that as of Q4 2022, there were 402 million crypto users recorded worldwide.

4. There were 30.6 million users in the US in Q4 2022.

In the US alone, 30.6 million crypto users were recorded by Stastista in Q4 2022.

5. Crypto users make up 9.1% of the country’s inhabitants.

In comparison to other continents, Europe has been slower to jump on the crypto bandwagon. Out of Europe’s top five continents, Spain stands out with crypto users making up 9.1% of the country’s inhabitants. [Source: Statista]

6. The largest number of crypto users in Europe are in Turkey and Russia.

As of Q4 2022 , in Europe, crypto appears to be most popular in Turkey and Russia, with 19.0 million and 14.3 million crypto users respectively.

See the full breakdown below:

[xyz-ics snippet="Largest-Crypto-Users-In-Europe"]

[source: Statista]

7. India, China, and the U.S. have the highest number of crypto users.

According to the same report by Statista, India, China and the US have the highest number of crypto users as of Q4 2022. However, they have relatively few when compared to their populations. For example, the US has 30.6 million crypto users, however this makes up only 9.2% of their population.

India has 79.2 million which makes up 5.7% of its population, while China has 64.5 million which is 10% of its overall population.

8. 36% of blockchain users have an annual salary of $100,000 or more.

How much do blockchain users earn? According to abdalslam.com, 36% of blockchain users have an annual salary of $100,000 or more.

9. 16% of men and 7% of women invest in blockchain technology.

According to CNBC, cryptocurrency has a gender problem. As per a survey by CNBC and Acorn 16% of men and 7% of women invest in blockchain technology, meaning that men are twice as likely to invest in blockchain than women.

Business Blockchain Statistics

How are businesses adapting to blockchain? We’ve broken down the data to see how businesses are currently embracing and using blockchain technology.

10. Top 10 companies that use blockchain technology.

While crypto currency has been growing in popularity for personal use, businesses around the world are now embracing digital currencies. In 2022, Forbes compiled a list of companies using crypto technology, and here is the top ten:

Companies Blockchain Network Used

Adobe Etherium

Allianz Hyperledger Fabric, Corda

Andreessen Horowitz Bitcoin, Ethereum, Solana, Flow, Celo, Near, Arweave and others

Ant Group Antchain

Anthem Hyperledger Fabric

Aon Corda

A.P. Moller—Maersk TradeLens, Hyperledger Fabric

Baidu XuperChain

BHP MineHub, Hyperledger Fabric

Block Bitcoin

[Source: Forbes, DemandSage]

11. According to a Deloitte survey, 86% of people believe Blockchain technology can enhance our integration toward more touchless business processes.

What are businesses' attitudes towards Blockchain? According to a Deloitte survey, 86% of people believe Blockchain technology can enhance our integration toward more touchless business processes.

[Survey data was collected by analyzing the responses of 1386 respondents across 12 countries in 2019].

12. 91% of respondents expected to see a quantitative, verifiable return on their blockchain investments in the next five years.

According to the same Deloitte survey, 91% of respondents expected to see a quantitative, verifiable return on their blockchain investments in the next five years.

[Survey data was collected by analyzing the responses of 1386 respondents across 12 countries in 2019].

13. In 2020, 51% of companies surveyed by Deloitte reported that using blockchain technology is a top strategic priority.

Deloitte reported in 2020 that using blockchain technology is a top strategic priority for 51% of companies.

[Survey data was collected by analyzing the responses of 1488 respondents across 14 countries and regions in 2020].

14. Roughly 29% of small to medium-sized businesses have embraced blockchain technology.

We know that large companies have begun to embrace blockchain technology, but what about small to medium-sized businesses? As of 2021, roughly 29% of small to medium-sized businesses have utilized blockchain technology.

[Source: Gitnux.com]

Blockchain Trends 2023

Read on to discover the latest trends in crypto and blockchain technology.

15. Binance is currently the most popular cryptocurrency exchange worldwide.

What cryptocurrency is the most popular? According to Statista, Binance is currently taking the top spot, with a 16.91 billion dollar trading volume in November 2022.

16. In 2023, the shift from conventional organizational structures to DAOs could continue to gather momentum.

According to reports, 2023 could see the shift from LLCs to DAOs gather momentum.

17. There will be fewer barriers to entry, thanks to blockchain-as-a-service

Interestingly, its likely that there will be fewer barriers to entry in 2023, and this is thanks to blockchain-as-a-service.

[Source: TechFunnel.com]

18. In 2023, blockchain technology is becoming more eco-friendly.

Carbon offsetting as well as energy-conscious blockchain network architectures will make the goal of blockchain technology becoming environmentally friendly more achievable.

[Source: TechFunnel.com]

19. The Internet of Things (IoT) is set to reach around $1,463.2 billion by 2027.

According to Analytics Insight, the global market of the Internet of Things (IoT) is set to reach around $1,463.2 billion by 2027.

20. From 2022 to 2030, the worldwide blockchain technology industry is predicted to grow at an 85.9% CAGR.

According to SecurityBoulevard.com, by 2023, the worldwide blockchain technology industry is set to grow at 85.9% CAGR.

Market Share

Read on to discover the latest statistics in blockchain and cryptocurrency market share.

21. The global blockchain market is projected to grow to $163.83 billion by 2029.

According to FortuneBusinessInsights.com, the global blockchain market is estimated to grow from $7.18 billion in 2022 to $163.83 billion by 2029, at a 56.3% CAGR.

22. 19 billion US dollars will be spent on Blockchain solutions by 2024.

According to a report by Statista, it is predicted that 19 billion dollars will be spent on Blockchain solutions by 2024.

See the full date breakdown below:

Year US dollars spent in billions

[xyz-ics snippet="Amount-Spent-On-Blockchain-Solutions"]

[Source: Statista]

23. Blockchain technology market value is expected to reach $39.7 billion by 2025

By 2025, blockchain technology market value is projected to reach $39.7 billion according to research by FinancesOnline.com.

24. There are currently 8,685 cryptocurrencies worldwide.

Most people will have heard of Bitcoin mentioned during cryptocurrency discourse, however just how many cryptocurrencies are there? According to Statista, there are currently 8.685 cryptocurrencies worldwide.

25. Europe is the least likely region in the world to adopt new digital payments.

Mastercard's New Payments Index 2022 placed Europe as the least likely region to adopt new digital payments.

[Source: Statista]

26. It is estimated that the top 20 cryptocurrencies take up nearly 90% of the total market.

Although there are 8,685 cryptocurrencies worldwide, it is estimated that the top 20 cryptocurrencies make up approximately 90% of the total market.

[Source: Statista]

27. Cross border payments and settlements make up 15.95% of blockchain technology use

According to Statista, cross border payments and settlements make up 15.95% of blockchain technology use.

28. In 2021, one third of the European blockchain spending came from the banking industry

According to Statista, one third of European blockchain spending came from the banking industry.

29. The global cryptocurrency market cap is $1.19 Trillion as of May 2023.

As of May 2023, the global cryptocurrency market cap is $1.19 trillion according to coingecko.com.

Cryptocurrencies

The top cryptocurrencies in the world right now are Bitcoin, Tether, Binance, Ethereum. Read on to discover statistics about the four most popular cryptocurrencies.

Bitcoin

30. There are currently 19.20 million bitcoins in circulation worldwide as of 2022

How many bitcoins are in the world right now? As of 2022, there are currently 19.20 million bitcoins in circulation worldwide, according to Statista.

31. The price of Bitcoin (BTC) currently stands at 16, 833.29 USD

How much does Bitcoin cost? According to Statista, Bitcoin currently stands at 16,833.29 USD.

32. Most Bitcoin mining occurred in the United States, with 37.84%

Which country is doing the most Bitcoin mining? According to Statista, the most Bitcpin mining occurred in the US, at 37.84%.

33. The average Bitcoin transaction fee was 1.55 USD in Q4 2022.

Statista reported that the average Bitcoin transaction fee was 1.55 USD in Q4 2022.

34. The number of Bitcoins processed on a single day reached its highest value at 400,000 in early January 2021.

The number of Bitcoins processed on a single day reached its peak with 400,000 in early January 2021, according to a report by Statista.

35. In 2023, 106 million people who own Bitcoin.

How many people own Bitcoin? Estimates show that as of 2023, 106 million people own Bitcoin.

Tether

Tether is a stablecoin tied to the US dollar.

36. The current market cap of Tether is $82.99B.

The current market cap of Tether is $82.99B, according to blockwords.co

37. The price of 1 Tether currently costs $1.00.

How much is Tether worth? Tether is a stablecoin tied to the US dollar, so it currently costs $1.00.

[source: BlockWorks.co]

38. Tether currently ranks 3 among all known cryptocurrency assets.

Tether is the third most popular cryptocurrency asset.

[source: BlockWorks.co]

39. The current supply of Tether is 82.96B.

The current supply of Tether is 82.96B as of 2023.

[source: BlockWorks.co]

40. 500.82M of USDT were traded within 24 hours of time

What is the current trading activity of Tether? 500.83M of Tether was traded within 24 hours.

[source: BlockWorks.co]

Binance

Binance was launched on 3 September 2017.

41. By the end of 2022, 92% of all spot Bitcoin trading was occurring on Binance.

At the end of 2022, it was reported by Finder.com that 92% of all spot Bitcoin trading was occurring on Binance.

42. As of 2022, Binance had 128 million registered users.

How many Binance users are there? As of 2022 Binance had 128 million registered users, according to

43. On May 10, 2021, Binance Coin, valuing at US$686.31

Binance reached its all time high on 10 May 2021, with a value of US$686.31.

[Source: Finder.com]

44. In January 2023, Binance hosted 55% of global crypto spot trading

In January 2023, 55% of global crypto spot trading was hosted on Binance.

45. Peak 24-hour trading volume on Binance hit US$147.6 billion in 2021.

At its peak, 24 hour trading volume on Binance hit US$147.6 billion in 2021, however this has declined in subsequent years.

[Source: Finder.com]

Ethereum

The Ethereum blockchain was launched in 2015 by the Ethereum Foundation under the codename ‘Frontier’ [Source: Blockworks.co]

46. Ethereum transactions per day is currently at 1.075M.

There are currently 1.075 million Ethereum transactions per day. This is up from 1.056 million in 2022.

[Source: ycharts.com]

47. The current circulating supply of Ethereum is 120.27 million.

As of 2023, the current circulating supply of Etherum is 120.27 million.

[Source: blockworks.co]

48. Ethereum currently ranks 2 among all known cryptocurrency assets.

Ethereum is currently the 2nd most popular cryptocurrency among all known currency assets. (The popularity is based on relative market cap).

[Source: blockworks.co]

49. The price of 1 Ethereum currently costs $1,854.78.

How much does Ethereum currently cost? 1 Ethereum currently costs $1,854.78.

[Source: blockworks.co]

50. Many experts predict that Ethereum will surpass $10,000.

As of a report from cnet.com, it is predicted that Ethereum will soon surpass $10,000.

There is no denying that the blockchain and cryptocurrency world is growing both in popularity and relevance for corporate and personal use alike. With many business and individual users embracing this new and exciting development, it is safe to say that we will be hearing a lot about cryptocurrency in the years to come.

Sources:

https://www.statista.com/statistics/800426/worldwide-blockchain-solutions-spending/

https://financesonline.com/number-of-blockchain-wallet-users/#:~:text=Zendesk%3A%20 No.&text=How%20many%20 blockchain%20 wallet%20users,a%20%24928.50%20 billion%20market%20 cap

https://financesonline.com/number-of-blockchain-wallet-users/#:~:text=Zendesk%3A%20 No.&text=How%20many%20 blockchain%20 wallet%20users,a%20%24928.50%20 billion%20market%20 cap.

file:///Users/sophiegavin/Downloads/study_id39859_blockchain-statista-dossier.pdf

https://www.statista.com/study/133052/statista-crypto-pulse-check/

https://www.statista.com/statistics/1202503/global-cryptocurrency-user-base/

https://www.fortunebusinessinsights.com/industry-reports/blockchain-market-100072

https://securityboulevard.com/2023/05/is-blockchain-a-system-of-decentralized-trust-in-2023/#:~:text=There%20are%20 over%2085%20 million,Americans%20have%20a invested%20in%20 cryptocurrency

https://www2.deloitte.com/content/dam/Deloitte/dk/Documents/strategy/Business%20Blockchain%20in%20Finance.pdf

https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/

https://blog.gitnux.com/blockchain-statistics/

https://www.statista.com/statistics/982566/worldwide-top-use-cases-blockchain-technology-by-market-share/

https://www.statista.com/statistics/1231003/europe-market-share-of-blockchain-by-sector/

https://www.coingecko.com/en/global-charts#:~:text=The%20global%20 cryptocurrency%20market%20 cap,a%20 Bitcoin%20 dominance%20of%2044.56%25

https://buybitcoinworldwide.com/how-many-bitcoin-users/#:~:text=The%20 most%20 common%20method%20 of,million%20 people%20who%20own%20 Bitcoin

https://www.statista.com/statistics/730806/daily-number-of-bitcoin-transactions/ .

https://www.statista.com/statistics/1200477/bitcoin-mining-by-country/

https://blockworks.co/price/usdt

https://www.finder.com/binance-statistics

https://blockworks.co/price/eth

https://www.cnet.com/personal-finance/crypto/the-ethereum-merge-is-complete-heres-why-thats-important/

https://abdalslam.com/blockchain-statistics?utm_content=expand_article

https://www2.deloitte.com/content/dam/Deloitte/mt/Documents/technology/2020-global-blockchain-survey.pdf

https://www.demandsage.com/blockchain-statistics/

https://www.statista.com/statistics/863917/number-crypto-coins-tokens

The post 50 Blockchain Statistics for 2024 appeared first on Business2Community.

So, what exactly is ChatGPT and who created it?

ChatGPT, which stands for Chat Generative Pre-trained Transformer, is an artificial intelligence language model trained to answer questions and engage in conversation with users. According to OpenAI.com, the hosts of ChatGPT, the AI can ‘answer followup questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests’.

OpenAI, the company behind ChatGPT, was started in 2015 by a group including Elon Musk, Ilya Sutskever, Wojciech Zaremba, Greg Brockman, and Sam Altman. Sam Altman is now the CEO of ChatGPT.

To use ChatGPT, you can go to OpenAI.com and create an account. Once you’ve done that, you can begin sending messages to ChatGPT, receiving responses instantaneously.

Here are 30+ ChatGPT statistics you need to know:

ChatGPT User Statistics

1. ChatGPT surpassed 1 million users in its first week.

The AI bot got off to a promising start in 2022, reaching 1 million users within its first 5 days of being launched according to President & Co-Founder of OpenAI Greg Brockman.

2. ChatGPT reached 100 million users within two months.

ChatGPT became the fastest growing app in the world when it reached 100 million users within its first two months. By comparison, Instagram took 2.5 years and TikTok took 9 months to reach the 100 million users milestone. [Source: livemint.com]

3. Each ChatGPT user views 6.22 pages on average per visit.

According to ExplodingTopics.com, each ChatGPT user views an average of 6.22 pages per visit. Seeing as the unofficial industry standard is 2 pages per session, ChaptGPT boasts 3 times the average number of pages per visit.

4. ChatGPT users spend an average of 8 minutes and 24 seconds on the website.

How long does a user spend on ChatGPT? On average, each ChatGPT user spends roughly 8 minutes and 24 seconds on the website. By comparison, Facebook’s average session length is roughly 4.82 minutes and the average Instagram session is 7 minutes 37 seconds.

5. 17% of 30 to 44-year-olds have used ChatGPT since January 2023.

Just how old are ChatGPT’s users? According to a recent survey by YouGov, 17% of 30 to 44-year-olds have used ChatGPT since January 2023.

Following closely behind, the second most popular age range of ChatGPT visitors is 18 to 29-year-olds, with 15% of them having used the app to generate text.

9% of 45 to 64-year-olds and 5% of 65+ year-olds use ChatGPT.

[The results of the survey were generated by analysing data from 1000 U.S. Adult Citizens from January 24 - 27, 2023]

6. ChatGPT has roughly 13 million daily active users.

Just how many people visit ChatGPT daily?

As of Q3 2023, it has been reported that ChatGPT has approximately 13 million daily active users.

7. The largest number of ChatGPT users live in the US.

The majority of ChatGPT users (15.73%) live in the US, according to SimilarWeb.

7.1% of ChatGPT users live in India while 3.51% of users live in Japan.

The rest of the data breaks down as follows:

[xyz-ics snippet="ChatGPT-User-Countries"]

[Source: SimilarWeb]

Features of ChatGPT

So, what can you do on ChatGPt? Users can use ChatGPT for a wide variety of things, such as writing code and creating articles - you can even use it for playing a game of Tic-Tac-Toe if you’re feeling bored.

Here are some of the many features of ChatGPT:

8. You can ask ChatGPT to explain things to you “like a five year old”

Believe it or not, you can ask ChatGPT to explain things to you as if you were five years old. The chatbot can break down complex subject matter and put it into layman’s terms. This could prove incredibly helpful - especially for students looking to understand broad, complicated topics.

9. ChatGPT can solve complex math equations.

ChatGPT is not only great with words - you can even type in a complex math equation and the AI will solve it in an instant.

10. ChatGPT can translate between languages.

A feature which may provide some competition for popular app Google Translate - ChatGPT can translate between languages almost instantaneously.

11. ChatGPT can debug and fix code.

A useful feature for coders - ChatGPT has the ability to debug and fix code quickly and easily.

12. ChatGPT filters out inappropriate responses.

Messages to ChatGPT are filtered through API in order to avoid offensive responses from ChatGPT. This way, the AI gets rid of potentially sexist or racist prompts.

13. ChatGPT allows for follow up responses.

ChatGPT allows users to come up with corrections for their responses, which it responds accordingly to. This emphasizes the conversational element of ChatGPT, which is so appealing to its users.

Limitations of ChatGPT

ChatGPT is still in its research stage. Therefore, it comes with its own set of limitations. According to the ChatGPT website:

14. ChatGPT’s knowledge is limited to pre-2021.

The current ChatGPT was trained on knowledge prior to 2021, therefore it has limited knowledge of the world and events post-2021.

15. ChatGPT can make mistakes.

ChatGPT can sometimes generate information that is incorrect. Although, it can respond to and accept feedback from its users.

16. ChatGPT can sometimes generate information that is harmful or biased.

While steps have been taken to filter out harmful responses, this may still occur from time to time. Users have the option to troubleshoot or discuss issues with ChatGPT by visiting Open Ai’s community forum.

ChatGPT-4 Statistics

ChatGPT-4 is the latest release based on the language model used to develop ChatGP-3. Open AI released the model on 14 March 2023. Here are some ChatGPT-4 statistics:

17. ChatGPT-4 passed the Uniform Bar Examination.

GPT-4 has managed to receive high scores in many examinations - for example, Uniform Bar Exam, LSAT, SAT, etc. However, it fell down in some examinations such as AP English Language and Composition, AMC 10, Leetcode (hard), etc.

18. GPT-4 can generate outputs with more than 25,000 words.

While ChatGPT-3 is a powerful language generating tool, it does have a limit of about 2048 characters per response. GPT-4, however, can generate responses with more than 25,000 words

19. ChatGPT-4 understands more languages.

GPT-4 understands more languages than its predecessors. The newest model can understand and generate text in 26 different languages.

20. GPT-4 can accept visual inputs.

GPT-4 is multimodal and can accept and respond to visual queries and messages. ChatGPT-3, cannot, and users only have the option to send text based queries to the bot.

ChatGPT Revenue and Investments

21. OpenAI has released a subscription plan costing $20.00 per month.

Open AI has released a new subscription plan which allows its users to pay a monthly fee ($20 per month) in order to receive a number of benefits. According to their website, these benefits include:

General access to ChatGPT, even during peak times

Faster response times

Priority access to new features and improvements

[Source: OpenAI]

22. The cost of running a GPT chat is in single cents.

According to a tweet by Sam Altman (CEO of ChatGPT), the cost of running a chat on GPT is likely to be in single cents, but they are currently working on a way to make the operation more cost effective.

https://twitter.com/sama/status/1599671496636780546?s=46&t=0W_zYWGTGv080PIf8DNJWw

23. ChatGPT is currently free of charge to use.

Users can currently use ChatGPT for free while it is in its research period, but this won’t last forever - there are plans for the programme to be monetized.

24. ChatGPT has received $10 billion in funding from Microsoft Corp.

According to Forbes, tech giants Microsoft have invested a rumoured $10 billion dollars into OpenAI, the company behind ChatGPT, looking to “accelerate the breakthroughs in AI to benefit the world”.

25. ChatGPT costs an estimated $100,000 to run daily.

An AI ML Professor at Maryland University, Tom Goldstein, has estimated that the daily cost of running ChatGPT is $100,000, and that the monthly costs equate to $3,000,000.

https://twitter.com/tomgoldsteincs/status/1600196999579435009?lang=en

26. Once monetized, ChatGPT is predicted to bring in a revenue of $1 billion dollars by the end of 2024.

While ChatGPT is free for users to use at the moment, OpenAI are currently considering monetisation of the app. According to Reuters, ChatGPT is predicted to earn $200 million in revenue by the end of 2023 and $1 billion dollars by the end of 2024.

Open AI Statistics

Open AI is the company which developed ChatGPT. But who are they exactly?

Open AI is a private research lab which was founded in December 2015 by Elon Musk, Sam Altman, among others. The company’s headquarters are in San Francisco. [source]

Here are some statistics and facts about Open AI.

27. Open AI products are used in 348 companies in the United States.

Many companies around the world are embracing the new world of AI technology.According to EnterpriseAppsToday, in the US alone, 348 companies are currently using OpenAI products. The breakdown is as follows:

[xyz-ics snippet="US-Companies-using-Open-AI"]

28. OpenAI users are 65.68% male.

Is OpenAI mostly used by men or women? The answer, it seems, is men. According to EnterpriseAppsToday, OpenAI users are mostly male. Females make up 34.32% of its users.

[xyz-ics snippet="male-and-female-openAI-users"]

AI Bot Statistics & Public Opinion

29. AI will be considered ‘critical’ in financial business worldwide by 2025.

AI technology is taking the tech world by storm, and it comes as no surprise that companies everywhere are now looking at OpenAI and the success of its programme ChatGPT.

According to Statista, in 2025, it is expected that 41% of financial businesses worldwide will see Ai as critical to their business.

30. India is the country most trusting of AI bots.

To some people, conversational, generative AI bots may sound like something from a sci-fi movie. Do people trust AI bots?

According to a survey (conducted by KPMG Australia and the University of Queensland) published in March 2023, 75% of survey respondents in India stated that they were willing to trust AI systems. The United States were the sixth country most trusting of AI, with 40% of survey respondents in favour of the technology.

The rest of the data breaks down as follows:

[xyz-ics snippet="Countries-most-trusting-of-AI-bots"]

[The results of the survey were generated by analysing data from 1000 adults surveyed from 17 countries. Sept - Oct 2022]

31. 25% of people think AI bots will lead to fewer jobs

As of Q1 2023, 25% of people think that AI bots will lead to ‘many fewer jobs’ in the future.

[xyz-ics snippet="Do-you-think-that-advancements-in-AI-will-overall-lead-to-there-being-more-jobs-for-people-or-fewer-jobs"]

[The results of the survey were generated by analysing data from 1000 U.S. Adult Citizens from January 24 - 27, 2023. Source: YouGov]

32. 36% of people think AI-based text generation will overall be a bad thing for society.

As of Q1 2023, 36% of people surveyed believe that AI-based text generation will be a bad thing for society.

According to a survey of 1000 US adults by YouGov, the majority of respondents feel that AI bots will be a bad thing for society. Only 13% felt AI would lead to positive changes for society.

[xyz-ics snippet="Do-you-think-that-advancements-in-AI-based-text-generation-will-overall-be-a-good-or-a-bad-thing-for-society"]

[The results of the survey were generated by analysing data from 1000 U.S. Adult Citizens from January 24 - 27, 2023]

33. In 2022, AI became a 432.8 billion dollar industry.

The AI industry became a 432.8 billion dollar industry in 2022.

The year-on-year revenue growth of the AI industry can be seen below:

[xyz-ics snippet="The-year-on-year-revenue-growth-of-the-AI-industry"]

[Source: Enterprise Apps Today]

In conclusion, AI technology is without a doubt taking the world by storm. It is becoming more and more clear to all of us that this chatty, informative new piece of technology will play a role in our future lives.

Just how much of a role? We may find out sooner than we think.

Sources

https://openai.com/blog/chatgpt

https://twitter.com/gdb/status/1599683104142430208?lang=en

https://www.livemint.com/news/chatgpt-becomes-fastest-growing-app-in-the-world-records-100mn-users-in-2-month-11675484444142.html

https://financesonline.com/social-media-usage-statistics/

https://financesonline.com/social-media-usage-statistics/

https://meetanshi.com/blog/chatgpt-statistics/

https://www.statista.com/chart/29602/trust-in-ai-systems-around-the-world/

https://kpmg.com/au/en/home/insights/2023/02/trust-in-ai-global-insights-2023.html

https://www.similarweb.com/zh/website/chat.openai.com/#overview

https://www.searchenginejournal.com/openai-chatgpt-update/476116/

https://www.stanintelligence.com/blog/chatgpt-vs-stan-a-i-does-chatgpt-have-a-character-limit#:~:text=While%20ChatGPT%20is%20a%20powerful%20A.I.,of%202048%20characters%20per%20response.

https://hackernoon.com/gpt-4-launches-as-the-next-generation-of-artificial-intelligence-large-language-models

https://twitter.com/sama/status/1599671496636780546?s=46&t=0W_zYWGTGv080PIf8DNJWw

https://www.reuters.com/business/chatgpt-owner-openai-projects-1-billion-revenue-by-2024-sources-2022-12-15/

https://twitter.com/tomgoldsteincs/status/1600196999579435009?lang=en

https://www.forbes.com/sites/qai/2023/01/27/microsoft-confirms-its-10-billion-investment-into-chatgpt-changing-how-microsoft-competes-with-google-apple-and-other-tech-giants/?sh=3aeab9253624

https://www.enterpriseappstoday.com/stats/openai-statistics.html

https://www.statista.com/topics/10406/openai/#topicOverview

https://www.abajournal.com/web/article/latest-version-of-chatgpt-aces-the-bar-exam-with-score-in-90th-percentile

The post 30+ Best ChatGPT Statistics for 2023 appeared first on Business2Community.

With 500 films, 15,000 episodes, and 80 Disney+ originals, it has proved itself to be a solid competitor against other streaming giants such as Amazon and Netflix.

Read on to discover 30 Disney+ statistics:

User demographics

Who are the people using Disney+? The following data breaks down the average Disney+ user.

1. Disney+ currently has 161.8 million subscribers.

As of Q1 2023, Disney+ has 161.8 million subscribers worldwide, according to a report by Statista. This is a slight decrease compared to Q4 2022, which saw Disney+ bring in 164.2 million subscribers. The data breaks down as follows:

[source: Statista]

2. Netflix has 35% more subscribers than Disney+

While Disney+’s 161.8 million is an impressive user count by anyone’s standards, Netflix still wins out – as of Q1 2023, Netflix boasts a whopping 232.5 million subscribers worldwide.

3. 10 million users joined Disney+ on its first day.

The Disney+ streaming service was hotly anticipated by Disney fans around the world, and on the day of its launch, they did not disappoint – 10 million users joined Disney+ on its very first day.

4. India has the most Disney+ subscribers in the world.

Disney+ is currently available in over 100 regions around the world, but what country has the most Disney+ subscribers? The answer is India – with a colossal 52 million Disney+ subscriber count.

The rest of the data breaks down as follows:

[source: FlixPatrol.com]

5. Disney+ has roughly 42 million subscribers in the US alone.

The United States is currently home to approximately 42 million Disney+ subscribers, making them the second most popular country for the platform.

6. Approximately 7.28 million Disney+ users reside in the UK.

As of Q4 2022, it was reported that UK users make up roughly 7.28 million of Disney+ users, according to a report by Statista.

7. There are more male Disney+ users (58%) than females (48%).

According to BankMyCell.com, the majority of the Disney Plus users in the US are men, making up 52%, while females make up 48%.

8. 19% of adults in the US aged 18 – 34 use Disney+ a few times a week.

According to a survey by Statista, as of Q4 2022, 19% of US adults aged 18-24 use Disney+ a few times per week.

[Survey was conducted in the United States, from November 2 to 4 2022, using responses from 2,210 adults aged 18 years and older. It was conducted using an online interview format.]

9. 78% of Disney+ subscribers keep their subscription after the 6 month mark.

Does Disney+ live up to its subscribers’ expectations? Apparently so – reports show that 78% of people who sign up to Disney+ choose to keep their subscription six months down the line, taking the customer retention top spot from previous holder Netflix.

10. 77% of Disney+ users earn less than 100k per year.

How much does the average Disney+ user earn? Recent reports show that 77% of Disney+ users earn less than 100k per year, while 43% of users earn less than 50k per year.

The data breaks down as follows:

Annual income Share of Users

Less than $50,000 43%

$50,000 – $100,000 34%

More than $100,000 23%

[Source: banklinko.com]

11. 44% of Disney+ users in the US are Democrats.

In an interesting report by Morning Consult, it was found that 44% of Disney+ users in the US are democrats. 33% are Independents and 23% are Republicans.

[Survey was conducted by analysing data from 192 – 1206 respondents from the US from Feb 18-21, 2021]

12. 42% of Disney+ users in the US live in suburban areas.

Where do most Disney+ users live? The same report by Morning Consult noted that in fact, a majority of users live in suburbia – 42% of Disney+ users in the US live in suburban areas, while 38% live in urban areas and 20% live in rural areas.

[Survey was conducted by analysing data from 192 – 1206 respondents from the US from Feb 18-21, 2021]

13. Disney Plus users watch an average of 19.3 hours of monthly content.

How much content does the average Disney+ customer consume?

According to Gitnux, the average Disney+ user watches 19.3 hours of content per month, proving just how committed their subscribers are to the platform.

Disney Plus: Market share & revenue

14. The Walt Disney Company made $23.5 billion in revenue in Q1 2023.

According to a report by Statista, in Q1 2023, The Walt Disney Company took in roughly 23.5 billion U.S. dollars in revenue. This is an 8% increase from the same quarter of the previous year.

15. In 2023, the media and entertainment sector earned 17.8 million dollars for the Walt Disney Company.

Media and entertainment brings home the most revenue for the Walt Disney Company. According to a report by Statista, in the first quarter of 2023, the media and entertainment sector brought in approximately 17.8 million US dollars in revenue.

16. Netflix generated 4 times more revenue than Disney+ in 2022.

How is Disney+ shaping up against its competitors? In 2022, Netflix generated $US 31.6 billion, while Disney+ earned $7.423 billion in 2022.

17. Amazon Prime earned double Disney+’s revenue in 2022.

When it comes to Amazon Prime, the streaming giant brought home $19.21 billion in revenue in 2023. This is more than double Disney+’s $7.423 billion dollar revenue in the same year.

18. Disney+ is expected to overtake Netflix as the most popular SVOD in the world by 2026.

While Netflix may be coming out on top right now, it is not suspected that this will last forever. By the year 2026, Disney+ is expected to outdo Netflix as the most popular SVOD (subscription-video-on-demand) in the world according to a report by MediaPost.com.

19. In the US, Disney+ accounts for 6% of all streaming.

As of a 2020 report by ReelGood.com, 6% of all streaming comes from Disney+ users.

20. Disney+ accounts for 13% of the SVOD market in the US.

As of January 2021, Disney+ makes up 13% of all SVOD sign ups in the US. The previous month, Disney+ accounted for 19% of the market. The rest of the data breaks down as follows:

Here’s a table with the Disney+ share of monthly SVOD signups in the US since July 2020:

[Source: ANTENNA, banklinko.com]

ARPU

What is Disney+’s current ARPU and how does it fare against its competitors? In this section we look at Disney’s average revenue per user and measure how it compares to Netflix.

21. In Q1 2023, Disney+ generated an average monthly revenue of 3.93 U.S. dollars per paying subscriber.

In Q1 2023, Disney+ earned an average monthly revenue of $3.93 US per paying subscriber, according to a report by Statista. The same report also highlights that this is a slight decrease from Q1 2022, which brought in $4.41 US per paying subscriber.

22. Netflix’s ARPU is 3x more than Disney+.

According to Statista, in 2022, Netflix took in an average monthly revenue per streaming customer of $11.76. This is roughly 3x more than Disney+’s ARPU of $3.93.

Disney+ Advertising

With 161.8 million subscribers worldwide, it would be hard to ignore Disney+’s prime advertising potential.

In the stats below, we have broken down the data to reveal which streaming platform is currently generating the most revenue from ad spend worldwide:

23. Disney+ is projected to generate 596 million dollars in ad revenue in 2023.

According to June 2022 predictions, Disney+ is set to generate an estimated 596 million dollars in ad revenue in 2023. Its competitor, Netflix, is set to reach 150 million U.S. dollars in advertising in 2023.

The rest of the data breaks down as follows:

Source: Statista

24. Disney+ is set to generate 1779 million in ad revenue by 2025.

The same report by Statista showed that Disney+’s ad revenue can only go from strength to strength, as it is predicted that the streaming platform will reach 1,779 million dollars in ad revenue by the year 2025.

Disney+ Bonus Statistics

Left wanting more? In this section we dive into some Disney+ bonus statistics and facts, such as the most popular movies, series, and original content on the platform.

25. Encanto was the most watched movie on Disney+ in 2022 with 269 million views.

With over 500 movies to choose from, it’s safe to say that Disney+ users are spoiled for choice.

What is the most watched movie on Disney+? Disney Pixar’s Encanto took the top spot in 2022, with a whopping 27.4 billion minutes viewed and approximately 269 million complete viewings, according to estimates by Nielsen.

26. The Simpsons was the most watched series on Disney+ in 2022.

When it comes to series, any Disney+ user will know that the platform hosts a wide selection of old favourites – from Desperate Housewives, to Scrubs, to everything in between. But what was the most watched series on Disney+?

An undisputed classic, The Simpsons, took the top spot as the most watched TV Series on Disney+ in 2022, ranking number one on Flix Patrol.

27. The Mandalorian is the most popular Disney+ Original series so far.

A big selling point for Disney+ is the fact that it is home to hundreds of Disney+ original content. Back in 2019, the release of the Star Wars spin off series The Mandalorian was met with high anticipation, and it did not disappoint – so far, The Mandalorian has 8.38 billion minutes watched – making it the most popular Disney+ original series so far.

28. The Disney+ app is currently number 4 on the Apple download charts.

The Disney+ app is currently at number 4 on the Apple download charts in the Entertainment category, and number 2 on the Google Play Store Grossing category.

29. Disney+ is cheaper than Netflix.

How much is Disney+? As it turns out, the streaming newcomer is cheaper than rival Netflix. Disney+ offers a basic plan (Disney+ Basic: Disney+ (With Ads) for the price of $7.99/month. Users can also choose Disney+ Premium: Disney+ (No Ads) for the price of $10.99/month or $109.99/year. [DisneyPlus]

Netflix offers a similar plan at a slightly more expensive rate, offering users three options to choose from: Basic: $9.99/month ; Standard: $15.49/month ; Premium: $19.99/month. [Netflix]

30. Disney aims to add 100+ titles per year.

Disney+ is renowned for having a wide selection of content, from National Geographic documentaries to classic series such as the Simpsons – and Disney doesn’t plan to stop there. In addition to their thousands of titles already available on the platform, Disney plans to add 100+ new titles each year.

When it comes to the war of streaming giants, Disney Plus has marked itself as a worthy competitor against veterans Netflix and Amazon Prime. While the latter are still coming out on top in terms of number of users, Disney+ is not going down without a fight – showing promising ad revenue sales and an iron grip on its share of the market.

Sources

https://www.statista.com/statistics/1095372/disney-plus-number-of-subscribers-us/

https://www.statista.com/statistics/1347480/disney-plus-viewers-us/

https://www.theverge.com/2019/11/13/20963172/disney-plus-subscribers-10-million-star-wars-marvel-pixar-launch

https://www.statista.com/statistics/1109418/disney-plus-subscribers-uk/

https://flixpatrol.com/streaming-service/disney/subscribers/by-value/#list

https://www.bankmycell.com/blog/number-of-disney-plus-subscribers/

https://www.digitalspy.com/tv/ustv/a31248528/disney-plus-content-list/#:~:text=Disney%2B%20is%20a%20behemoth%20of,School%20Musical%3A%20The%20Musical%20series.

https://www.joe.ie/movies-tv/disney-plus-most-watched-2022-763360

https://www.statista.com/statistics/1115395/disney-plus-average-revenue-per-subscriber-worldwide/

https://www.crazystreamers.com/disney-plus/guides/disney-plus-available-countries/

https://www.statista.com/statistics/1028537/quarterly-revenue-walt-disney-company-by-segment/

https://www.statista.com/statistics/224397/quarterly-revenue-of-the-walt-disney-company/

https://www.statista.com/study/73494/disney-plus/

https://www.statista.com/statistics/976588/netflix-monthly-streaming-revenue-per-customer/

https://www.demandsage.com/disney-users/

https://www.businessofapps.com/data/netflix-statistics/

https://www.mediapost.com/publications/article/367382/forecast-disney-to-overtake-netflix-in-global-su.html#:~:text=Disney%2B%20will%20surpass%20Netflix%20in,its%20total%20to%20284%20million.

https://mailchi.mp/reelgood/q4-2020-vod-streaming-report

https://medium.com/antennaanalytics/discovery-launch-impact-1f6247927b0a

https://morningconsult.com/2021/03/01/paramount-plus-streaming-subscriber-demographics/

https://blog.gitnux.com/disney-plus-statistics/

https://thewaltdisneycompany.com/disney-tops-100-million-global-paid-subscriber-milestone/

https://www.apple.com/app-store/

https://appfollow.io/rankings/android/de/all-categories?date=2023-05-04

https://www.statista.com/statistics/1117460/disney-plus-subscription-by-generation-us/

https://en.wikipedia.org/wiki/Encanto#:~:text=Nielsen%20estimated%20that%20Encanto%20was,Red%20(11.43%20billion%20minutes).

The post 30 Best Disney Plus Statistics 2023 appeared first on Business2Community.

For businesses to thrive and achieve both short-term profit and long-term growth, they need more than productive employees.

They need exceptionally productive employees. So, let's dive into our curated selection of the most eye-opening employee productivity statistics to gain a better understanding of how to make the most of your employees.

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Employee Productivity Statistics Highlights

• The average American employee worked an 8.01-hour day in 2022.
• Working remotely enables 70% of employees to maintain focus easily.
• 91% of stressed employees lost productivity due to burnout.
• Low workplace engagement costs the global economy $8.8 trillion, or 9% of the global GDP.

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State of Employee Productivity

Employee Engagement Levels

The average employee in America worked an 8.01-hour workday from Monday to Friday in 2022. As per data from the federal US Bureau of Labor Statistics (BLS), the average full-time employee dedicated an entire eight-hour workday to their job, around 8.42 hours per week, while their part-time counterparts logged about 5.54 hours weekly.

The average worker tends to be less active and make more errors during afternoons and Fridays, with Friday afternoons being the period when workplace productivity reaches its lowest point.

Researchers at Texas A&M University arrived at these conclusions based on computer usage metrics for office workers like typing speed, typing errors, and mouse activity. The team subsequently analyzed computer usage patterns, examining variations across various days of the week and different times of the day to identify the trends.

The Increase of Productivity in the Workplace

The BLS reported that in the second quarter of 2023, labor productivity in the nonfarm business sector increased by 3.5%, while in the manufacturing sector, it rose by 2.9%. These improvements may be the result of various factors, including enhanced employee performance, ultimately contributing to economic growth and competitiveness.

Additionally, 23% of the global workforce exhibited high levels of employee engagement in 2022. According to a study by Gallup, this marked the highest level of engagement recorded since 2009.

While there was a dip in engagement in 2020, likely attributed to the impact of the COVID-19 pandemic, it has since rebounded to follow its historically positive trend. Furthermore, the most productive countries are in South Asia, with a 33% employee efficiency rate.

The 1-3-5 rule in the workplace can enhance an employee's average productivity levels by providing a clear and manageable structure for their daily tasks. By setting one main priority, three secondary tasks, and five smaller to-dos for each workday, employees focus on their most important goals while also ensuring they address other essential responsibilities.

While there is no empirical evidence to support this method, there is a range of anecdotal evidence to suggest it ultimately leads to better time management and increased efficiency for the average office worker.

Why You Should Measure Employee Productivity

Employee productivity measures economic performance which evaluates the ratio of produced goods and services (OUTPUT) to the effort and resources (INPUT) expended in their production.

For example, consider a scenario involving employee productivity of a customer service team in a call center. In a week, the team of 10 representatives collectively handles 1,000 customer inquiries. Here, the OUTPUT is 1,000 inquiries resolved, and the INPUT is the combined hours worked by the team during that week.

How to Calculate Employee and Workplace Productivity

To calculate net productivity levels, you'd divide the OUTPUT (1,000 inquiries) by the INPUT (total hours worked by the team). If, for instance, they worked a total of 250 hours, the average productivity rate would be 4 inquiries resolved per hour.

This measurement enables businesses to assess the efficiency of their customer service operations and make adjustments as needed to meet customer needs more effectively.

Remote Work and Employee Productivity Stats

34% of employed individuals engaged in some or all of their work remotely from home. Meanwhile, 69% performed their work primarily at their workplace.

On an average workday, remote employees dedicated 5.4 hours to their work, while those working on-site typically put in 7.9 hours. These statistics shed light on the evolving landscape of work, where flexibility and productivity are redefining the way we approach our jobs and workplaces.

Out of 39% of individuals who engage in remote work several times a month, 77% of them noted increased productivity while working remotely.

Whether it's the enhanced efficiency that remote work allows or the increased motivation to showcase their effectiveness outside the office, 30% of remote workers achieve more tasks in less time. Another 24% find themselves accomplishing the same workload within the regular timeframe.

In addition, 23% are willing to extend their work hours beyond the usual on-site schedule to achieve greater productivity, and 52% are less inclined to take time off, even when they are sick, resulting in fewer sick days while working remotely.

Habits of Work from Home Employees

Remote workers tend to extend their hours beyond the conventional office schedule.

According to an employee productivity statistics survey by Buffer, 48% of remote workers find themselves working frequently outside of the traditional nine-to-five schedule. Further:

• 81% admit to regularly checking work emails outside of their designated work hours.
• 63% check emails on weekends.
• 34% check their emails during their vacations.

22% of remote workers struggle to disconnect from work and achieve a work-life balance. This challenge can impact the productivity of remote employees, potentially leading to burnout and reduced effectiveness in their tasks due to the lack of clear boundaries between work and personal life.

Working remotely makes it easier for 70% of individuals to maintain focus.

• 65% of remote workers find it more manageable to handle workplace stress.
• 50% of WFH employees can avoid distractions such as other employees more effectively while working remotely.
• 58% are either very or somewhat engaged in their job.

In terms of workplace stress, whether an employee is engaged in their work is 3.8 times more important of a factor than where they work - so where a person works has much less of an effect on stress levels than how much they care about what they do, according to a 2023 Gallup report.

Factors Affecting Employee Engagement

Interruptions Influence Employee Productivity

The average employee in the US experiences 56 interruptions each day.

80% of interruptions are categorized as trivial in the workplace, which means that the majority of interruptions employees face are minor and often do not contribute significantly to their tasks or goals.

Interruptions can impede productivity and require employees to divert their attention from more important and valuable work. On average, employees work for only 3 minutes before they switch tasks. This frequent task-switching results in employees spending approximately 2 hours per day recovering from distractions.

According to employee productivity statistics from Zippia, 47% of employees are distracted from their workplace tasks due to social media.

Unnecessary Meetings and Redundant Tasks Cause Reduced Productivity

Employees spend 31 hours each month in unproductive meetings, according to data from Atlassian.

US employees have 62 meetings per month on average, which reflects the significant portion of their work hours allocated to these gatherings. Unfortunately, up to half of these meetings are perceived as unproductive or time-wasting, contributing to challenges in time management and overall productivity.

62% of employees lose part of their workday to repetitive tasks. Worker productivity is wasted on tasks that are monotonous, routine, and lack variety or intellectual challenge.

These repetitive tasks often do not contribute to productivity or the accomplishment of more important and meaningful work goals. Furthermore, repetitive tasks can be detrimental to overall workplace efficiency and job satisfaction.

Multitasking Productivity Stats

Brief interruptions caused by switching between tasks can potentially consume up to 40% of an individual's productive time. According to a productivity study conducted by researchers at the University of Southern California, employee productivity statistics demonstrate that multitasking reduces productivity.

Multitasking consumes additional time when individuals switch between tasks, necessitating mental gear shifts. For example, if a worker transitions from analyzing financial data in a spreadsheet to composing emails, their brain must shift focus and determine that it's now moving from a numerical task to a linguistic one.

The Effect of Emails on Employee Productivity

Employees receive 304 business emails per week, reflecting the high volume of digital communication in the modern workplace.

Excessive emails are a top contributor to poor employee productivity. This constant influx of messages leads employees to check their email approximately 36 times in a single hour, highlighting the pervasive nature of email interruptions throughout the workday.

Furthermore, the time spent refocusing after handling incoming emails amounts to an average of 16 minutes, emphasizing the disruptive impact of email on employee productivity levels.

These employee productivity statistics underscore the need for effective email management strategies to mitigate the negative effects of email-related distractions on work efficiency.

Employee Wellbeing and Productivity Stats

Stress Negatively Affects Productivity

Approximately 1 million Americans miss work each day because of stress. The American Institute of Stress reported in 2020 that job stress costs the US industry over $300 billion due to:

• Absenteeism
• Decreased productivity
• Accidents

Each week, an employee will lose an average of more than five hours working time when they think about their personal stressors.

91% of stressed employees report that burnout caused a decrease in productivity. Burnout is a major challenge for both institutional and individual productivity in the workplace. That's because major productivity losses related to burnout can dramatically affect the quality as well as the quantity of any employee's work.

Future Forum research has shown that a who lack of work-life balance and schedule flexibility are 43% more likely to report feeling burned out compared to those who are happy with their flexible working options.

The US and Canada have the highest regional percentage of daily stress in the work environment. Furthermore, Canada and the United States exhibit the highest regional percentage of female workers dealing with daily high-stress levels at work, with 33% of women in these regions reporting daily stress experiences.

Sleep Deprivation and Employee Productivity

Sleep deprivation can negatively impact worker productivity, quality, and interpersonal working relationships.

A 2007 study found that nearly 38% of workers in the US had experienced fatigue at work.

According to a survey by Glassdoor, 66% of US adults agree they could improve productivity at work if they got more sleep, particularly among individuals aged 18-44.

How to Boost Employee Productivity

Workplace Productivity Statistics: Involving Team Members in Decision-Making

In a Lithuanian study in 2022, it was found that when a worker found meaning, enthusiasm, and competency along with information, resources, and opportunities, they felt psychologically and structurally empowered.

Highly engaged employees are generally more productive and also exhibit higher retention rates and lower instances of burnout within their organizations.

In 2022, employee engagement rates in the US were 32% according to a Gallup survey. Collaboration, employee wellbeing, and performance were all key to engagement, with the best companies in the survey reaching 70% employee engagement.

Employee Satisfaction with Financial Compensation

When employees are in a state of active disengagement, 61% of them are either actively looking for a new job or keeping an eye out for new opportunities.

Engaged employees typically need a 31% salary increase as an incentive to contemplate switching to another organization, while their counterparts who are not engaged or actively disengaged, on average, desire a 22% pay raise to consider changing jobs.

Increased Productivity with Positive Workplace Interactions

Positive interactions in the workplace create a conducive environment that promotes more productive employees. These factors collectively lead to improving productivity as employees are more motivated, focused, and satisfied in their roles.

A study published in the Harvard Business Review found that teams with higher levels of positive interactions and mutual support tend to perform better and are more productive.

What's more, according to survey results from Gallup, 41% of employees would prefer for their workplace to improve in the engagement and culture sector. This would include:

• Recognizing everyone for what they contribute.
• Granting autonomy to increase productivity.
• Allowing employees to learn more skills at work.

Time Management and Employee Productivity

To boost productivity in the workplace, organizations are increasingly exploring strategies to streamline meetings and make them more purposeful.

For example, setting clear agendas and objectives and utilizing productivity software and collaboration tools.

Productivity and Technology

Digital productivity tools have revolutionized the way employees work, offering a multitude of benefits to increase productivity. These tools streamline tasks, automate processes, and provide efficient ways to collaborate, ultimately saving time and reducing manual labor. Some notable software for employee collaborations include:

• Google Workspace
• Microsoft 365
• Asana
• Slack
• Zoom
• Teamwork
• Trello
• Zoho
• Monday

A 2020 Asana survey found that 87% of respondents saw an increase in productivity levels while using the tool. Meanwhile, Slack's internal data in 2021 showed that it reduced email use by 32% and meetings by 23%. In a case study of a Zoho client, an uplift of 30% in productivity was observed after implementing the tool.

The power of implementing leading technology to increase workplace productivity is clear.

Music for Workplace Productivity

Music can help employees concentrate better, reduce stress levels, and create a more pleasant work environment, all of which contribute to enhanced productivity, says an analysis of studies from Harvard Business Review.

However, it's important to note that the effectiveness of music in the workplace can vary among individuals, the effects of music on performance can depend on various factors, for example:

• the choice of music genre
• task complexity
• individual personality and taste

The Importance of Work-Life Balance

Taking regular breaks and adopting shorter workdays seems to increase productivity. While it may feel counter-intuitive, studies have demonstrated that when a work week is shortened and work-life balance improved, productivity often increases.

Nations that have shorter average annual working hours tend to have a higher dollar value productivity per hour, based on national GDP. Singapore is a notable outlier to the trend, with a high annual working hour average and a relatively high productivity rate.

The Most Productive Countries

Luxembourg was the world's most productive country (per capita) in 2022. According to data collected from the OECD and World Bank, Luxembourg's strong financial sector is the main reason for this, but cross-border workers also play a big part.

Global Average Hourly Work Productivity Statistics

The size or complexity of a country's economy does not guarantee unusually high employee productivity though these factors are often correlated. For example, despite having the world's largest economy and longer working hours than many nations, the United States does not rank among the top ten countries in terms of productivity per person. The US still has relatively impressive GDP and productivity figures nonetheless.

• GDP per capita($): 69,288
• Hours worked: 1,791
• Productivity per person per hour ($): 38.69

The Cost of Employees' Productivity

Useless meetings stand as a primary driver of employee productivity expenses. Unnecessary meetings cost US businesses an estimated $37 billion in salary expenses.

Poor workplace engagement costs the world economy $8.8 trillion, which is 9% of the global GDP. Research by Gallup has suggested that effective leadership and management play a crucial role in boosting workplace engagement, and organizations can take significant steps to help their employees thrive at work.

The Need for Increased Employee Productivity

The pursuit of increased worker productivity has become a paramount objective for organizations worldwide.

Heightened productivity not only translates into greater profitability but also fosters an environment of operational excellence.

By improving employee productivity, companies can accomplish more with existing resources, reduce operational costs, and optimize their workforce's potential. Moreover, in an era characterized by global competitiveness and technological advancements, organizations that help employees increase productivity gain a distinct edge in the market.

The Impact of Diversity and Inclusion on Productivity

Diversity and inclusion (D&I) are no longer just buzzwords; they are key drivers of workplace productivity and innovation.

Research consistently shows that diverse teams outperform homogeneous ones, offering fresh perspectives, creative problem-solving, and improved decision-making. A McKinsey report revealed that companies in the top quartile for gender and ethnic diversity were 25% more likely to have above-average profitability than their less diverse counterparts.

Inclusivity plays a pivotal role in fostering a sense of belonging, which directly impacts employee engagement and satisfaction.

Employees who feel included are 3.5 times more likely to contribute to their full innovative potential, according to Deloitte’s 2020 Inclusion Pulse Survey. Moreover, inclusive teams make better business decisions up to 87% of the time.

However, achieving diversity and inclusion is not just about filling quotas.

It requires intentional hiring practices, ongoing training, and leadership commitment. Companies like Microsoft and Accenture have set benchmarks by embedding D&I in their cultures, leading to higher retention rates and greater employee productivity.

In today’s competitive world, businesses that prioritize D&I not only create a more equitable work environment but also position themselves for sustained success.

The Role of AI and Automation in Enhancing Productivity

Artificial intelligence (AI) and automation are transforming workplaces, revolutionizing how tasks are completed, and boosting productivity. From chatbots handling customer inquiries to AI-driven analytics providing actionable insights, these technologies are enabling organizations to achieve more with less.

A report by McKinsey estimates that AI can increase global productivity by 1.2% annually over the next decade.

Tools like robotic process automation (RPA) streamline repetitive tasks, such as data entry and payroll processing, freeing employees to focus on strategic and creative work. For instance, Deloitte implemented AI in its audit processes, reducing review time by 50% while improving accuracy.

However, the integration of AI is not without challenges. Concerns about job displacement and ethical implications remain top of mind for employees and policymakers alike. To mitigate these concerns, companies must invest in upskilling and reskilling their workforce, ensuring employees can collaborate effectively with these advanced tools.

AI and automation are not replacing human ingenuity but amplifying it. Businesses that embrace this symbiotic relationship will unlock new levels of efficiency and innovation.

Mental Health and Its Effect on Productivity

Mental health is a cornerstone of workplace productivity, yet it remains an often overlooked factor.

The World Health Organization (WHO) estimates that anxiety and depression cost the global economy $1 trillion annually in lost productivity. Stressed or burned-out employees are more likely to disengage, leading to decreased performance and higher turnover rates.

A 2022 Gallup report found that 23% of employees worldwide feel burned out very often or always, with burnout being linked to absenteeism, reduced output, and a decline in workplace morale.

Conversely, organizations that prioritize mental well-being see tangible benefits. For example, companies that implement Employee Assistance Programs (EAPs) report a 24% reduction in absenteeism and a 14% increase in productivity, according to research by the American Psychological Association.

Workplace initiatives, such as flexible hours, mental health days, and access to counseling services, can alleviate stress and promote a healthier work-life balance. Tech giants like Google and Salesforce lead by example, offering mindfulness programs and onsite wellness facilities to support employee well-being.

Investing in mental health is not just a moral imperative; it is a strategic business decision.

A mentally healthy workforce is more engaged, resilient, and productive, creating a win-win scenario for employees and employers alike.

Wrapping Up

Boosting employee productivity requires a comprehensive strategy that includes effective leadership, a focus on mental health, and the integration of technology.

By understanding and addressing key productivity challenges - such as distractions, burnout, and ineffective processes - organizations can create a work environment that fosters engagement and operational excellence.

In a competitive global economy, businesses that prioritize productivity through innovative practices and supportive cultures will remain agile and successful. By implementing the insights and strategies discussed, companies can unlock their workforce's full potential and drive sustainable growth.

FAQs

[Q1]What is the current US productivity rate?[/Q1]

[A1]In Q2 2023 the US productivity rate increased by 6.4% collectively in the nonfarm business and manufacturing sectors.[/A1]

[Q2]Is American productivity declining?[/Q2]

[A2]The US Bureau of Labor Statistics reported an increase in labor productivity for the nonfarm business sector and an increase in the manufacturing sector in the second quarter of 2023.[/A2]

The post 50+ Employee Productivity Statistics and How to Improve Yours appeared first on Business2Community.

Understanding sales enablement statistics, which provide valuable insights that encompass the processes, tools, and resources that help sales reps thrive, is the key to boosting sales productivity, streamlining sales processes, and optimizing revenue.

To steer your sales strategy towards success, we've gathered all the latest statistics and insights on sales enablement.

Dive in as we define sales enablement, explore its effectiveness, and explain how to incorporate it into your operations.

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Key Sales Enablement Statistics

• Sales enablement adoption has seen a significant 20% year-over-year increase.
• Effective sales enablement makes organizations 45% more likely to improve their sales efficiency.
• 65% of leaders plan to increase their sales enablement budget over the next two years.
• 60% of sales leaders feel that having dedicated sales enablement support is extremely important to their sales operations.
• Sales enablement teams with integrated technology stacks report 19% higher quota attainment than teams that use multiple disconnected tools.

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What Is Sales Enablement?

Sales enablement is the process of helping sales reps sell more effectively by providing them with the right resources, content, processes, and technology. Effective sales enablement provides organizations insight into what works and makes them 45% more likely to improve their sales efficiency.

A 2023 report by Sales Enablement Pro confirmed that sales enablement adoption has seen a significant 20% year-over-year increase. Sales enablement has become a dynamic force for organizations to empower their sales force and improve their sales performance.

Due to its impact, sales enablement is now a key function with 90% of respondents surveyed revealing that they have a dedicated person, program, or function for sales enablement.

According to research by Seismic, businesses that effectively implement sales enablement achieve a 32% increase in meeting their sales quotas and do so up to seven weeks sooner.

Sales enablement helps go-to-market (GTM) teams drive greater sales success by:

• Encouraging sales and marketing alignment
• Ensuring brand integrity and consistency
• Closing more deals

83% of buyers said they were more loyal to companies that provide consistency across departments in a 2022 Salesforce survey. Sales enablement benefits buyers by shifting the focus from the sales funnel to the buyer's journey, ensuring buyers receive personalized solutions and informed post-sale support. Additionally, when enablement effectively streamlines processes to unify the buyer experience, organizations report 12% higher win rates.

More than 20% of sales professionals in an LXA survey reported the top reason prospects back out of deals is the length of the sales process. Sales enablement provides the solutions and processes to shorten sales cycles and drive higher close rates. It also prepares reps for the following sales challenges:

• 57% of buyers now prefer to engage with companies through digital channels.
• Companies report that nearly one-third of the deals they close are now completely virtual.
• 82% of sales professionals surveyed in a Salesforce report say they’ve had to quickly adapt to virtual selling and other new ways of working with 69% admitting that selling is harder now.
• With buyers going through 57% of the buyer journey alone, sales reps have to better understand their products, customers, and the market more deeply, to bring more value to each conversation.

How to Implement Sales Enablement

Implementing sales enablement involves creating and executing a tailored sales enablement strategy. This involves gaining a clear understanding of your sales team, your business’s overall goals, and your prospects’ buying traits. It also involves:

• Establishing clear sales enablement goals.
• Developing a sales enablement charter.
• Investing in a dedicated sales enablement team.
• Selecting appropriate platforms and tools.
• Investing in the right sales enablement content.
• Investing in ongoing sales onboarding, training, and coaching.
• Measuring and tracking sales enablement performance.

Establish Sales Enablement Goals

The first step to formulating an effective sales enablement strategy is setting the right goals. Establishing sales enablement goals provides a clear understanding of what needs to be achieved, how to measure success, and where to focus your resources. In fact, 81% of organizations agree that clear enablement goals help to improve the efficiency of revenue teams.

According to a 2023 Sales Enablement Pro report, some of the most common sales enablement goals for 2023 included:

• Increasing sales productivity - 28%
• Increasing sales rep performance - 23%
• Optimizing revenue - 18%

While the goals listed above are a great starting point, it's important to consider your performance as well as the state of your sales to come up with goals that speak to your business's specific needs.

Develop A Sales Enablement Charter

After formulating goals, you'll need to establish a charter to guide your sales enablement strategy. This kind of charter:

• Defines the mission, purpose, and role of the sales enablement function.
• Outlines who owns sales enablement as well as the sales enablement team's alignment with marketing teams and product management.
• Describes the enablement team’s objectives and who they will support.
• Details specific sales enablement processes.
• Details the sales enablement resources, tools, and technology to be used.
• Outlines how success will be measured and tracked.

A sales enablement charter functions like an agreement between the enablement team and the go-to-market team (sales reps, leaders, marketing, and other customer success staff). It encourages better teamwork, clearer expectations, and a more efficient sales enablement process.

Structuring your enablement team with a formal charter increases the likelihood of stakeholder satisfaction by 44%.

Additionally, organizations that use a formal enablement charter report 5% higher win rates. They're also twice as likely to experience an increase in both win rate and quota attainment.

Ongoing Training and Coaching

The right sales onboarding, training, and coaching prepares reps for success, equipping them with the skills they need to meet the demands of a competitive sales market.

14% higher win rates are reported by organizations when sales managers effectively coach their reps. These organizations are also 10% more likely to experience high rep engagement.

Sales training ensures reps understand your products, the market, and effective sales techniques, while coaching ensures they receive personalized guidance to improve their selling abilities.

When using sales play tools, reps are 15% more likely to understand how to navigate different sales scenarios, and teams report a 3% increase in average win rates.

Ongoing, data-driven training and coaching programs help sales enablement managers understand winning behaviors, while sales coaching assessments help them identify skill gaps. Additionally, when sales managers can effectively coach reps to reinforce desired behaviors, sellers are 40% more likely to be confident in their abilities and organizations report 14% higher win rates.

Organizations can reduce the average 25 weeks it takes new sales hires to reach full productivity by dedicating 6 weeks to onboarding. According to Gartner, new sales hires are more productive and efficient when they have a longer onboarding period.

In terms of the optimum frequency for sales training, a majority of sales enablement leaders (30.2%) in a Product Marketing Alliance report hold monthly training sessions for their sales enablement teams, while:

• 19.4% hold training sessions whenever a new product is due to launch.
• 15.5% say quarterly training sessions work.
• 12.6% say they hold weekly training sessions.

A Dedicated Sales Enablement Team

More businesses are realizing the strategic impact of dedicated sales enablement teams. For example, organizations are 57% more likely to experience high buyer engagement when they have dedicated sales enablement teams.

When asked if having such a team increased the overall success of sales efforts and performance, 92% of respondents in a 2023 Sales Enablement Pro report agreed.

According to the same report, sales enablement teams continue to grow in size, with the number of teams consisting of over six members increasing by 63% year-over-year to almost 50% in 2023. This is because the extra team members are worth the cost.

Organizations with a reduced enablement headcount report 12% more rep turnover and are 10% more likely to experience decreased revenues. On the other hand, teams with six or more members report 14% higher quota attainment compared to teams with two to five members.

The good news is that even small changes to your enablement team headcount can make a massive difference — every additional enablement team member results in a 3% increase in average win rates.

Sales Enablement Tools and Tech

Enablement teams with consolidated, well-integrated technology stacks report 19% higher average quota attainment than teams that use multiple disconnected tools.

Having these tools in place can empower sales enablement teams, boost organization-wide alignment, and drive business impact. Sales teams use an average of 10 tools to close deals. The top tools used by sales organizations include:

1. Sales reporting/analytics.
2. Customer relationship management (CRM) systems.
3. Account and contact management.
4. Mobile sales apps for employees for employees.
5. Sales forecasting tools.

Organizations that leverage proven sales enablement tools are 4 times more likely to effectively provide insights into what works to ensure sales rep consistency.

Enablement tools also help improve the rep experience. Organizations that use sales enablement tools are 8 times more likely to have highly engaged reps, which, in turn, drives higher sales performance.

Sales Enablement Content Statistics

Sales enablement content includes the guides, scripts, and other sales enablement materials that:

• Help sales teams understand products and markets better.
• Give sales reps the confidence to sell more effectively.
• Help answer customer questions and address their concerns.
• Improve sales conversations and help sales reps close deals more effectively.

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Sales reps empowered with the right content and training achieve 32% higher sales quota attainment. Additionally, an enhanced go-to-market strategy alignment encouraged by sales enablement delivers 38% higher win rates and 24% faster revenue growth.

Sales reps tend to bring in 20% or more in additional revenue when sales content is available at the right time in the sales cycle. In a sales organization lacking an effective content management system, sales representatives can spend up to 10 hours per week searching for, comparing, or revisiting content for sales communication. This is valuable time that could be better spent interacting with prospects and closing deals.

68.9% of respondents in a Product Marketing Alliance report identified customer case studies as the most effective sales enablement content, followed by:

• Product demos at 61.2%
• Sales one-pagers at 62.1%
• Battle cards at 52.4%

Sales scripts (29.1%) and product roadmap assets (21.4%) were said to be the least effective. However, this isn't to say that you should dismiss them; instead, work with your sales reps to establish what content works best for your sales enablement program.

Measure and Track Performance

No sales enablement strategy is complete without a plan to measure and track performance. KPIs and metrics are the key to understanding the effectiveness of your efforts and being able to make informed decisions that contribute to sales enablement success.

Showcasing the value and effectiveness of sales enablement strategies:

• Justifies additional investments in programs and headcount.
• Enables leadership to assume more trusted and strategic roles.
• Encourages buy-in from cross-functional peers, which in turn strengthens collaboration across the organization.

When asked about the metrics they used to measure enablement performance, respondents in a 2022 Sales Enablement Collective report said:

• Content adoption - 45.7%
• Quota attainment - 42.2%
• Win rate - 42.2%
• Pipeline growth percentage - 33.6%
• Sales cycle length - 32.8%

In terms of measuring rep or sales team performance, 73.3% of respondents said they looked at win/close rates, 45.7% looked at time to quota, and 37.1% looked at content usage.

Does Sales Enablement Work?

Based on hard data, sales enablement works. Since 2015, sales enablement adoption has skyrocketed by over 343%. Sales enablement has become such a core function that 65% of leaders plan to increase their sales enablement budget over the next two years.

Organizations that have successfully implemented sales enablement report a 9% increase in average win rates and an annual sales rep turnover of just 11.9% compared to 19.5% for those that haven't. They also report the following results in an Oracle survey:

• 49% win rate on forecasted deals.
• 60% higher customer retention rate.
• 84% achievement rate for sales quotas.
• 14% increase in deal size.
• A 2x increase in revenue.
• 33% reduction in ramp time for new hires.

Further, organizations with sales enablement processes or practices in place for more than two years report a 7% improvement in win rates. They're also 50% more likely to experience high buyer engagement.

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According to a 2023 Hubspot report, 60% of sales leaders felt that having dedicated sales enablement support was ‘very important’ or ‘extremely important’ to their sales operations. Additionally, sales reps at companies with dedicated enablement teams performed better and were more likely to reach their goals.

Even professionals who aren't part of sales enablement leadership consider sales enablement important. Among business executives, 63% say that sales enablement meets or exceeds expectations.

Sales Enablement Technology Statistics

Enablement technology is widely used by 65% of organizations, representing a 5% increase year over year. According to a Hubspot report, 29% of sales professionals want to leverage technology to make their sales process more efficient.

And some of the most popular tools they are using to do so in 2023 include:

• Troops
• Zoho
• LeadIQ
• LinkedIn Sales Navigator
• HubSpot CRM

As per a 2023 report by Seismic, the use of sales enablement technology was gaining popularity, with 82% of survey respondents stating that they used it on the job. A further 99% of respondents agree that sales enablement platforms make their jobs easier. Other key insights include:

• 80% of respondents state that sales enablement technology frees up time to focus on revenue-generating activities, saving them close to two workdays to focus on customer needs.
• 97% of respondents say enablement technology gives them quick access to content, information, or coaching and helps them interact with clients from a more informed perspective.
• 68% of respondents say that having quick access to information and content helps them feel more confident in their skills.

On the other hand, of those who do not use sales enablement tools:

• 36% admit that their organizations struggle with client retention.
• 97% say they're often (19%) or sometimes (78%) unable to locate the content they need.
• 91% say a lack of sales enablement tools makes them feel less productive.

Choosing the right sales enablement platform can have a significant impact on success. In fact, sales enablement practitioners who leverage a sales enablement platform report win rates that are 7% higher than those who don't.

According to HBR, close to 50% of sellers feel overwhelmed by the number of technologies needed to do their work. As a result, they're 43% less likely to meet their quotas. When evaluating sales enablement tools and technologies, determining the value they add to your sales processes is crucial.

Sales teams should be able to integrate sales enablement software into their workflow seamlessly. Rather than overwhelm sales reps, tools must empower them to be more efficient and productive.

Sales Enablement Tool Success Rates

83% of sales enablement professionals use CRM systems. CRM systems help sales teams build and maintain strong relationships with buyers. Businesses that implement tools like HubSpot's CRM for sales enablement report conversion rate increases that are up to 20% higher.

Using Gong, an AI revenue enablement tool:

• Tinuiti achieved 50% more recurring revenue from cross-selling.
• Diligent increased its close rates by 7.4% for Gong-influenced calls and reduced the time for reps to hit quota by 3 weeks.
• Mintel increased its win rates by 34%.
• ComplyAdvantage decreased ramp time by 50%.

Through Highspot's unified enablement solution:

• DocuSign achieved a 10% decrease in sales cycle time and a 20% increase in average deal size.
• Office Depot increased content efficiency by 86%.
• The Trade Desk experienced 75% year-over-year growth.

Approximately 73% of organizations report ramp-up times of between 1 and 6 months, while a third report ramp-up times of 3 to 6 months. Using WorkRamp, Reddit cut its sales ramp time by 33%.

By using Seismic to transform its sales enablement, Elekta achieved a 350% increase in sales content adoption.

AI in Sales Enablement Statistics

Only 33% of sales organizations currently use artificial intelligence (AI). In the next two years, an additional 20% of organizations plan to do so.

Research suggests that high-performing sales teams are 1.9x more likely to use AI than underperformers.

80% of sales leaders and professionals say AI has improved the use of reps' time. The use of AI in sales enablement could give sellers up to 27% more time to focus on what matters most.

It has the potential to change how sales teams work through:

• Simple automation: Basic automation tools and AI technologies that assist with routine tasks to boost sales effectiveness and efficiency.
• Assisted selling: AI-assisted automation to improve sales productivity, prioritization, and execution.
• Automated selling: AI-powered virtual assistants to improve decision-making, reduce human error rates, and streamline execution.
• Autonomous selling: Technology could automate the entire sales cycle, allowing sellers to act as strategic overseers.

84% of respondents in a Gartner survey said that their systems provided advice on the next-best actions to take with potential customers. AI is commonly used for prescriptive recommendations, such as next-best actions or recommended content for sellers to share. It's also used in training and coaching to determine sales rep sentiment or skill level.

Sales leaders ranked voice of the customer (VoC) analytics methods among the most anticipated technologies in the two years from 2023. Other key technologies leaders are excited for include:

• Predictive analytics (85%)
• Digital experience analytics (84%)
• Customer journey analytics (83%)

How to Measure Sales Enablement Success

To gauge the effectiveness of your sales enablement initiatives, you must focus on metrics that align with your business objectives.

Here are key ways to measure success:

• Quota Attainment Rates: Evaluate the percentage of sales reps meeting or exceeding their quotas. An increase indicates a well-executed enablement strategy.
• Win Rates: Track the ratio of closed deals to opportunities. Improved win rates are a direct reflection of enhanced sales enablement.
• Time to Productivity: Measure how quickly new hires reach full productivity. A shorter ramp time often results from effective onboarding and training programs.
• Sales Cycle Length: Assess the time it takes to close deals. Streamlined processes and better-equipped reps typically shorten sales cycles.
• Content Usage: Monitor how frequently and effectively sales reps use the resources provided. High usage rates suggest that content is relevant and impactful.
• Customer Retention and Expansion: Look at repeat business and upselling or cross-selling success rates to evaluate how well sales enablement supports long-term relationships.

Mistakes to Avoid in Sales Enablement Campaigns

While sales enablement can transform your organization, common pitfalls can derail its effectiveness. Here’s what to watch out for:

1. Lack of Clear Objectives: Without defined goals, it’s difficult to measure success or provide direction to your sales enablement strategy.
2. Overlooking Team Alignment: Misalignment between sales and marketing teams leads to inconsistent messaging and wasted resources. Ensure collaboration across departments.
3. Insufficient Training and Coaching: Failing to provide ongoing training leaves sales reps unprepared for evolving market dynamics, resulting in lost opportunities.
4. Neglecting Content Management: Reps spending excessive time searching for resources can reduce productivity. Invest in tools that make content easily accessible.
5. Ignoring Analytics and Feedback: A lack of data-driven insights means missed opportunities to refine your strategy. Regularly track performance and incorporate feedback.
6. Overloading with Tools: Too many disconnected tools can overwhelm your sales reps, leading to inefficiency. Focus on a consolidated, user-friendly tech stack.
7. Failure to Scale: Not updating your strategy or resources to match team growth can lead to inefficiencies and missed targets.

Conclusion

Sales enablement is a powerful lever for improving sales performance, but its success hinges on strategic implementation and ongoing refinement.

By measuring key metrics, staying ahead of trends, and avoiding common mistakes, organizations can ensure their enablement efforts deliver measurable impact and drive long-term growth.

FAQs

[Q1]What are the 4 pillars of sales enablement? [/Q1]
[A1]The four pillars of sales enablement are training and coaching; content and resources; tools and technology; and assessment and optimization.[/A1]
[Q2]What does a sales enablement professional do?[/Q2]
[A2] A sales enablement professional is responsible for recruiting, leading, and equipping sales teams. By liaising with senior management as well as product, sales, and marketing teams, they help increase sales performance.[/A2]
[Q3]Why do we need sales enablement? [/Q3]
[A3]We need sales enablement as it empowers sales teams with the knowledge and resources to efficiently engage prospects and close more sales deals. This, in turn, helps businesses maintain profitability and grow.[/A3]

The post Sales Enablement Statistics and Insights to Boost Your Business 2025 appeared first on Business2Community.

Organizations across the globe need to master project management principles to meet objectives, reduce costs, increase efficiencies, mitigate risks, and improve stakeholder satisfaction.

It's also crucial for businesses and professionals to keep up with the latest project management trends to stay ahead of the curve.

However, gathering and analyzing this information from various sources can be challenging. That's why we've put together all the key project management statistics for [cur_year]. Keep reading to discover project success rates, industry trends, employment stats, and much more.

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Project Management Statistics Highlights

• Around 35% of projects succeed, meaning they are completed on time, within budget, and according to predetermined standards.
• Approximately 65% of all projects fail, meaning they aren't completed on time, go over budget, or fail to meet certain standards and expectations.
• Bad project management costs companies 10% on every dollar spent. Scaled to include total global capital investment, this comes up to around $2 trillion every year.
• 59% of project teams work remotely, managing projects across multiple locations across the world.
• There are currently over 90 million project professionals employed globally, with the demand for project management talent set to push this number to 102 million by 2030.

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The State of Project Management Statistics

According to the Project Management Institute (PMI), organizations that prioritize project management enjoy higher project success rates. Organizations that develop their project talent, project capabilities, and culture have a project success rate of up to 92% compared to 32% for those that don't.

According to Project Manager, 58% of project professionals work remotely. In addition:

• Only 14% of project teams work together in a central office.
• 48% work in multiple locations in one country.
• 38% now work in multiple locations across the world.

As per an RGPM report, 60% of project managers are running between 2 and 5 projects. 11% run 6 to 10 projects, and 15% run more than 10 projects.

40% of project teams are made up of between 6 and 10 people while over 30% have either between 1 and 5 people or more than 10 people.

As remote project teams become more common, 40% of project professionals say that over three-quarters of their projects now require collaboration outside of their immediate teams.

In an increasingly hybrid environment, poor cross-team collaboration was identified as the leading challenge to successful project management. Other challenges include:

• Outdated processes - 15%
• Difficulty working in a remote environment - 13%
• Ineffective scheduling - 12%
• Difficulty incorporating agile processes and plans - 11%

Project Management Employment Statistics

According to research in 2021 by the Project Management Institute, there were over 90 million project management professionals employed globally. Project management-oriented employment (PMOE) accounts for 3% of all global employment and is expected to grow to 3.2% or 102 million jobs over the next 7 years.

In the US alone, the demand for project management specialists is projected to grow by 6% from 2022 to 2032, faster than the average growth of 3% for all occupations.

Male project managers outnumber female project managers by a ratio of 3:1. While the global labor force participation rate for women stands at 47% and 72% for men, the gender gap in employment is even higher in the project management industry.

The sectors projected to have the highest growth rate in project management job opportunities in the next decade include:

• Manufacturing and construction - 13.2%
• Information and publishing - 15.2%
• Finance and insurance - 14.9%
• Management and professional services - 11.3%
• Utilities - 12.7%

Project Management Certification Statistics

51% of organizations require project professionals to hold some type of certification for their role. PMP and PrinceE2 remain the most widely recognized certifications among project management professionals, each boasting over one million certificate holders globally.

80% of organizations placed value on employees having interpersonal or soft skills in addition to technical skills in a 2023 PMI study. This mirrors other findings by the Project Management Institute and PwC, which identified the following as the top skills needed by a successful project management professional:

• Relationship building
• Collaborative leadership
• Strategic thinking
• Creative problem-solving

61% of respondents in a 2020 PMI survey reported that their organizations provide project management training and that 47% have a defined career path for project professionals.

Project Management Salary Statistics

As of 2022, the BLS reported that the median pay for a project management professional in the US was around $95,370 per year.

A jobs report by the Project Management Institute found that countries with the highest median salaries in USD for project management professionals include:

• Switzerland - $140,983
• US - $115,000
• Australia - $113,664
• Germany - $106,498
• Netherlands -$101,711

The same report found that project managers holding a PMP certification can earn a median salary up to 16% higher than those who are not certified.

Project Management Success Statistics

Research suggests that around 35% of all projects are completed and considered successful. Projects are considered successful when they are delivered on time, within budget, and meet predetermined standards.

A 2021 Wellingtone project management survey in the UK found that:

• 34% of organizations mostly or always complete projects on time.
• 34% of organizations mostly or always complete projects on budget.
• 36% of organizations mostly or always deliver the full benefits of their projects.

A 2023 report by the Project Management Institute revealed that the top 6 key drivers of project success are:

• High benefits realization maturity (BRM)
• Low levels of scope creep
• Frequent use of standardized project management practices
• Frequent use of standardized stakeholder engagement practices
• High organizational agility
• A high-performing project management office (PMO)

92% of respondents surveyed agree that "power skills" (interpersonal skills or soft skills such as communication, problem-solving, and collaborative leadership) result in more effective project management and improve project success rates. The same report revealed a strong link between power skills and project success rates.

Organizations that leverage power skills see higher rates of:

• Project management maturity: The extent to which an organization consistently relies on formal project management methodologies, aligns projects or programs with organizational strategy, tracks benefits, and focuses on continuous improvement.
• Benefits realization management maturity: A set of project management processes and practices for identifying benefits and aligning them with formal strategy, ensuring benefits are realized and sustained during and beyond project completion.
• Organizational agility: The ability to rapidly adapt to changes in the market or other external factors. Includes making use of traditional, agile, and hybrid approaches to project delivery.

Project management offices (PMOs) that consistently manage projects successfully are more likely to embrace new methodologies than low performers.

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Project Management Failure Statistics

65% of projects fail, additionally:

• 43% are not completed within budget.
• 48% are not completed on time.
• 31% do not meet their goals.

Organizations waste 10% of every dollar due to poor project performance. Scaled to include total global capital investment, this comes up to around $2 trillion every year. Additionally:

• Around 11.4% of investment is wasted due to poor project management.
• Organizations with ineffective project management capabilities wasted 21x more money than those with the highest performing project management capabilities.
• Organizations that undervalue project management as a strategic competency reported 67% more of their projects failing.

Project Management Statistics by Industry

Project Management in IT

With over $600 billion being spent on IT annually, effective IT project management is crucial. According to McKinsey, 17% of IT projects can go so bad that they threaten the very existence of a company.

75% of organizations in IT met their project goals in 2021, the highest of any industry. What's more:

• 59% of projects were completed on time.
• 64% of projects were completed within budget.
• Overall, the project failure rate in the industry stood at 11%.

Project management software adoption rates in IT stood at 51% in 2022, the lowest across all industries in a Gartner report.

Project Management in Manufacturing and Construction

The global manufacturing and construction sector has one of the biggest gaps between current and projected jobs in project management-oriented employment (PMOE). The growth rate of 13.2% in PMOE is expected to exceed overall employment in the sector.

70% of organizations in manufacturing met their project goals in 2021. In more detail:

• 53% of projects were completed on time.
• 60% of projects were completed within budget.
• Overall, the project failure rate in the industry stood at 13%.

Meanwhile, 74% of organizations in construction met their project goals in 2021. In addition:

• 57% of projects were completed on time.
• 60% of projects were completed within budget.
• Overall, the project failure rate in the industry stood at 12%.

Project Management in Finance

71% of organizations in financial services met their project goals in 2021. Further:

• 53% of projects were completed on time.
• 59% of projects were completed within budget.
• Overall, the project failure rate in the industry stood at 12%.

Finance and insurance organizations have the largest annual PMO budgets, but the smallest budget for projects supported by a PMO ($900,000 vs. $2.5 million), giving them a PMO operating cost over 10 times higher than the average.

However, PMOs in the finance and insurance industry perform better than those in other industries. Additionally, their organizations’ financial performance is generally higher than all other industries.

Project management software adoption rates in financial and other business services were 61% in 2022, the second-highest adoption rate in a Gartner report.

Project Management in Healthcare

73% of organizations in healthcare met their project goals in 2021. Furthermore:

• 55% of projects were completed on time.
• 61% of projects were completed within budget.
• Overall, the project failure rate stood at 10% - the lowest of any industry.

While healthcare organizations are relatively late adopters of PMOs, they are one of the top industries that use them. 24% of healthcare PMOs are high performers (tied with finance/insurance PMOs).

Project management software adoption rates in healthcare hit 58% in 2022, among the highest in a Gartner report.

Project Management Software Statistics

The ability to effectively manage projects, track progress, meet deadlines, and stay within budget remains a top priority for businesses. It's not surprising that over 85% of business leaders in a 2022 Gartner report use project management software.

The majority of survey respondents (53%) purchased project management software to boost productivity and business efficiency. Other key motivators were:

• Market competition - 41%
• Constant technology advancements - 40%
• Outdated existing technology - 35%

According to the same report, organizations in Portugal, France, Spain, Colombia, and Poland have the highest project management software adoption rates.

The top priorities of organizations investing in project management software include attracting new customers and strengthening relationships with existing customers. When considering PM software, buyers also consider factors such as:

• Price
• Ease of use
• Functionality

IT teams lead the project management software purchase process in 41% of small businesses and 44% of midsize businesses.

Notably, at least 85% of project managers look for the following features when selecting a project management software:

• User experience
• Data privacy
• Training capabilities
• Support capabilities

Integration issues with existing systems (36%) is the top reason for project management software replacement. This is closely followed by the availability of better alternatives (33%) and buggy products (31%).

Project Management Software Market Statistics

The project management software industry was estimated to be worth $4.62 billion in 2022.

According to Gartner, the market is projected to reach $7 billion by 2026, growing at a compound annual growth rate (CAGR) of over 12% during the forecast period.

In 2021, project management software companies collectively raised over $2 billion in equity funding. The market also saw notable exits such as Monday.com (went public at a $5.8 billion valuation) and Wrike (acquired for $2.3 billion).

According to CB insights, key players in the market with either public or private valuations of over $1 billion and revenues exceeding $100 million as of January 2023 include:

• Airtable
• Monday
• Smartsheet
• Asana
• Click-Up

Microsoft Project

As one of the most popular project management tools in the world, Microsoft Project boasts over 20 million users. Thousands of organizations across various industries rely on Microsoft Project to create tasks, assign resources, and report on project status.

With its comprehensive project management features and seamless integration with other Microsoft 365 tools such as Teams and Planner, it is ideal for teams and companies that need to manage multiple projects of varying sizes.

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Airtable

Over 450,000 organizations across multiple industries and locations use Airtable to create and customize apps to help them plan, manage, and collaborate on projects. It allows a multitude of integrations, helps teams automate their workflows, and has a robust API.

Airtable supports agile methodologies, such as scrum or kanban along with waterfall and hybrid methodologies. While it is popular with companies in the computer software industry, it is a versatile and adaptable platform that can be used by companies in various industries for any type of project.

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Smartsheet

Smartsheet is a spreadsheet project management tool used by nonprofit organizations, small businesses, and more than 80% of Fortune 500 companies around the world. It can be customized to plan and manage any type of project.

Smartsheet integrates with various tools and apps to streamline workflows and automate processes. It also supports a variety of project management methodologies, such as waterfall, agile, critical Path method, PRINCE2, and more.

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Monday

Monday.com is a cloud-based project management platform that helps teams of all sizes plan, track, automate, report, and collaborate on projects. It is highly customizable, with over 180,000 customers worldwide using it to manage simple and complex projects.

Monday supports project management methodologies, such as agile, waterfall, scrum, and kanban, and allows users to manage their projects according to their preferred methodology. It also integrates seamlessly with other tools and apps, such as Jira and Slack to enhance the project management experience.

Monday is ideal for startups and offers free plans, trials, and advanced tiers which are available as companies scale up.

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Asana

With over 1.3 million paid users across the world, including 80% of Fortune 100 companies, Asana helps project teams collaborate and manage projects of any size. Teams can create tasks, assign them, set deadlines, track progress, and communicate with each other.

Asana offers over 200 integrations, allowing teams to streamline workflows and automate processes. It also supports a variety of project management methodologies, such as agile, waterfall, PRINCE2, and more.

With a robust set of highly customizable project management features, it is ideal for midsize companies that need to collaborate with clients or across departments.

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Project Management Trends

Project Management DEI Statistics

88% of project professionals said having diverse project teams increased value in a 2020 PMI report. Companies focusing on inclusion see better outcomes. Culturally diverse leadership is associated with higher organizational performance (85% vs. 61%).

In a PMI diversity project management report, 70% of project professionals said that their organizations had recruiting processes in place to develop diversity. Additionally, 40% said that attracting and hiring a younger generation of project professionals is an organizational priority.

With 67% of Gen Z employees not being satisfied with their employers' DEI efforts, focusing on diversity is crucial for winning over younger workers. Among Gen Zers surveyed in a 2023 Deloitte report, 44% of Gen Zers said they rejected assignments due to ethical concerns, while 39% admitted to turning down employers that don't align with their values.

Project Management ESG Statistics

2022 research by Green Project Management revealed that 38% of projects globally were being impacted by climate change. However, environmental, social, and governance (ESG) efforts are complex and challenging to implement. Indeed, 40% of organizations have reported major barriers to improving social impact. This is mainly due to a lack of financial resources and organizational commitment.

While 46% of project managers report seeing an increased focus on sustainable goals, only 33% of projects deliver improvements for the environment. This suggests that organizations still have a long way to go in terms of planning for sustainability.

5 key ESG trends that are likely to continue post-pandemic include:

• Enhanced health and well-being initiatives - 49% of remote workers report experiencing burnout warranting project managers to take action to support the wellbeing of their project teams.
• Remote teams and hybrid meetings - 48% of employees will likely work in hybrid settings post-pandemic versus 30% before the pandemic.
• Emphasis on impact - The command and conquer approach to project delivery is giving way to a values-and-benefits-focused approach.
• Purpose over profit - Project teams and organizations will put principles, values, and ethics at the forefront of decision-making to contribute to sustainable development.

Project Management Practices Statistics

A Wellingtone survey determined that 52% of respondents created a scoping document as part of planning, down from 61% in 2020. The same report found that:

• 48% of respondents baselined their project schedules to better track performance as opposed to 50% in 2020.
• 64% of project managers engaged in risk management in 2021, an increase of 4 percentage points from 2020.
• A significant 33% of project management professionals still don't regularly engage in risk management.

The Gantt chart remains one of the most popular project management tools. Over 60% of respondents in a Project Manager survey said they relied on a Gantt chart for 50% to 100% of their projects. This suggests that tight scheduling with dependencies and milestones remains a key aspect of project planning.

While traditional Gantt charts top the list of preferred project management tools at 36%, more streamlined formats like task lists and kanban boards are now used by 21% and 16% of project managers, respectively.

47% of organizations do not have access to real-time project KPIs with 50% spending 1 or more days manually collating project reports. Furthermore, over 20% of project managers say that documentation is the one task they wish they could spend less time on. These tasks include:

• Weekly reports
• Progress updates
• Creating documents for customers
• Spending time on PowerPoint presentations

Risk Management and Cybersecurity in Project Management

Risk management and cybersecurity are now critical components of project planning. As remote work and digital collaboration increase, 56% of project managers report prioritizing cybersecurity risk assessments within project plans. Key areas include:

• Data protection for sensitive project information, particularly in finance and healthcare sectors.
• Access control and identity verification to prevent unauthorized access.
• Regular risk assessments to adapt to emerging threats and adjust project plans as needed.

Risk management strategies are also evolving, with 63% of project managers utilizing advanced analytics tools to anticipate potential project delays, cost overruns, and resource constraints. This proactive approach has improved project success rates by an average of 12% in the last three years.

Project Management Methodology Statistics

Only 58% of respondents in the same Welligntone survey followed a defined project management methodology. That's down from 61% in 2020, suggesting that a significant number of projects are still being run in an ad-hoc manner.

Given the diverse nature of project teams, traditional project management methodologies are no longer sufficient. Many teams now combine traditional and newer approaches to deliver successful projects.

60% of respondents in a Project Manager survey said they used a hybrid of waterfall, agile, and many other styles within a single project. Meanwhile, 17% reported that they didn't use a formal methodology at all.

According to a PM Solutions report:

• 80% of organizations focus on using the PMBOK Guide.
• More than 65% of organizations use agile project management.
• Over 62% use waterfall methodologies.

Scrum and its variations were used by the majority of respondents (89%) in a 2022 State of Agile report, making it the most popular agile methodology. Other key agile methodologies used include:

• Kanban - 56%
• ScrumBan - 27%
• Iterative - 20%
• Scrum/XP Hybrid - 13%
• Lean Startup - 10%

With the complexity of projects increasing, many organizations are adopting hybrid project management methodologies that blend elements of Agile, Waterfall, and Lean approaches.

A recent report by PMI shows that 60% of organizations now use a hybrid methodology to manage projects, allowing greater flexibility and adaptability for complex and changing requirements. Hybrid methods support continuous improvement and can help organizations respond to changes mid-project without compromising quality.

Additionally, 70% of project managers report better stakeholder satisfaction and project outcomes when using hybrid approaches

Project Management Office Statistics

86% of IT organizations report having one or more project management offices or PMOs. This represents a 71% increase from 2016. Additionally, close to 60% of project managers anticipate that the PMO will see greater scope and responsibilities in the future.

According to Wellingtone, the top 6 activities of a typical PMO include:

• Project status reporting
• Maintaining the portfolio list
• Maintaining the PM methodology and templates
• Facilitating project approval processes
• Providing project management expertise
• Facilitating lessons learned

A PM Solutions report on the state of PMOs found that:

• Organizations that use PMOs usually have just one, but it's possible for them to have multiple.
• The average PMO has an operational budget of $500,000 per year with the projects under its management having a combined total of $15 million per year.
• The average PMO has 9 staff members with an average of 10 years experience each. Just under half (49%) hold the PMP certification.
• 88% of PMOs offer project management skills training.

Digital transformation statisstics

Digital transformation has reshaped project management by incorporating technology such as cloud-based solutions, collaboration tools, and data-driven decision-making processes. Over 80% of project managers report that digital tools have streamlined their workflows and improved productivity. Key areas of transformation include:

• Real-time data analytics for tracking project progress and adjusting resources as needed.
• Cloud-based project management tools like Monday, Asana, and Wrike, which offer flexible access for remote and distributed teams.
• Collaborative platforms that enhance team communication and engagement, reducing project delays by 30% on average.

Digital transformation in project management has improved the efficiency of project execution and increased the quality of deliverables

The Future of Project Management Statistics

Successful project management plays a crucial role in industry and economic growth. To illustrate, the total GDP of industries that leverage project management is estimated to reach $34.5 trillion in 2030.

For North America, this represents an increase in productivity of up to 94% between 2019 and 2030, and for Europe an impressive 123% due to project management.

The talent shortage is a considerable risk to organizations that rely on project management professionals to implement strategic initiatives on time, and within budget. This talent gap is likely to impact every region, resulting in a potential loss of up to $345.5 billion in global GDP by 2030.

PMI anticipates that 25 million project management professionals are needed to meet global project management talent demands by 2030. Around 13 million project managers are expected to have retired by 2030, creating additional recruitment challenges for organizations.

This means employers will need to fill around 2.3 million new project-oriented roles each year.

73% of project professionals believe that diversity will become a top priority for their organizations over the next decade.

By 2030, 80% of project management tasks will be powered by big data, machine learning, and natural language processing. Some of the key benefits of AI-powered project management technology include:

• Better selection and prioritization of projects.
• Improved support for project management offices.
• Enhanced project definition, planning, and reporting.
• Virtual project assistants and more efficient project teams.
• Advanced project management solutions.

Applying AI and other technological innovations to project management could improve the success rate of projects by around 25%. Although this seems like a modest improvement, it could equate to trillions of dollars of value to organizations and the economy as a whole.

AI and Automation Trends in Project Management

Artificial intelligence and automation are increasingly transforming project management processes. By 2026, 77% of project management offices (PMOs) plan to adopt AI tools to assist in project planning, resource allocation, and data analysis. AI's impact on project management includes:

• Automating routine tasks like scheduling and status updates, freeing up project managers to focus on strategic activities.
• Predictive analytics that provide insights into potential risks and resource needs.
• Enhanced decision-making through real-time data analysis, leading to faster and more effective project adjustments.

AI-powered project assistants are also becoming common, with 25% of project managers now using virtual assistants to automate repetitive tasks. The use of AI is expected to increase project success rates and reduce project times by up to 15%.

Wrapping Up

In 2024, the project management industry continues to evolve, driven by trends in digital transformation, hybrid methodologies, and AI-powered solutions. Organizations worldwide are increasingly recognizing the strategic value of project management, not only for meeting objectives but also for enhancing adaptability in a fast-changing business environment.

From the critical role of risk management and cybersecurity to the emerging demand for soft skills, it’s clear that project management success relies on a blend of technical expertise, strategic alignment, and interpersonal prowess. With 92% of high-performing organizations leveraging project management as a key driver of growth, companies that invest in the latest tools, trends, and training are better positioned to achieve lasting success.

As project management continues to expand in scope, from DEI and ESG considerations to managing global, remote teams, it is essential to keep refining methodologies, embracing innovation, and focusing on stakeholder satisfaction.

For organizations committed to continuous improvement, the future of project management holds promise—not just for the successful delivery of projects, but for the realization of broader organizational goals and sustainable growth.

FAQs

[Q1]What is the project success rate in [cur_year]?[/Q1]
[A1]The project success rate in [cur_year] is around 35%.[/A1]
[Q2]What is the project failure rate in [cur_year]? [/Q2]
[A2] The project failure rate in [cur_year] is around 65%.[/A2]
[Q3]How do you know if a project has been successful? [/Q3]
[A3]A project is considered successful if it is completed on time, within budget, and meets certain goals and standards.[/A3]

References

• BLS
• HBR
• McKinsey
• Gartner
• CB Insights
• Purdue
• Deloitte
• Green Project Management
• PM Solutions

The post Project Management Statistics: 45 Stats You Can’t Ignore in 2025 appeared first on Business2Community.

By 2022, this figure had reached $5.7 trillion, with growth in 2026 estimated to pass $8.1 trillion.

The plague of rising return rates in the ecommerce space is even prompting major retailers to introduce additional returns fees, which often end up being a double-edged sword.

Understanding and managing returns is key for small online businesses that want to succeed in this space.

That’s why we’ve combed through a myriad of reports, studies, and articles to curate key statistics and offer actionable tips to help you manage your ecommerce return rates.

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[su_note note_color="#f7f7f7" radius="3" border_color="#FFFFFF"]

Ecommerce Return Rate Highlights

• One in four Americans returned clothes they'd bought online in 2023.
• 16.5% of all online orders in the US were returned in 2022.
• 10% of online returned orders in 2022 may have been fraudulent, resulting in $22.8 billion lost in return fraud.
• In 2022, 87% of online shoppers in the US said free returns are "important" when shopping online.
• In 2022, half of shoppers in the US abandoned their online purchases because there was no convenient return method offered.

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Ecommerce Return Rates Statistics

High return rates are part and parcel of running an ecommerce business. In 2022, approximately 30% of ecommerce orders in the UK were returned compared to about 8% that originated in brick-and-mortar stores.

In the US, however, approximately 16.5% of online orders were returned in 2022 according to a report by the National Retail Federation. In-store returns attracted the same rate of return.

US returns in 2022 accounted for $212 billion of merchandise. Approximately 10% of online returns in 2022 may have been fraudulent, resulting in as much as $22.8 billion lost to online return fraud.

Return fraud can take many forms, including returning stolen merchandise and wardrobing, which is when non-defective clothes or shoes are returned after the customer has used them. This could include "buying" a fancy dress, wearing it to a party without removing the tags, and then returning it, for instance.

On a global scale, online shoppers have no problem returning purchases they no longer want or do not like.

In 2022, 73% of online buyers in India sent back a product they ordered online. In China, 66% of online shoppers returned an item, while in the US, 49% of customers returned a purchase made online. This shows that shoppers in some of the largest economies expect a simple return process.

One tech giant in particular is largely responsible for this expectation.

Amazon: The Ecommerce Monolith and its Response to Returns

In 2023, Amazon was the leading ecommerce company worldwide with a market cap of $1.3 trillion at the time of writing. The nearest global rival, Alibaba, was a distant second with a market capitalization of $213 billion.

While Amazon doesn’t publish its overall returns numbers, the National Retail Federation estimates the average rate of return for online purchases was 21% in 2021.

In the same year, Amazon spent $152 billion on logistics, which was about a third of their total sales. Some of this money went toward their returns process.

Although Amazon has a generous returns policy, they introduced a new feature in 2023 to assist customers and aim to reduce returns.

The new feature warns customers when a particular item is "frequently returned", prompting them to check the customer reviews and description before making a purchase.

As businesses within the ecommerce industry look for ways to optimize returns, it's key to remember that an average ecommerce return rate means very little when you're a niche online retailer focusing on a particular segment. Your ecommerce return rate statistics will look very different depending on whether you sell clothes or garden tools, for example.

Clothing Return Rates

Clothing is by far the most returned category when it comes to online shopping. In 2023, 26% of US online shoppers said they returned clothing they'd bought online in the last 12 months.

Part of this comes with the territory. When people shop online, they can't try on multiple sizes to see which one fits them best. Online shoppers typically tackle this conundrum in one of two ways; they order an item and send it back if it doesn't fit, or they order multiple sizes of the same item to try on at home.

In 2022, 75% of online shoppers in the US sent back an item because it didn't fit. A further 14% sent back items because they'd ordered multiple versions in the first place.

Amazon offers a try-before-you-buy service, having recognized this pattern. Customers can order a few different items to try on at home. On receiving the order, they have 7 days to select the items they want to keep, checkout, and pay for them. The rest of the items are returned.

Bags, Accessories, and Shoe Return Rates

Other fashion sectors are also affected by ecommerce returns.

In 2023, 18% of online buyers in the US said they returned bags, accessories, or shoes they'd purchased in the last 12 months. This accounts for the second largest category after clothes.

Food and Beverages Return Rates

In the US, 153 million online shoppers bought their groceries online in 2022. This number is expected to grow to 163 million by 2024. This accounts for about half the population of the country as a whole, representing a significant market.

In 2023, 12% of online shoppers in the US said they had returned food and beverages. In 2022, 8 out of 10 online shoppers who returned an order did so because the item was damaged or defective, Potentially accounting for the high numbers in this category.

Toys Return Rates

In 2022, 41% of customers buying toys, games, and books said they typically shop for these items online. Only 21% of customers said they usually shopped in physical stores, and 38% said they shopped both online and in-person "equally".

In 2023, 9% of customers shopping online in the US said they have returned toys. This is, perhaps, unsurprising considering that in 2019, a study by personal finance website WalletHub found that more than a third of Americans return gifts they've received during the holiday season.

A fifth of the gifts returned over the holidays were toys.

Still, online retailers selling toys can take heart in the fact that the worldwide sales revenue from online sales of toys, hobbies, and DIY items is growing.

In 2022, the worldwide sales revenue for this segment was estimated at $703 billion, with a projected upward trajectory. By 2026, online retailers selling these items can expect the worldwide sales revenue for this segment to surpass $1 billion.

Furniture and Household Return Rates

Furniture is a valuable ecommerce segment which generated around $29 billion in sales in 2022. The global furniture ecommerce market is expected to reach $41 billion by 2030.

While in-store furniture and household shopping continues to be the preferred option around the world, about a fifth of global consumers said they bought home and garden products online on a monthly basis in 2023. In the US, the figure stood at 31%.

In 2023, 8% of customers shopping online in the US said they returned furniture and household goods. While this is a lower rate than other categories, furniture returns can be a logistical nightmare, since it's bulky, difficult to move, and difficult to store.

This is where augmented reality can play a role. One study found that customers using virtual reality to visualize products before purchasing them were less likely to return them.

Return Statistics in Other Segments

Online retailers selling clothes, bags, accessories, and shoes are the worst hit by far in terms of returns. They're closely followed by online shops selling food and beverages and consumer electronics, such as TVs and smartphones.

In 2023, 11% of consumers in the US returned electronics, while only around 6% returned DIY and garden products.

The table below shows an overview of the most returned online purchases in the US by category as of 2023.

Ecommerce Return Rates and Customer Satisfaction

A hassle-free return process often translates to customer loyalty.

Nowadays, customers expect to be able to return products easily. 86% of customers check retailers' return policies before making an online order.

In 2022, 78% of US shoppers said they would be less likely to buy again from an online store if they had a poor return experience. Another 87% of online shoppers in the US said free returns were "important" to them when they shopped online.

And half of shoppers in the US abandoned their online purchases altogether because there was no convenient return method on offer. Many customers don't necessarily want a refund from a return.

Nearly half of customers said they'd be happy to exchange an item rather than opt for a refund.

In 2022, approximately two-thirds of shoppers in the US said they'd be more likely to shop at an online store that offered:

• Immediate refunds
• Free returns
• No packaging requirements when returning

In fact, the number one preferred method for online returns in 2022 was in-person and box-free drop-off at a third-party location. 30% of those surveyed preferred this method. Further, 24% of those surveyed said they wanted a box-free return to a brick-and-mortar store.

Surprisingly, packing up items and scheduling a home pick-up was only third on the list of preferred methods when it came to returns. Only 18% of respondents said this was their preferred method. The typical online shopper seems to prefer visiting a physical store when it comes to returns.

The pie chart below shows how customers feel about different return methods.

How to Reduce Your Ecommerce Return Rate

Ensuring you have a simple returns policy is a great way to encourage return customers and maximize your customer lifetime value. But nobody likes to deal with returns; your customers don't want the hassle, and you don't want the hit to your profits.

Here are some ways to reduce your ecommerce return rate.

1. Create Detailed Product Descriptions

Ensure that your descriptions are as accurate and detailed as possible.

Include measurements, materials, and any other relevant information. There's no need to oversell the item. Detailed and accurate product descriptions will help customers understand exactly what they're buying and reduce the chance of dissatisfaction.

2. Take High-Quality Product Images

Use high-quality images and videos to showcase your products. If you have the means, implement an augmented reality feature allowing your customers to "try" on your products at home before they've even ordered them.

3. Create Size Guides for Clothes and Shoes

If you're selling clothes and shoes, make sure you provide a detailed size guide. One of the most common reasons why customers return products is because they don't fit in the first place. Make your job easy by providing accurate size guides so they can pick the right size from the get-go.

4. Have a Clear Return Policy

Make sure your return policy is clear and easily accessible. This can help manage customers' expectations and reduce the likelihood of unnecessary returns.

Within your policy, make sure you protect yourself against ecommerce return fraud as best as you can. You could:

• Offer store credit instead of a refund
• Require a receipt or proof of purchase before offering a refund
• Charge for returns to discourage "wardrobing"

5. Showcase Reviews

You're not always going to get glowing reviews.

Showcase the good and the bad to help people make an informed choice. Certain negative reviews may discourage buyers, but it's best to discourage them before they've made the purchase rather than deal with a return after they've received it.

6. Implement Quality Control and Good Quality Packaging

The vast majority of returns happen because the product is damaged in some way. If you have a comprehensive quality control process in place, this can significantly reduce returns for this reason.

Spending a few extra cents on high quality packaging is also key. This can prevent damage and, therefore, returns.

7. Send an Order Confirmation

Send an order confirmation email that includes details of the purchased products. This keeps customers informed of their order details while also giving them a chance to double-check what they've bought before it's shipped.

8. Ask for Feedback

Always ask for feedback when a customer makes a return. This can provide valuable insights into why returns are happening and how you can prevent them in the future.

How to Calculate an Ecommerce Return Rate

Calculating your ecommerce return rate is crucial as it gives you insights into customer satisfaction, product quality, and the overall performance of your business.

To work out your return rate, you need to divide the number of items returned by the total number of sold items and then multiply that number by 100.

The formula looks as follows:

Return Rate = (Number of Returned Items / Total Number of Sold Items) x 100

This rate can be calculated over any given period – weekly, monthly, quarterly, or yearly – depending on what suits your business needs.

How to Monitor Your Returned Items

Getting that "number of returned items" figure is key to working out your return rate. You have a couple of options depending on where you're hosting your shop.

Some platforms offer free reports that calculate your return rate for you, while others might require a little more leg work.

If you have a Shopify store, you'll be able to view your return rate via the Analytics page. This is housed within the "Product orders and returns" report. You can view your return rate over a specified period.

Amazon allows you to generate reports showing your customer returns as well. And if you're on WordPress, you may find yourself using WooCommerce to create your e-commerce business. WooCommerce has several reports available too. If you access the "Sales" reports, you'll be able to see any refunds issued over a certain period of time.

Why You Should Monitor Your Rate of Return

Monitoring your return rate can help you identify trends and patterns so you can adjust your strategy accordingly. For instance, if returns jump after the holiday season, you'll be able to mitigate or at least plan for the potential profit hit before it happens.

Likewise, working out what products have a high return rate can help you zero in on issues with product quality, or perhaps the way the product is described and presented. This is where customer feedback is important and both qualitative and quantitative data play a role.

A successful ecommerce business means running a tight ship when it comes to returns. Monitoring your returns means you can stay on target or follow best practices to improve your rate of return.

How do Ecommerce Returns Work?

Ecommerce returns involve a process called “reverse logistics” where goods move from the customer back to the business. Here’s a quick overview of what a simplified e-commerce return process might look like.

The Customer Initiates the Return

The customer decides they want to return the item.

This could be due to various reasons; the product might be defective, the wrong size, or the customer might have simply changed their mind. The return process begins on the business website or online shopfront where the customer requests a return in line with the published returns policy.

The Business Verifies the Request

It’s then up to your business to verify the request. This usually means checking whether the item comes with a receipt or proof of purchase, as well as whether the return is within the specified return period (usually between 14 days and three months).

The Customer Returns the Product

If the request is approved, the customer sends the product back. Your business might provide free return shipping with a shipping label which the customer then attaches to the package containing the returned product.

The customer may need to arrange a collection or drop the package off at an agreed-upon location. If your business has physical premises, the customer might be able to drop the package off in-store.

The Product is Received and Inspected

Once your business receives the product, it should be inspected for damage.

If the product meets the returns criteria, then a refund or exchange is initiated. The refund could be a direct refund to the original payment method or given as store credit.

The Returned Product is Either Restocked or Disposed Of

Depending on the reason for return and the condition of the product, the returned item can either be restocked for resale or disposed of if it's damaged. Some retailers opt to throw the product away even if it isn't damaged because it costs them less time and resources than reselling would.

This less-than-environmentally-friendly option resulted in 9.5 billion pounds of returned goods ending up in landfills in 2022. That's enough to fill 10,500 fully loaded Boeing 747s, according to reverse logistics company Optoro.

FAQs

[Q1]What is the return rate on Amazon?[/Q1]
[A1]Amazon doesn't publicize its return rate statistics. However, third-party sellers on Amazon claim that a 10% return rate is considered "normal" across the board. The number is likely to be higher in the clothing category and lower in categories like books.[/A1]

[Q1]What are the most returned items online?[/Q1]
[A1]In 2023, the most returned items online were clothes, bags, accessories, and shoes. Approximately 26% of customers in the US admitted to returning clothes in 2023, and 18% said they returned shoes.[/A1]

[Q1]What are ecommerce returns? [/Q1]
[A1]Ecommerce returns happen when customers send back a product they’ve purchased online. Returns happen for various reasons; most commonly, an item is returned when it is defective. In the case of clothing and shoes, the product simply might not fit. The return process generally involves the customer initiating a return request, shipping the product back, and then receiving a refund or exchange from the business.[/A1]

References

• The Independent
• Whistl
• CNBC
• USA Today
• National Retail Federation
• Shopify
• WooCommerce
• Shopify

The post Ecommerce Return Rates: Statistics and Tips to Improve Yours appeared first on Business2Community.

A successful employee advocacy program can be a great way to spread the word about your business, attract new leads, and even attract new talent if you're recruiting. Research by LinkedIn suggests that, when combined, employees' social networks are, on average, at least ten times larger than their company's own follower base.

There are lots of employee advocacy statistics out there. Here at Business2Community, we've compiled the most pertinent data to help you decide whether this strategy is right for your company.

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Employee Advocacy Statistics Highlights

• As of 2023, 68% of social media marketers said their company had an advocacy program in place.
• In 2022, 61% of employees shared company content because they were offered a financial incentive.
• Not all word-of-mouth marketing was created equal; influencer marketing was the least trusted form of advertising in the UK in 2022.
• 65% of companies with an employee advocacy program reported increased brand recognition in 2020.
• 72% of engaged employees said they would post company content if it was pre-written for them.

What is Employee Advocacy?

In 2019, approximately 98% of workers were on social media. And half of them were already posting about their employer. Also, more than half of social media users spent over an hour a day on their social media site of choice, noted a 2022 Sprout Social survey.

So when it comes to employee advocacy programs, the "raw materials" are already present, even if there isn't a formal program in place.

Companies that don't have any kind of employee advocacy program in place are already behind. As of 2023, 68% of marketers said their company had an advocacy program in place. Some were informal in nature, but others involved dedicated social media marketers and sophisticated tools to measure success.

Also, in 2021, 90% of brands said they are either actively pursuing or planning to start some form of employee advocacy program. Things are moving fast.

And it's not hard to see why.

In 2018, brand messages shared by employees rather than brand channels saw a 561% uptick in reach. Employee social marketing is a way to humanize your brand and benefit from word-of-mouth marketing.

In 2021, 92% of people were more likely to trust recommendations from people they know than ads.

People buy from people.

In 2020, 79.1% of companies with an employee advocacy program reported increased visibility, while 65% reported increased brand recognition. Other benefits of employee advocacy, as reported by companies who have a program in place, include:

• Improved search engine rankings
• Decreased marketing costs
• Increased conversion rates

Peer-to-peer marketing is undoubtedly powerful.

On LinkedIn, the clickthrough rate on the same piece of content is two times higher when it's shared by an employee versus by the company itself. People are three times more likely to trust company news shared by a staff member versus updates shared by the CEO on social media.

A Deloitte report found that customers referred by other customers had a 37% retention rate. And 1 in 3 people checked out a brand as a result of a recommendation.

But that's not all; leads developed through employee advocacy converted seven times more often than leads developed through other means.

Engaging 1,000 employees in an employee advocacy program can generate approximately $1,900,000 in advertising value. Given the high stakes, implementing a successful employee advocacy program is key to growth.

What Does a Successful Employee Advocacy Program Look Like?

Offer Social Media Training

Employees are sharing content about the company on social media with or without an employee advocacy program in place.

Yet, a 2020 Hinge Research Institute report found that 72% of employees hadn't received any social media training from their company.

This could backfire. Employees could share the wrong company content, or they may choose not to share anything at all due to a lack of confidence. The right training is all about empowering employees.

According to the research by Hinge, employees feel that specific training will be of particular help. For instance, in 2020, 53.6% of respondents said they wanted to learn how to use social media to create engagement.

There were other topics of interest too. For example:

• 47.8% of respondents wanted training for specific social media platforms (i.e. LinkedIn, Twitter)
• 40.7% wanted help generating and building leads on social media
• 36.7% wanted to learn about brand advocacy strategies on social media
• 34% wanted to learn more about targeting specific audiences or buyer personas

Only 1.5% of those surveyed said they didn't need any training whatsoever.

To take an example, software company Gainsight developed an advocacy program where employees were encouraged to share thought leadership content.

Once this was formalized and tracked, the company's potential reach increased by 1.3 million audience members.

Helping employees develop their own personal brand and post thought leadership content is one strategy. But there are other options available.

Write Content for Your Team

In 2023, a Sprout Social report found that 62% of all employees would publish employee advocacy posts if they were written for them. And the number was even higher for engaged users who frequented social media.

Among them, 72% said they would post pre-written content. The takeaway is clear; pre-written content creates socially engaged employees.

This worked at Boston Consulting Group (BCG). The company realized it needed to make it as easy as possible to share the organization's thought leadership. The content was centralized and it started to pay off quickly.

Now, BCG employees were sharing company content nine times more often than they did before, which helped develop their personal brands while helping BCG meet its own goals.

But it's not just about making it as easy as possible to share brand content.

Create Shareable Content

Staff members are also more likely to engage with and share certain types of social content on their personal social channels. Nearly half of engaged users said they'd share educational content, and over half said they would share employee updates.

Brand content, trending topic commentary, and giveaways were among the most popular types of content that socially engaged employees shared.

Implementing a Formal Employee Advocacy Program

Employee advocacy programs can be formal or informal in nature. Formal advocacy programs will typically have a defined strategy and measurable targets that encourage employees to get involved.

Informal advocacy programs emerge when employee engagement is high and employees are already enthusiastic advocates of the company.

Companies with spontaneous, informal advocacy programs should give themselves a pat on the back. It's not always easy to inspire this kind of enthusiasm.

A 2022 Gallup poll found that 65% of the US workforce is not engaged.

Employees within this group neither like nor dislike their job, and, as such, have little incentive to engage in effective employee advocacy or the company's social selling efforts.

So companies with volunteer brand advocates are likely in the minority. But still, formalizing employee advocacy efforts helps.

In 2015, high-growth firms, defined as those that had a revenue growth greater than 20%, were more than twice as likely to have a formal employee advocacy program in place.

Approximately 27.1% of high-growth firms claimed their formal employee advocacy programs shortened their sales cycles, and a further 64% of firms said the programs helped them attract and develop new business.

So how do companies get their employees to create and share content?

According to Sprout Social, 61% of employees shared content because their company provided a financial incentive.

Some other reasons included:

• Being happy with their job (59%)
• Being encouraged to share by the company (56%)
• Being proud of the content they shared (52%)
• Building their personal brands (38%)

While money is a significant incentive when it comes to employees participating in developing the employer brand, cultivating a positive company culture and creating happy employees could be an effective strategy, too.

Companies also need to be careful when they adopt word-of-mouth tactics such as employee advocacy.

While employee advocacy can be a successful way to share news, influencer advertising was the least trusted form of advertising in the UK in 2022.

Only 16% of people trusted influencers, while 34% trusted TV ads and 23% trusted online ads.

Still, more than 85% of social media users said they felt consumer recommendations were the best form of advertising. So authenticity wins.

Where to Implement Your Employee Advocacy Program

Perhaps unsurprisingly, social media platform LinkedIn is among the most successful employee advocacy platforms for B2B companies right now.

In fact, 40% of B2B marketers said LinkedIn was the most effective social media channel for generating high-quality leads.

Here at Business2Community, we have an in-depth article about the latest LinkedIn statistics to help you navigate this platform.

Employee Advocacy Platforms for More Online Visibility

There are several employee advocacy platforms that companies can use to help boost their employee advocacy efforts on social media. Some of these platforms and tools include:

• EveryoneSocial, which focuses solely on employee advocacy and comes with a freemium model.
• Hootsuite Amplify, which is designed to help employees share the company's marketing material on social media.
• Sprout Social's Employee Advocacy platform is a solution that helps companies turn employees into thought leaders.
• LinkedIn's My Company tab which has employee advocacy stats and analytics, as well as ways to share posts with the wider community.

The right employee advocacy tool can help boost employee engagement and drive results. In fact, if you're using employee advocacy for a recruitment campaign, take note.

Employee Advocacy Programs for Social Recruiting

Engaged employees are linked to achieving seven times more job views and four times more job applications on LinkedIn, according to the platform's own internal data.

Social recruiting, where recruiters use social media to attract talent, is growing. And employee advocates can play a key role in employer branding.

Careerarc, an automated social recruiting platform, posted several recruitment campaign-driven examples of employee advocacy.

Employees create content that highlights the benefits of working for a company and links job openings. This, in turn, creates a strong employer brand. Here, employee advocacy helps attract top talent. Job seekers are reassured by the personal thoughts of employees within seemingly highly engaged teams.

FAQ

[Q1]How effective is employee advocacy? [/Q1]
[A1]Employee advocacy can be an exceptionally effective marketing tool. Companies with an employee advocacy program said it boosted their brand recognition, decreased marketing costs, and helped boost their search rankings.[/A1]
[Q2]How do you measure the success of an employee advocacy program? [/Q2]
[A2]Putting a formal employee advocacy program in place is key to measuring its success. Once you have goals to measure against, you can track metrics like employee adoption, increased visibility, lead generation, and conversion rates. Measuring the success of your employee advocacy program will depend on the goals you've put in place.[/A2]

The post 40+ Employee Advocacy Statistics to Help Build and Improve Your Program appeared first on Business2Community.