E-commerce trends are an important factor that businesses need to look out for. Because the e-commerce industry is now undergoing a fast transition with potential future development.
Businesses will be able to adapt and flourish in this dynamic environment by being aware of the new e-commerce trends and predictions influencing eCommerce’s future, such as AI tools.
The worldwide industry is anticipated to reach an astounding $6.3 trillion by 2023 as more people continue to purchase online, with the U.S. alone estimated to generate over $1.1 trillion in sales.
By 2023, it’s anticipated that 20.8% of retail sales globally and 16.4% of retail sales in the United States would be made online, with eCommerce sales increasing by 10.4%.
Top E-commerce Trends
As we mentioned earlier, keeping up with the newest e-commerce trends will allow businesses to increase their revenue. So here are the top trends you should be aware of:
#1 Rapid Adoption of Mobile Shopping
Building an eCommerce website on your phone to make purchases is only one aspect of mobile commerce. It encompasses any purchase activity performed on a mobile browser or app, including interaction with mobile adverts, conversing with sales representatives, exploring brands on a smartphone, etc.
We forecast that the usage of mobile shopping will increase in 2023 since it overlaps with other popular eCommerce features like live stream shopping, augmented reality buying, and in-app purchasing.
#2 Privacy and Zero-Party Data are Important Priorities
While some customers want customized experiences, others place a higher priority on data protection. Nowadays, brands employ zero-party data and gather client information internally, straight from willing customers.
By selecting and putting into place the proper security and privacy standards and being open and honest with consumers about the use of their data, marketers need to strike a balance between customization and data/privacy concerns.
#3 Virtual Reality (VR) and Augmented Reality (AR)
Online shopping is changing thanks to AR and VR technologies. Retailers may provide consumers with a more engaging and interactive purchasing experience by letting them virtually try on clothes or see furniture in their homes.
As more retailers use AR and VR technologies to improve their online shopping experiences, this e-commerce trend is anticipated to gain momentum in 2023.
#4 Subscriptions Assist in Retaining Devoted Clients
Brands have recently begun to use a subscription-based approach. Online merchants provide subscriptions or memberships to their clients as a way for them to save money by providing membership discounts, prizes, and special offers.
By doing this, you may increase your profit and keep your consumers loyal to your business while also giving your company’s customers a feeling of community.
#5 Buy Now, Pay Later
A popular e-Commerce trend for 2023 is Buy Now Pay Later, a novel technology trend. With the help of the BNPL service, clients may buy the necessary items in convenient, interest-free installments, increasing access to and affordability of high-quality goods.
Traditional credit cards and advance payments are no longer necessary. Customers may choose the BNPL option at the checkout and continue with their purchases with only a few clicks.
#6 Social Customer Service’s Ascent
Social media platforms have completely transformed how consumers communicate with companies. Customers demand quick and efficient service that fits their requirements now that they have access to companies via Facebook Messenger, Instagram, WhatsApp, TikTok, Twitter, and other platforms.
As a consequence, companies must modify their customer service plans to satisfy these new requirements. This entails offering help across a variety of channels, including social media, and investing in chatbots powered by AI that can deal with routine questions while freeing up human agents to deal with more complicated problems.
#7 Increased Voice Search
Marketers are upgrading their digital marketing tactics in 2023 by using cutting-edge technology like voice search. For regular chores, many customers use voice assistants and smart speakers.
Customers can go through a brand’s numerous product collections, choose the product’s size and color, and ask questions right there in the store. As more individuals use these devices, voice search will probably be used to buy anything from groceries to apparel.
#8 Live Streaming Business
You might argue that livestream commerce is the more up-to-date and user-friendly version of the previous generation of TV shopping channels. On this online platform, the presenter presents a variety of products to the viewers in real time.
While it is still a relatively new e-commerce trend in the USA and is expected to gain momentum in 2023, it is already well-established in nations like China and India.
As more and more consumers choose to buy conveniently online, the e-commerce industry is expanding, but this has also compelled businesses to move quickly and adapt to new eCommerce tech developments. Businesses can seize new possibilities, reinvent consumer experiences, and differentiate themselves in a competitive digital retail sector with the right analytic tools and technologies.