7 eCommerce Trends for 2023

The world of eCommerce is constantly evolving, and it can be hard to keep up with the latest trends and developments. As we approach the end of the year, it’s a good time to take a look at what’s in store for eCommerce in the coming year. In this blog post, we (if you are new here, welcome, and you can learn more about us on the link here) will explore some of the key trends that are expected to shape the eCommerce landscape in the year ahead, including the rise of mobile shopping, the increasing importance of personalization, and the continued growth of social media as a sales channel. By understanding these trends, you can stay ahead of the curve and position your business for success in the year ahead. So, let’s dive in!

1. The focus will be on omnichannel shopping experiences

After two years of online shopping during COVID, customers’ craving for in-store experiences means retailers need to rethink their omnichannel experiences. You need to look at the entire customer journey. Your customer journey doesn’t always begin and end on your website.

Nearly 75% of shoppers browse multiple channels before making a purchase. This means retailers need to consider the experience they offer shoppers across all channels, including websites, brick-and-mortar stores, and social media profiles. Customers want seamless transitions between channels when shopping with you. This means that each channel should be a mirror image of the other channel. Customers should be able to find and buy the same products wherever they shop.

Today’s customers browse social media, check prices and information on websites, and finally complete purchases in stores. These are three different touch points that all contribute to selling your product. One of the first steps to success in omnichannel retail is connecting in-store and online systems through eCommerce integration. Once your business is onboarded, you can implement some of the top omnichannel trends for 2023, including:

  • Combine inventory between online and physical stores
  • Provide accurate shipping and delivery information
  • Provide staff with more customer data to provide better customer service
  • Connect your inventory to your social media stores

Companies that deliver effective omnichannel experiences will definitely thrive online in 2023.

2. Mobile shopping becomes more popular than ever

Today, we spend record amounts of time online, and much of that time is spent shopping. But online no longer means “on a computer”.

For consumers, even in Gen Alpha, it is now the norm to always have a mobile phone with them.

Enabling customers to shop on their mobile devices is no longer the exception, but the expectation.

According to Statista, mobile devices account for 71% of retail traffic and generate 61% of online shopping orders.

Consumers continue to choose m-commerce as their preferred shopping channel. By 2024, global m-commerce retail sales are expected to reach approximately $4.5 trillion, accounting for 69.9% of all eCommerce retail sales.

Any brand that wants to stay in the game should embrace this mobile-friendly trend. That means designing mobile-first experiences (and not just shrinking desktop experiences to smaller screens). It also means making mobile payments easier by offering mobile-friendly payment options (we will discuss more about payment options later on) and making mobile checkout as easy as possible.

If you want your eCommerce business to have a perfectly developed web store that works flawlessly on mobile devices, you should read more on our previous blog post or just straight up contact us and find out how we can help your business grow online by providing you with the best possible solution.

3. Sustainable business model will sustain

Sustainable and green products/services are on the rise. Even in the current economy with a lot of uncertainty, consumers are willing to pay more in order to buy from sustainable brands.

Some research suggests that 52% of consumers said the pandemic raised sustainability concerns.

Expect more brands to embrace the green side. For example:

  • Selling products made from more sustainable materials
  • Investing in greener packaging materials
  • Allowing users to choose more sustainable shipping options (e.g., “he ships all items in one package instead of shipping as soon as they arrive”)
  • Make it easy for people to recycle or buy second-hand items on your website

4. Personalization is becoming the key to brand loyalty

Most consumers crave brands they know well enough to provide them with a personalized shopping experience.

Even 60% of consumers say they become repeat customers after a personalized shopping experience.

When eCommerce retailers leverage the data, their customers are happy to share for a more personalized experience, and customer retention, loyalty, and profits will skyrocket.

That will be done by reaching your customers on their preferred channels and supporting them throughout their journey with personalized offers.

Also, according to recent research, more than 65% of consumers admit that (personalized) packaging design influences their purchases. So always remember that it’s more than just a box. Because sometimes the box ends up being more popular than the product itself.

5. Keep your promises about delivery

On-time delivery is an absolute priority for eCommerce sellers today. Days when you pack and ship a product knowing it would arrive at its destination in a week or two are definitely behind us.

In a world where instant gratification is prevalent, shipping is no exception. Amazon set the gold standard for shipping when it began offering next-day and same-day shipping.

Even 93% of customers say that order visibility is very important to the overall customer experience. Customers want to know if their order has been processed, where it is in each step, and when it will arrive. Speed, communication, and personalization are therefore key factors in meeting modern consumers delivery expectations.

6. Payment options are more important than ever in 2023

One of the main reasons for an abandoned cart is a difficult payment or checkout process. If your customers can not complete an online purchase easily, they will not hesitate to visit the online store, which can simplify the buying process.

According to Statista, digital and mobile wallets account for about half of global eCommerce payment transactions, making digital wallets the most popular online payment method.

PayPal is the leading online payment service provider with a 60% market share. PayPal has over 426 million active users and they can easily make purchases in whatever currency.

Top payment options for eCommerce trends in 2023:

  • Mobile wallets continue to revolutionize point-of-sale payments. In 2020 alone, over 1 billion shoppers will make digital or mobile payments with their wallets.
  • As younger generations enter the market, they want different payment options. Retailers, for example, are using direct sales on social media to keep up with preferences and encourage more purchases.
  • Flexible financing options make it easier for consumers to buy the products they want.

7. Chatbots will become much more important

More and more online sellers are starting to use chatbots. Insider Intelligence predicts that consumer retail spending via chatbots will reach $142 billion by 2024. Take that in comparison to just shy of $3 billion in 2019.

In today’s world, consumers expect 24/7 access to customer support. So, if you want to keep your eCommerce business on its toes, deploying a chatbot that can answer customer queries is a smart investment. Expect the designs to become more sophisticated, and interactive artificial intelligence to eventually become the new standard for customer service.

Here are some ideas:

  • Use chatbots to retrieve important information about previous orders without requiring customers to re-enter the details
  • Let chatbots answer questions about your products and services

For more on chatbots and more generally on how AI will change the world of eCommerce, read our blog post here.

 

Wrap Up

Setting up an online store may be relatively easy (especially with the right developing partners), but developing your business is not a one-click process. If you want to be as successful as possible with your online business and capture an $8 trillion market share, you need to think strategically and constantly adapt your strategy to changing consumer behavior.

What worked last year or last month may not work as well tomorrow. Technological advancements have given eCommerce businesses more tools. And consumers, of course, know that.

As a result, we expect increasingly personalized experiences and more options. So if you have the opportunity to improve your audience’s online shopping experience, why wouldn’t you? Staying on top of eCommerce trends can be difficult, but if you make the effort, your business will stand out in a saturated industry.

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