There is no doubt that the competition in eCommerce has skyrocketed over the past few years. Many companies have taken the opportunity to increase their revenues by opening and constantly developing their online stores.
And everyone expects the popularity of online shopping to continue, with global eCommerce retail sales predicted to grow from $5 trillion to over $8 trillion by 2026, according to Statista.
While many e-commerce companies are showing positive growth, there is no guarantee that every online business will be successful or that they will continue to do well. Customer expectations are constantly changing, new challenges are emerging, and the competition is always there to try and confuse you.
But ecommerce business owners who know what to expect in 2023 can succeed. When you know what trends are coming, you can prepare your business to take advantage of opportunities and reduce potential risks. That's why we've put together a list of the top 6 ecommerce trends of 2023.
Why are ecommerce trends important?
In order to stay ahead of the competitors, you must constantly monitor and follow trends. No matter how stable your ecommerce store is right now, if you don't keep up with ecommerce trends, you risk falling far behind. And as you know, customers may quickly get rid of everything old. So why do you think your brand is going to be the exception?
You must continue to evolve to ensure future success. As we look to the future of 2023, you need to be aware of these trends in order to take advantage of them.
It is very important to analyze and accept the trends of eCommerce in a timely manner. By doing this, you can promote your eCommerce brand and stay ahead of your competitors.
Top ecommerce trends to follow in 2023
Let's take a look at the trends that will shape the ecommerce business in 2023 and what you can do to best leverage them to gain a competitive edge for your online store and create a more immersive shopping experience.
- Mobile shopping. Technology is moving forward, which means that mobile commerce is growing. Did you know that there are currently 7.26 billion mobile phone users worldwide, including both smartphones and regular phones? This means that 91% of the world's population owns mobile phones. In addition, the number of mobile device users is predicted to increase to 7.516 billion by 2026.
For the eCommerce retailer, this means that more and more consumers can buy your products or services through their mobile devices and they prefer mobile commerce as a shopping channel.
By 2024, global mobile commerce sales are projected to reach almost 4.5 trillion euros, accounting for approximately 69.9% of all eCommerce retail sales. It is extremely important to make sure that your website is optimized for viewing on mobile devices, given that more than half of all internet traffic is from mobile devices.
TIP: If you use pop-ups as a marketing tool, be sure to optimize them for mobile devices. Screen real estate is extremely important on small devices, and even medium-sized pop-ups can be much more annoying than on the desktop version of your site. Google has cracked down on pop-ups and implemented a set of rules to follow.
- Flexible payment options. You risk losing a sale if you don't offer a lot of alternative payment methods, and this has a direct impact on your customer expectations and retention rate.
Offering alternative payment methods is one of the smartest ecommerce business strategies. Why? Alternative payment methods give shoppers choice and reduce the average cart abandonment rate.
If you're wondering what alternative payment methods to include in your web app, or if there are any you may have overlooked at first, let's take a look at the following:
- Credit card. Still the most popular payment method;
- Debit card. Ranked second and a favorite amongst debt avoiders;
- Bank Transfers. Сonsidered the most secure but also the slowest service;
- In-App Payments. Support social commerce initiatives and enable mobile payments;
- Electronic Wallets. A smoother and faster payment solution;
- Installment Payments. Allow your customers to make the initial payment and then the rest monthly or in at least 2 bulk payments. Installment payments are a form of “buy now, pay later” that attempts to reduce cart abandonment rates;
- Cryptocurrency. The lowest transaction fees across the market;
- Subscription models. Selling a subscription encourages customers to return to your site repeatedly and keeps them loyal longer.
Of course, you don't have to put all these alternative payment methods on your website, it's enough that you meet consumer expectations and increase your chances of converting leads into sales.
- Artificial Intelligence (AI). AI is having a significant impact on ecommerce business opportunities by offering better customer experiences and creating creative solutions. AI-based solutions offer significant potential to help ecommerce businesses in their day-to-day operations and make them more focused and efficient.
Today many AI solutions are so accessible and simple. For example, chatbots. While in retail stores, customers can discuss issues with staff, in online stores, customers usually do their own research or contact support. As a rule, customers contact you by email or online chat. And this, it would seem, is enough.
However, with a chatbot, your ecommerce business will have an always available representative who can interact with customers one-on-one. A chatbot can help close service gaps if you're a small business or just can't cover all time zones yet. Customers can connect with the chatbot 24/7 and the more they use the bot, the more knowledgeable it becomes.
HelpCenter chatbot can become an indispensable assistant in the development of your e-commerce business. Easy to use and with powerful functionality, what more do you need for a great solution?
- Focus on environmental problems. People around the world have become more environmentally conscious than ever before. An increased willingness to support companies that prioritize environmental practices means that the consumer base is ready to endorse and support positive business values. Carbon neutrality, fair trade, sustainable and local sourcing, a positive corporate culture and other environmental and social responsibility movements are all gaining momentum. Companies that practice environmental thoughtfulness are seeing increased interest and business growth compared to their competitors.
According to the First Insight research, consumers of all ages expect companies to adopt more sustainable practices. Moving your company to a greener business model and aligning company values with today's consumers will increase your sales potential and help you build a loyal customer base.
5. Personalized Experiences. Today's online customers are looking for "shopping experiences" based on their unique needs. These days, shoppers need a more “human” approach, such as smart product suggestions based on purchase history that indicate a direct relationship between brand and customer.
This particular approach has a real impact on the business. A Forbes Insights report found that about 77% of executives reported a positive impact on sales from increased personalization.
This particular approach has a real impact on the business. Most online retailers have increased sales by up to 20% using this tactic. In 2023, this will become even more important - new online shoppers will reach a record number - up to 10% more than in previous years. Personalization will play a crucial role in turning them into loyal customers.
6. Omnichannel presence. Nowadays, the practice of multi-channel shopping is more widespread than ever. 56% of people who shopped in a store used their smartphones to search for products or research products while they were there. This means that shoppers want to be able to conduct online research even if they are already in the store and looking at the product.
A consistent customer experience must be created at all customer touchpoints in omnichannel retail. These touchpoints may include phone calls, online visits, mobile shopping, and in-store interactions. Before making a purchase, a customer may have come into contact with your brand through one or all of these channels, and their experience must be consistent.
Trends are constantly changing and the digital world is no exception. Not all of the trends described above will suit your business, however, it is essential to adapt to new trends in time if you want to improve your eCommerce business strategy, increase sales and stay ahead of your competitors. Do the necessary research, use different strategies, experiment!
Meet customers' expectations easily with the HelpCenter Shopify app!