9 eCommerce trends in 2023
Without a doubt, competition in eCommerce has intensified in recent years. Many firms have taken advantage of the chance to increase their earnings by creating and constantly optimising their online stores.
The European eCommerce income in 2020 is expected to be 425 billion US dollars, and it does not end there. Revenue is expected to increase further, reaching 569 billion US dollars in 2025. If your company has not yet taken advantage of the possibility to start an online store, now is the time.
In this article, we will look at eCommerce trends that will be popular in 2023.
- Consumers’ eco-friendly shopping options
Consumers are beginning to place a much higher value on sustainability. Changes in your firm will not happen suddenly, and making success requires thoughtful planning. For example, switching to zero-waste packaging may necessitate the termination of present vendor contracts. You may have to experiment with new and unusual materials. Switching from petroleum-based to renewable energy sources may necessitate system upgrades. In a nutshell, look before you leap. Consumers and other industry players will undoubtedly respond to these changes, so use their feedback to enhance your processes and results.
- Omnichannel presence
The practise of multichannel purchasing is becoming more common than ever. While shopping in-store, 56% of individuals used their smartphones to look up products or conduct product research. Buyers want to be able to conduct research online even if they are already in the store inspecting a product.
In omnichannel retail, a consistent user experience must be established across all consumer touchpoints. Phone conversations, online visits, smartphone purchases, and in-store encounters are examples of touchpoints. A consumer may come into contact with your brand via any or all of these channels before making a purchase, and their experience should be constant.
- Voice-enabled shopping experiences
As according online data released by Insider Intelligence, more than a third of Americans possessed a smart speaker at the start of 2022. As according Statista, this accounts for 60% of US households and is anticipated to rise to 75% by 2025. As a result, according to data from The Future of Commerce and Customer Engagement, a rising number of individuals will use voice search for online buying, with voice commerce revenues estimated to top $30 billion by 2024.
This will have an effect on the contents and keywords used by eCommerce stores. Use lengthy, conversational keywords, question-type keywords, and natural language to improve your site for voice search.
In terms of content, solution-focused content will be in higher demand. The majority of the time, we use voice search to rapidly find an answer to a query. As a result, the most effective content will answer queries about your items that your customers may ask using voice search.
- Artificial Intelligence (AI)
AI has a tremendous impact on the ability of eCommerce businesses to provide better customer experiences and develop innovative solutions. AI technologies have the ability to significantly improve the targeting and efficiency of eCommerce organisations’ daily operations.
According to a HubSpot poll, many AI solutions are now so accessible and simple that 63% of people are unaware that they engage with them. This demonstrates that you may apply AI for your eCommerce site in an indirect or even covert manner.
By collecting consumer data, AI can help provide content and recommendations that are customized to a single client. When information is legally available, it can estimate buying behaviour depending on a user’s internet surfing and search history in order to better marketing efforts and personalise consumer experiences. eCommerce companies can profit from impulsive buying by delivering personalised product recommendations. Your eCommerce shop can effectively cross-sell or upsell products by recommending different products to clients at the checkout based on their chosen brands and categories.
- Interactive shopping and live selling
Retailers showcase their items through livestreams (typically on a social media platform) and let customers to ask questions, get responses, and purchase items in real-time.
The interactivity of live marketing is its key selling point. It’s an opportunity for marketers to get creative by how they display their items, engage people, and complete purchases.
Live selling is especially popular with fashion and clothing firms. Yet, it is also growing popular in the selling of cosmetic products, technology, and foodstuff.
- Shoppable video advertisements
Videos are an excellent method to promote your products or services, but the medium can be restrictive at times. Without a clear call to action (CTA) or indication of where to discover the items being shown, potential customers may become quickly lost.
Action buttons and calls-to-action are included in shoppable ad campaigns. These buttons can be linked to your online store, product page, or landing page. The ability to add items to a shopping basket is also included on some buttons, greatly accelerating the checkout process.
According to the Interactive Advertising Bureau, 40% of marketers now employ shoppable videos, a constant growth from previous years. This is hardly surprising considering the potential for reducing customer journeys and increasing conversion rates.
- Payment Options
As previously stated, having a smooth checkout process can help your eCommerce business increase revenues. But what we mean is not only decreasing the number of steps to checkout, but also providing a varied range of payment options. Did you know that one of the leading causes of shopping cart abandonment is a difficult checkout or payment process? If a buyer finds it difficult to complete their digital buy, they will abandon the cart and hunt for an eCommerce company that makes purchasing simple.
In 2021, digital wallets will account for nearly 50% of all eCommerce payment transactions worldwide. Making the mobile currency the most extensively utilised form of online payment in the world. This percentage is expected to climb by more than 50% by 2025.
However, a digital wallet is not the sole payment option. There are numerous payment methods available in Europe. Users’ payment methods of choice may differ from country to country.
- TikTok brand promotion
TikTok is a social platform where users may make and share short-form films. Other users can interact with that content by liking, commenting, and sharing it. TikTok has the fastest growth rate of any social media network. With over 656 million downloads, it was the most downloaded app in the world in 2021. TikTok was also the first app since Facebook to achieve three billion downloads in the same year. It’s ideal for social commerce and brand marketing efforts, and ecommerce companies are taking notice.
Companies can use the TikTok for the Business hub to build and launch ad campaigns on the app. These ads can be customised to link to your items, ecommerce site, or social network pages. Many influencers’ careers have been established by TikTok, which has thousands—and often millions—of followers. You can find influencers who operate in your desired niche and can market your items or services to their audience. Creating a branded TikTok account and producing videos will help you grow your audience and get followers. Watch for TikTok trends and think about making your own.
You’re probably astonished that we’re talking about cookies as a trend. Third-party cookies, to be precise. Third-party cookies, as you may be aware, are small pieces of data that a web browser collects for future advertisement purposes on the user’s computer or other devices while they are accessing a website.
We believe it is crucial to highlight this because Google is currently concentrating on removing third-party cookies from Google Chrome. And, given that Chrome is used by more than 65% of the world’s population, it is essential that your eCommerce firm pay attention to this.
Because of the difficulties in finding GDPR-compliant alternatives & assuring that advertisers maintain their investment in the open internet, the phase-out of third-party cookies has been delayed until 2023.
Cookies from third parties – They are set by the website that the user is presently visiting. They allow for the customisation of that website’s content while still adhering to data privacy standards since they are stored locally and are not shared with third parties.
Trends change all the time, and the digital world is no exception. If you wish to improve your eCommerce business strategy and boost sales, you must adhere to one or more of the trends listed above.
Remember to focus on creating a customer-centric experience when developing your 2023 eCommerce strategy. After all, if you have the resources to improve your customers’ online purchasing experience, why not use them? This will make your eCommerce firm stand out from the crowd.