As the online shopping market continues to grow, technology continues to develop and consumer preferences shift, ecommerce companies need to adapt and innovate to stay ahead of the curve and capitalize on the growth. By always staying on top of the ongoing trends and keeping an eye on ever-changing customer expectations, companies can position themselves for success in the rapidly-changing ecommerce world.
In this article, we’ve outlined the top four trends that will shape the ecommerce industry in 2023.
List of Ecommerce Trends in 2023
1. Expanding omnichannel capabilities
Today, just having a website is not enough. Ecommerce store owners need to make their products accessible across various selling platforms. People are channel surfing more than ever, often discovering and becoming familiar with the brand on social media before browsing through the website. Plus, people have become highly price conscious. They compare the price of the chosen product across various websites before finally buying it.
Therefore, as a part of your omnichannel approach, make a list of all the platforms and channels available to you and optimize every avenue while focusing efforts on the types of apps that are in line with your social media accounts, website and, if applicable, your bricks and mortar store.
2. Inflation
More than a trend, this is a necessity that needs to be taken into account. Due to the economic downturn, customers have become savvier than ever before. They consider their purchases carefully and choose the e-tailer that has the most budget-conscious options. Options like free returns and free delivery are two of the many attractive options.
A good middle ground for reducing overheads and delivery charges for your customers is choosing a BOPIS option. With this, users can buy online and pick up in the store (BOPIS). Offering various payment options like EMI and buy now pay later arrangements can also help relieve any buying-related anxiety.
3. The rise of social commerce
Social media platforms are increasingly becoming a crucial part of the ecommerce landscape as consumers use them for research, discovery and even purchasing. As an ecommerce website owner, you’ll have to essentially incorporate social media in your ecommerce strategies to reach and engage with the audience.
According to The Future of Commerce, global sales through social media platforms were estimated at 992 billion U.S. dollars in the year 2022, and the forecasts have suggested that social commerce sales will reach approximately 2.9 trillion U.S. dollars by the year 2026.
Social commerce is becoming even more critical for brands that want to reach out to their target audience and engage with them and is expected to generate sales worth 30.73 billion U.S. dollars in 2023, accounting for 20% of the global retail ecommerce sales.
It also reports that Gen Z customers are using TikTok even more than Google to find product recommendations. So, for the brands that want to target Gen Z, using TikTok can prove to be worthwhile.
You can also leverage the benefits of social commerce by incorporating an influencer marketing strategy. Working with influencers helps businesses build brand trust, enhance brand awareness and boost conversion rates. As their followers have built trust in them over time, their recommendations seem credible and authentic to the audience, encouraging them to buy and try the product, thus, boosting conversion rates.
Influencers also help connect your brand to millennials and Gen Z as they make for a large percentage of their followers.
4. Strategic sustainability will be prioritized
Modern customers, especially young shoppers are becoming more environmentally informed and aware than ever before and prioritize spending their money with truly sustainable brands.
As sustainability is expected to play a crucial role in the market and more and more customers are embracing ecommerce, brands must make it a strategic priority. Meaning, offering things like more eco-friendly shipping options, carbon offsetting and sustainable packaging.
Even rental services and second-hand stores have gained wide popularity in recent years. Some retailers allow customers to recycle their old items in exchange for vouchers, and others are on the way to setting up marketplaces as an offshoot, where they plan to sell pre-loved and past-season stock.
Therefore, for businesses who want to stay competitive in 2023, developing a robust sustainability strategy is mission critical.
Lastly, as you build your ecommerce strategy for the year 2023, do remember that creating a customer-centric experience is an important and ongoing trend which isn’t expected to fade out at any point. Putting the user at your ecommerce efforts’ forefront is and will always be paramount to success.
Hope this article was helpful to you.
