Defining the future of e-commerce begins with looking back at what trends ruled the industry and looking forward to what e-commerce opportunities will trend next.
The rapidly growing e-commerce industry has been a significant force in the global economic system. Its growth rates have consistently exceeded those of traditional retail. Mobile technology has helped accelerate this growth, making it easier for customers to shop online. As more people shop online, the industry will continue to grow through innovation and advancement in e-commerce platforms.
According to Oberlo, global e-commerce growth rates for 2022 were expected at 9.7%, bringing global e-commerce sales to $5.7 trillion. In 2021, growth rates reached 17.1%, the highest year-over-year rise analysts expect between 2021-2026. It can also be attributed to the coronavirus pandemic.
Based on our e-commerce research and market experience, we’ve compiled a list of trends that will likely define the future of e-commerce. These forecasts will help you to focus on the most relevant aspects and give your customers a leading-edge experience in 2023.
Let’s dive in!
Next Generation E-commerce: 2023 E-commerce Trends
The e-commerce industry is dynamic and flexible. It is now valued at $4.2 trillion. Retail has never been more profitable than it is today. To give you an overview of the growth of e-commerce and what’s in store for the industry in 2023, we have compiled the top e-commerce trends we predict will usher in the future of this dynamic industry.
Optimizing Omnichannel Marketing
A company’s website is not the end of a customer’s shopping journey. Satisfied customers will be loyal to your brand and engage with it on social media. They’ll also compare prices across brands and platforms.
Remember your online experience—design fluid omnichannel shopping experiences. Brands with physical and digital locations should strive to eliminate friction as shoppers channel-surf and shop on their preferred platforms.
The following details are included in 2023 e-commerce trends regarding omnichannel marketing:
- Offer flexible fulfillment and return options.
- Allow in-store associates access to customer account details to provide better services.
- Make sure that in-store inventory appears online in real time.
- Invest in AR and other immersive technology to create a more natural online shopping experience.
Fueling Online and Mobile Use
Online shopping has never been easier, more convenient, or more accessible. We expect to see e-commerce continue to grow as technology and algorithms improve. If you don’t have an online presence or your business still needs to be online, optimizing your business for today’s customers on multiple platforms is crucial to stay ahead of an ever-changing market.
If brands want to be competitive, they must embrace the mobile mindset. This means creating mobile-first experiences, without affecting your desktop experience. Make mobile checkout easy and offering phone-friendly payment options like Apple Pay or Google Pay. Also, make sure your webpages’ layouts are designed to work on smaller screens, as most netizens are going mobile now.
Opening Various Payment Options
A problematic checkout or payment process is one of the main reasons shoppers abandon their shopping carts. Customers who find it challenging to make a digital purchase can leave items in their carts and search for an online seller that makes it easy.
More reasons for allowing multiple payment options:
- Mobile wallets continue revolutionizing point-of-sale payments. Over one billion consumers made a mobile or digital wallet payment in 2020.
- The market is changing for younger generations. They want to be able to pay in different ways. To keep up with customers’ preferences and to bring them back, retailers use social media for direct selling.
- Flexible financing options allow consumers to buy and afford the products they want.
Exploring Millenial, Gen Z, and Generation Alpha Shopping Habits
CouponFollow is one of the most popular online coupon sites. In their Millennial Shopping Habits Trend Report, they analyzed the spending habits and saving habits of Americans aged 25 to 40. They found that 80% of consumers between 25 and 40 reported shopping primarily online.
Make online shopping more appealing to younger shoppers by adapting your site to their needs and preferences. Consumers want a brand that gets to know them and offers personalized shopping experiences. This is why most people will pay more for businesses that provide personal touches that are appealing to them.
60% of consumers say they will become repeat customers after a personal shopping experience. E-commerce sellers can leverage customer data to provide a personalized experience that increases customer engagement, loyalty, and profits. If you don’t, you’ll lose customers to brands that personalize their content across all channels. It is key to engaging customers on their preferred channels and providing personalized support throughout the customer journey.
Making Customer Service a Priority
Customer service is often the only contact point for buyers with online businesses. Retailers need to make this a priority. Customers want quick help when they have questions about shipping, size selection, or refunds. This means that customers can find their help on their preferred channels, such as phone, social media, or live chat. Consumers typically leave brands (or at least spend less) with poor customer service.
Chatbot technology has been rapidly developing, and experts believe they will play an even more significant role in online shopping with personalized service and product recommendations.
Moreover, e-commerce is never asleep, so ensure your customer service is always available.
Entering the World of Augmented Reality and the Metaverse
Video and augmented reality have been vital parts of e-commerce for a long time. The Metaverse combines physical and augmented reality, creating an environment that allows users to interact with, buy items, play games, and experience the same experiences as in the real world. AR allows consumers to see the products in 3D. Demo videos help potential customers better understand your products.
Shoppers interact with 3D images of products almost 50% more than they do with static ones.
Retail metaverse applications are still largely experimental. However, brands are eager to explore the next frontier in commerce. E-marketers identified home goods, beauty, fashion, and beauty as the three top retail categories with high potential in the Metaverse.
A Front Seat in What Lies Ahead
There are probably a hundred things in store for the future of e-commerce. While every trend is not for every brand, keeping abreast of the latest trends provides you with a front seat in what lies ahead for the industry.
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If you would like to know more about what strategies suit your business, contact Advanced Digital Media Services. ADMS is an expert in SEO in St Pete with years of experience dealing with the different types of e-commerce and working with the various trends that challenge the industry.
Give us a call to learn more about how you can take calculated risks to prepare your business for the future.
