Would you like to stay on top of the latest trends in order to stay competitive? It's hard to separate important information from useless stuff on the Internet. In order to assist you, we have compiled a list of the most important trends in e-commerce in 2023. You can achieve better results in your business by following and using these tools. Follow our blog and read other articles to receive regular updates regarding business and technology.
It is undeniable that the level of competition in e-commerce has increased dramatically over the past few years. It is no secret that many companies have taken advantage of the opportunity to increase their revenues by opening and continuously optimizing their online stores. By 2022, online retail sales reached $4.9 trillion worldwide. In the period between 2023 and 2027, online sales are expected to grow by $7.5 trillion. Now is the perfect time for your business to open an online store if you have not already done so. We can assist you in this regard. Get professional advice about your business by leaving your contact information.
As a result of reading this article, you will be better prepared to face the future of the e-commerce industry, you will be able to find new ways to increase efficiency and provide a higher level of customer service for your business.
The 8 most important e-commerce trends you need to be aware of in 2023
- Make mobile shopping an integral part of your services
There is a reason why mobile shopping is at the top of this list: 83,23% of the global population owns a smartphone, and mobile commerce has experienced an increase of 15,2% from 2020 to 2021. Without a mobile commerce app or a website that is not optimized for mobile viewing, you risk alienating your customer base and reducing customer satisfaction. Only happy customers make purchases and leave glowing reviews for the company.
- Invest in improving the performance of your applications
It is time to ensure that your web or mobile app is performing at its best. A fast eCommerce store has a high conversion rate. Across the industry, there is a growing push to provide high-performing platforms with perceived fast loading times. It is important for consumers to be able to shop quickly. Despite the cost of this e-commerce business strategy, it is worth every penny because it helps convert leads into sales.
- Think about selling items via voice shopping in the future
In the United States alone, Statista estimates that smart speaker sales will double between 2018 and 2021 from 47.3 million units to nearly 91 million. According to their projections, smart speakers will be shipped worldwide in excess of 200 million units by 2023. It is likely that many of your close friends and family members use Siri, or that the latest models of cars all offer voice search functionality. As a result, consumers are increasingly adopting this technology and integrating it into their daily lives, which includes shopping. You should jump on board as soon as possible if you wish to ensure that your customers enjoy this convenience of shopping.
- The use of chatbots can improve the user experience
In a store, consumers are usually greeted by a sales associate, who may even assist them with their shopping needs. Chatbots serve as your online sales assistant in an eCommerce store, fulfilling this customer service role. When a consumer cannot find the product they are looking for on your website, they will either contact your chatbot for assistance or search elsewhere. Consumers are more likely to complete their purchase on your website if there is a chatbot.
Regardless of the type of chatbot you select, you can expect faster response times and better chances of exceeding consumer expectations.
- Commerce via social media
Social media coverage is increasing every year. Currently, 59% of people around the world use social media platforms, and this number is expected to increase even more in the coming years. Several studies have predicted that social media platforms will generate €1 trillion in global sales by 2022, and that figure will increase to €2.9 trillion by 2026. It is important to note that Instagram, Facebook, TikTok, Pinterest, Snapchat, and now Twitter are the most popular social media platforms that offer social commerce. Your eCommerce business should take advantage of one of these social media platforms if it does not already do so for social commerce. Be sure to include them in your eCommerce strategy.
- Various methods of payment
One of the most common causes of shopping cart abandonment is a complicated checkout or payment process. Customers who need help to complete their digital purchase will abandon the cart and look for an eCommerce company that makes the purchase process as simple as possible. As of 2022, approximately 50% of all eCommerce payment transactions will be conducted using digital wallets. This has resulted in the digital wallet becoming the most widely used form of online payment in the world. This share is expected to increase by over 53% in 2023. As a result, your eCommerce business must consider which countries it is selling its products in to provide customers with convenient payment options.
- Google Local Inventory Ads (LIA)
The popularity of Google LIA has steadily increased over the past few years. Google launched this project in 2017 and it is now available in 20 countries, including the United States. How does Google LIA work? In Google search results, available products in nearby stores are highlighted when a user searches for the desired product. By doing so, the buyer has the opportunity to see the product in person before making a purchase, thereby preventing unnecessary purchases. According to Google, customers who can physically inspect the goods are more likely to make a purchase. Use this digital tool as soon as possible in your business.
- Use Augmented Reality And Virtual Reality To Personalise The Shopping Experience
In terms of online immersive shopping experiences, augmented reality (AR) and virtual reality (VR) have revolutionized the industry. In this new age of technology, consumers can try out products in the comfort of their homes and see if they are compatible with their surroundings. Digital business models can benefit from AR and VR in a variety of ways. As well as providing a more personalized shopping experience, it also increases the probability of converting leads into sales.
Summary
Setting up an online store (especially with the wide variety of e-commerce platforms available) is relatively easy, but growing your business from there is not as easy. It is essential to constantly adapt your strategies to meet changes in consumer behavior if you want your online business to be as successful. A strategy that worked last year or even last month is not a guarantee of success in the future.
Digital trends are constantly evolving, and the digital world is no exception. You should adapt to one or more of the above trends if you wish to improve your e-commerce business strategy and increase sales.
It is possible that some of these trends are only applicable to certain business models. You need to understand your business to make informed decisions and succeed. Please leave your contact information if you would like to discuss the professional implementation of modern e-commerce tools in your project.
