2023 Ecommerce Trends
Ecommerce Sales reached 67.17 billion in 2022 and are expected to reach 63.10 Billion in 2023. So let's take a look at some of the trends that will be shaping the ecommerce marketplace in 2023.
1. Omnichannel Will Continue To Rise
After two years of customers primarily shopping online, people are now ready to return to the in-store experience. But that means your customers' expectations are high on what their experience looks like. For example, did you know that "around 80% of shoppers in physical stores browse online channels before or during a purchase decision. Now that is true omnichannel presence at its finest.
Due to the rise in interest to get back into the store, you must create a consistent customer experience across all touchpoints, whether a phone call, online visit, mobile purchase, or in-store visit. The customer will interact with your brand on multiple channels before purchasing, and there must be consistency. "Nearly 75% of buyers use multiple channels before purchasing, and 73% of ecommerce consumers report using various channels during their customer journey.". As a brand, by having both a digital and physical location, you need to be working to eliminate any potential friction that could come up between the two
2. Mobile Commerce Continues to Grow
Mobile commerce continues to be on the rise, but it could be a huge driver of sales in 2023. There are "6.92 billion smartphone users in the world today, meaning that 86.41% of the world's population owns a smartphone.". That means not having a website that's mobile friendly is not just an option, but it's expected. According to Statista, "Mobile devices account for 71% of retail traffic and generate 61% of online shopping orders." So, are you listening now? That is a huge market of people you are losing business with by not having a mobile mentality.
Consumers are going to continue choosing mobile commerce again and again. So, if you want to stay in the game, you need to take it all into account and use it to your advantage. It's also about more than just making your website mobile friendly anymore (but that is a great place to start.) You need a mobile-first experience, offer phone-friendly payment options, and a checkout process that is a breeze for your customers.
3. Social Commerce To Play a Big Role
You probably heard that the “Future of Selling is Social” is starting to come to life. More and more brands are now using social commerce to meet and sell to customers where they are at. “Global Sales via social media platforms were estimated at 992 billion U.S. dollars in 2022, and forecasts suggest that social commerce sales will reach around 2.9 trillion dollars by 2026.”. Customers go directly to social media platforms to find and purchase their favorite goods in one place. They are not only just buying on social media, but they are looking into their feeds for shopping suggestions. If you don't have a social media presence, please get on there.
4. Artificial Intelligence Becomes Pivotal Role In Ecommerce
The AI empowerment trend has been bubbling up for a while, and many brands use AI in their business. It is expected to see a massive jump in 2023. Suppose you want to avoid being left in the dust; to prevent this, you need to jump on the bandwagon. Artificial intelligence benefits your business and will help you personalize your customer's shopping experience in real-time. On the business side of things, it can help you with daily operations and make what you do more targeted and efficient.
For example, we have seen much about ChatGPT(more to come on this.) ChatGPT can be a virtual assistant and has many other potential advantages. However, people are most likely unaware of how AI technology can truly enhance their experience, so make sure that it is an accessible option if you apply it to your business strategies.
5. Live Shopping Becomes More Prevalent
Live shopping has not been discussed much, but it is predicted that "the global live streaming market will reach 4.29 billion by 2028." If you don't know what it is, it is when retailers present their products for sale through a live stream that is often on social media. It truly allows shoppers to ask questions, get a response and make a purchase all in real-time.
It has most commonly been seen on Tik Tok but is just one of the social platforms introducing live shopping. As an ecommerce business, this gives you the opportunity to boost engagement numbers, accelerate those purchase decisions and enhance the product experience, which will reflect on your revenue figures and conversion rates. Live shopping/commerce "could account for as much as 20% of all ecommerce by 2026."
6. Flexible Payment Methods
When you think about payment methods, it's about more than just enhancing the checkout experience; one of the biggest reasons for the abandonment cart is the difficulty in payments or the checkout process. In 2023, payment options will either be a game-changer or a game-killer to ecommerce. Digital wallets are becoming even more favorable. Approximately "50% of all ecommerce payments occurred through digital payments," according to Statista.
Remember that digital payments are not the only thing that makes up a diverse payment portfolio; it truly depends on the country you are selling in, so make sure to consider that. You will still see the use of cards, but there is also buy now, pay later, vouchers, and online banking. To put things into perspective, "PayPal is the top online payment gateway, with 60% of the market share.". Your checkout and payment options should not be holding your customers back from purchasing, so ensure you are staying on top of simplicity when it comes to how your customer will give you their money.
7. Sustainability Is At The Forefront
Newer Generations of consumers are favoring ecommerce businesses and brands committed to sustainable and ethical practices. So, it should not be surprising that this is a growing trend. Consumers are now willing to change their purchasing behavior and spend more money if they can reduce their impact on the environment.
Not only does adopting sustainable practices for your ecommerce business make your company stand out, but it's also going to satisfy your customer's expectations that, in return, can build trust and an everlasting customer base. It can also improve your company's bottom line by making operations more efficient and reducing waste. Overall, you want to invest in this now to create a more significant impact in the future.
In conclusion, there are many effective ways to get ahead of the trends and set yourself up for success in 2023. Though there will be roadblocks in 2023, the trends we are seeing now are here to stay and will only continue to get more advanced. Therefore, if you are involved in ecommerce, you must take advantage of the opportunities right in front of you.
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