Ecommerce Trends for 2023
The ecommerce industry is rapidly evolving, with new stores and business ideas popping up every day. Global e-commerce revenues reached $4,9 billion in 2021. This number is expected to increase by 50% over the next four years, reaching around $7,4 trillion by 2025. More than ever, owners are building and improving their ecommerce platforms, and the competition is heating up.
Contents
Ecommerce Trends for 2023
- mobile commerce
- Rise of the Marketplaces
- Customization
- Artificial intelligence
- Augmented Reality
- More ways to pay
- Sustainability and recommerce
- Omnichannel customer experience
- Social commerce
- live shopping
Top ecommerce trends for 2023
There are several ecommerce trends to pay attention to in the coming year. Here is a brief overview of the trends we should be paying attention to:
1. Mobile commerce
Allowing customers to buy through mobile devices is no longer an exception but a new norm. According to statistics, mobile accounts for 61% of retail traffic, with 70 million online users shopping through mobile devices. This figure will definitely increase, which is why we are convinced that mobile commerce will be one of the major e-commerce development trends that will shape the future.
The reason is simple and clear: mobile shopping is convenient. It allows customers to make purchases from anywhere, which is essential in today's world. Customers can simply research, compare products, and make payments on the go.
2. Rise of the "Marketplaces"
Marketplaces provide a simple paradigm for multiple vendors to collaborate on a single system to handle everything, making it easy to reach specific groups of people and address specific problems. This model will become more popular in the coming years. According to Forbes, market sales will exceed $3,5 trillion by 2024.
3. Personalization
Undoubtedly, personalization will play a major role in the development of personalized e-commerce in the near future. According to statistics, more than 60% of consumers are more likely to become repeat buyers if a company offers a personalized shopping experience. Consequently, we can expect an even more significant shift towards personalization, especially in relation to search experiences.
Site search personalization refers to tailoring search results for each individual customer based on their past behavior on your site, profile data, and many other aspects. Using search engines like Elasticsearch or Algolia, for example, you can make suggestions about what search results your customers expect to see as they type their search queries.
43% of customers use site search when making a purchase, so investing in this can be a crucial source of making information accessible across your site and retaining more customers.
4. Artificial intelligence (AI)
Most of the cutting-edge technologies, such as intelligent chatbots, personalized product recommendation engines and voice searches, use artificial intelligence (AI), and in the coming years they will become essential for the e-commerce sector. With 70% of online business owners believing that AI for eCommerce will help them personalize their online stores, there is no doubt that this technology will continue to grow.
Voice activated payments, virtual conversations and voice searches are the most common uses. In addition, artificial vision allows the detection and identification of faces. During a buying process, chatbots use deep learning algorithms and NLP (Natural Language Processing) to capture human speech and words from the other party.
5. Augmented Reality (AR)
Augmented reality (AR) is a true game changer in e-commerce. Statista estimates the augmented reality industry to be worth $30,7 billion, with more than 400,000 AR glasses sold by 2021.
This technology uses 3D mapping to allow customers to try things on or preview experiences before they buy. What challenges does AR commerce solve? It allows you to offer a more intuitive and engaging visual shopping experience that allows customers to interact with products in an immersive way. As a result, AR technology improves customers' ability to visualize products before purchasing and make more successful purchases.
That's why we expect many more companies to use AR for their products and services, especially in specific industries like fashion and home decor, because the customer can get a better idea of the item without seeing it in person.
6. More ways to pay
69,8% of shoppers abandon at some point between filling their cart and checking out. Let's face it, typing in a credit card number isn't the most user-friendly experience. That's why offering more methods for receive payments online may have more demand soon.
If customers can't pay how they want on an eCommerce website, there's a good chance they'll cancel a potential sale. Offering a range of payment options is a great approach to boosting conversion rates. Also, if customers can save their payment information on your website (and this process is protected), they will be able to pay faster the next time they make a purchase.
Consumers are rapidly adopting new payment methods, with 93% saying they would consider emerging payment methods such as biometrics, digital currencies and QR codes. Between the online payment gateways The most used are PayPal, Amazon Pay and Apple Pay.
Another growing payment method is cryptocurrency. While this is still a very new trend, it is difficult to predict what will happen next. However, several major players, including Microsoft, Starbucks, PayPal, and Tesla, are already accepting crypto as a payment method. Furthermore, 40% of consumers would like to use cryptocurrencies in the next year.
7. Sustainability and retrade
52% of consumers worldwide admitted that the pandemic has made them value sustainability issues more. Additionally, a survey found that nearly 80% of customers consider the sustainability of the retail product or brand when making purchases.
What exactly is retrade? Retrading (resale or reverse trading) is the buying and selling of things new or used, previously owned. Shoppers are increasingly looking for items and companies that match their environmentally conscious attitudes. Brands are already reacting to this. Zara, for example, wants all of its brands to use fully organic, sustainable or recycled materials in its clothing by 2025. Smaller B2C brands are following suit as well. Retailers are making a significant contribution by focusing on sustainability. At the same time, this allows them to make long-term connections with their consumers while also reaching new audiences.
8. Omnichannel customer experience
Many companies plan to prioritize omnichannel in the coming years. In fact, with customer acquisition costs (CAC) on the rise, this can be extremely advantageous. According to a recent study, 32% of brands want to expand their in-person interactions by 2022, for example by opening pop-up stores or putting items in point of sale.
Customers expect to be able to easily switch between platforms and devices when making a purchase. A recent study shows that 69% of shoppers said they expect a consistent experience across all channels. A personalized shopping experience is not based solely on one mode of communication. To successfully personalize, merchants need to focus on delivering a consistent experience across many platforms.
We are also seeing a significant increase in the showroom and web room. Showrooming takes place when a person visits a physical store to inspect things before buying online. Webrooming is the opposite, with customers browsing online before buying in store. With 54% of consumers participating in the showroom and 59% using the webroom, companies interested in experimenting with these should focus on creating a consistent experience across all channels.
9. Social Commerce
Buying and selling things or subscribing to services directly through social networks is known as social commerce. Unlike in the past when social media was used exclusively for marketing, several of these platforms now have built-in technology that allows people to buy things directly through their apps, for example Facebook and Instagram Shops.
In addition to allowing social networks to become a direct sales channel, social commerce involves advertising items on social networks increasing interaction. Additionally, consumers can now get information, advice or feedback on things right where they buy them.
The social commerce industry is expected to grow steadily by 22,8% during 2022-2028. According to a recent estimate from Accenture, social commerce will expand three times faster than traditional e-commerce solutions, far exceeding $492 billion in 2021 to $1,2 trillion in 2025.
Currently, Pinterest, Instagram and Facebook have their own tools to buy and sell things, and TikTok has introduced TikTok Shopping. With these rapid updates, more businesses will use social commerce to influence customers' purchasing decisions, giving them greater visibility and higher conversions.
10. Live Shopping
Many people have been forced to find new methods of making a living as a result of the pandemic. Successful business owners have recognized the benefits of using live video to sell items and engage with consumers.
According to McKinsey, live commerce sales could account for up to 20% of total e-commerce by 2026. While live streaming was once just a fun feature for social media users, it's now becoming one of the vital e-commerce solutions. We anticipate that live selling will become a prominent trend in the next decade for small businesses that are still looking for leads.
Technology and people are always moving forward, and because e-commerce connects them all, we must always look ahead. As you can see, the landscape is becoming more competitive. Customers are currently in charge and e-commerce companies are adapting to meet their needs.
Adaptability to changing market conditions is essential today. However, not all trends are worth following. Some trends may be helpful, while others may be irrelevant to your audience. Before making any decisions, it is important to assess the details of the project, analyze user feedback, and focus on future goals.
