Last year, this time, when everything started to shut one by one, a lot of dreams, hopes, and businesses started to go dark. At that time, the eCommerce industry played an important role in saving the world economy.
Last year, sales for eCommerce businesses grew by 27.6%. Moreover, the total e-com sales across the world mounted to more than USD $5 TRILLION.
By the way, this is only the beginning.
If you are still wondering about your chances to excel in the eCom industry then keep reading. We are about to discuss the future, the latest trends for the eCommerce industry in 2023, and the best possible strategies to scale your eCommerce business.
Future of eCommerce Industry in 2023 and beyond
- Since 2014, the ecommerce industry is showing continuous growth in business and revenue every year. And in the age of contactless delivery, the growth is going to be exponential.
- By the year 2024, the ecommerce industry will have more than 3 Billion buyers across the world. And 20% of all the retail sales will come from the buyers in emerging markets.
(Here’s a little secret: Most of these markets are majorly untapped by the old players!)
- In that case, there will be more of everything- More platforms, more traffic, more business, and more competition (Needless to say).
- As usual, the eCommerce industry will see new trends. So be intuitive and keep yourself ready for the new.
However thriving, the trends in the eCommerce industry keeps shifting. That’s because it is constantly trying to mold itself into the customer’s demands and behavior.
Now, let us have a look at the upcoming trends in the eCommerce Industry in 2023:
These trends are non-negotiable in the upcoming year. The faster you get used to them the better it is for your eCommerce business.
Increasing use of Augmented Reality (AR)
Do you know why a lot of people prefer offline shopping even today?
Simply because they can not touch and feel the product.
In that case, if you offer the same touching-feeling experience, you will surely tap into such a group of people. How? Through Augmented Reality (AR).
Today, the eCommerce industry is increasingly dependent on the wonders of AR. And that is why it is one of the most important trends of the eCommerce industry in 2023.
Looking at the current scenario, the presence of Augmented Reality in the eCommerce business is no surprise. After all, it helps your shoppers to make accurate shopping decisions.
It helps your shoppers visualize your products so they can understand their choices better. Hence, their fear of uncertain quality and quantity is largely diminished.
Growing dependency on Artificial Reality (AI)
The next trend in the list of the trends of the eCommerce industry in 2023 is the use of artificial reality. The leading eCommerce platforms like Amazon and eBay are already using it to give the ‘in-store’ experience.
We as consumers are naturally drawn towards the touch of personalizations. And often, we miss the same experience in the world of online shopping. In that case, the AI comes at your aid in the following ways:
- You can learn more about customers and their behaviors
- Due to this, you can offer your customers exactly what they need.
- Automate tasks and sever your customers 24x7x365
- With demand forecasting, you can easily regulate your pricing, deals, and discounts.
- Product and on-site personalization with respect to your customers’ tastes.
- The AI helps you generate several automatic reports that help you grow in your business.
- It can even help you in managing sales and customer relationships.
It helps you gather all the important information and process them quickly and accurately. These processes not only bring value to the businesses but also to the consumers.
Chatbots for a finer shopping experience
What salesperson to your offline store, chatbot is to your eCommerce platforms. They ask your customer relevant questions and answer their queries. This way, the chatbot uplifts the shopping experience and your personalization game to one step ahead. On the other hand, you don’t have to remain online for 24×7 to talk to your customer.
A smart chatbot optimizes your conversation with your customers, brings sales, and saves your time and money. And that’s why they stand a prominent place in the current trends in the eCommerce industry.
The eCommerce businesses bring us the advantage of shopping from anywhere and at any time. In that case, to keep your customers hooked on your site, build a highly responsive site. So much that your shoppers must be able to shop from their mobile screens as well as from the desktop.
To add more ease to their experience, make sure that your site has sleek navigation. Along with that, keep your eCommerce architecture secure and fast. Make your site as user-friendly as possible. For which here are some of the things you can do:
- Intuitive search and sorting
- Try incorporating voice search
- Apply personalization. For this, ask as many questions as possible. Track user behavior on your site. Inculcate the right keywords.
The top-notch surfing experience and clear navigation from all devices make your favorite among your customers. Hence, follow this eCommerce trend in 2023 and set yourself for being the best!
Multiple payment options
In 2023, you will not only need options in your products but also in your payments. Your customers now prefer to keep everything on phone-including their wallets. And hence, offering multiple payments is one of the current trends in the eCommerce industry.
The recent preferred payment options are:
- Debit/Credit cards from visa, MasterCard, and more
- Net Banking from all the leading national and international banks
- eWallets like G-Pay, Amazon pay, Paypal, and more.
You can also provide them with personalized vouchers that they use while paying on your com platform.
Moreover, payment is a very intimate and important issue that must be sorted in 2023. Apply for an eligible compliance certificate like PCI-DSS and communicate your payment policies clearly. Furthermore, integrate relevant payment gateways like stripe, amazon pay, and more to make your payments fast.
The variety of payments and their optimum speed and security will make you more trustworthy among your customers.
The term ‘No-contact delivery’ was thrown every now and then in 2020. And even in 2023, the term is not going away. Because the COVID-19 is here to stay. So, as long as the nasty virus exists, this trend stays in your list of current trends in the eCommerce industry.
Ensuring and offering no-contact delivery places trust and confidence among your audience.
And to practice it well, communicate about it with your customers. On the other hand, train all your delivery executives about the same.
Greater use of video in marketing and communication
A picture is worth a thousand words, and a video is worth a thousand pictures. Hence, the videos are rocking the eCommerce world with more brand awareness, more revenue, and boost brand value.
Videos can grab your customer’s attention and explain your products well. And in turn, bring you more sales and credibility. That’s why it’s one of the current trends of 2023
This is one of the best and oldest ways to retain and widen your customer base. Hence, loyalty programs are a part of the profitable trends in the eCommerce industry in 2023.
Loyalty programs are special programs run to enhance their brand value. These include offering memberships to your customers. Against this, you can offer gift vouchers, discounts, reward points, or/and special benefits.
Loyalty programs help you boost your brand value. Moreover, it promises a regular progression to your revenue chart.
With rising environmental awareness, the current generation of shoppers is getting conscious.
Hence, are making eco-friendly choices. So, encouraging and ensuring green products, services and operations is one of the hottest trends in the eCommerce industry in 2023.
If you have not yet introduced sustainable products and practices, find and thrive on your alternative. On a side note, it can also keep you ahead of the competition.
Thinking beyond B2B
“The worldly pattern has been disrupted”- wasn’t just a regular sentence in 2020; it was emotion. Everything became uncertain. And amid all this, the eCom businesses were as good as a boon. As we were able to get groceries and other essential products, there was one section that suffered a little- The B2B. But as there is suffering, there is a solution.
That was the time when we realized that the eCommerce industry does wonders for B2B too. And FYI, this new wave is only getting larger with time. Hence, automating B2B businesses is one of the best trends in the eCommerce industry in 2023.
B2B com portals play a pivotal role. They help SMEs and large-scale enterprises reach remote areas. and hence make the global business possible. Besides, the companies can take advantage of making new and global relationships.
So, it is widely believed that eCom B2B businesses are about to thrive better in the near future.
Optimizing Marketing Strategies
Marketing is a way you communicate with your audience. In that case, talk in a language that your audience speaks. And be at a place where your audience hangs out. Now that alone is the most powerful current trend in the eCommerce business.
For the heads up, here are the popular eCommerce marketing trends
- Heavy use of digital platforms
- Strengthening your game with email and SMS marketing
- Get better at SEO and SEM.
- A strong presence on social media platforms.
- Make more videos.
- Bettering their offers and services
- Getting along with the festive vibe
- Being relatable with your target audience
- Leveraging customer reviews and star ratings
Pro tip: Start building a CRM and a database. Employ all the current eCommerce marketing trends creatively.
Regardless of any tactic you use, it is very important to analyze it. In that case, you should always have the right data and records in hand.
Now that you know the new trends in the eCommerce industry in 2023, we are sure you’re pumped up to boost your business. Or even better: you might be motivated to start your eCommerce business this year. For any of your goals, 2023 is the best year.
But every goal needs proper planning. If you plan right, the execution becomes smooth. For best plans, it’s best to team up with experienced people. They guide you right and help you come up with a strong business plan quickly. To make your business planning systematic, check this eCommerce business plan template.
Along with these new eCommerce trends in 2023, there are several other things that will affect your business. They are:
The rising competition
With the emergence of new audiences and new market requirements, 2023 will bring you more competition. So, pay more attention to innovation and customer satisfaction. This is one of the most important trends in the eCommerce industry in 2023.
Innovate your products and services at every step of the way; mold them with respect to your audience requirements.
On the other hand, innovate the system to fasten your operations. The sleeker your operations, the better the user experience. The better the user experience, the stronger the customer loyalty.
Demands of faster and better fulfillment with shipping
With wider customer bandwidth, having enough shipping and fulfillment centers is an important trend in the eCommerce industry 2023. These and older centers should be faster and more efficient. Ensure end-to-end training of your teams. Here, adopting automation will be handy.
From 2023, your goal with the shipment and fulfillment should be the fastest and the safest delivery facilities. As a result, this will also cut your transportation costs.
In case, your eCommerce platform is global (or if you wish to make it global), work on having shipping centers globally.
Stay up to date with research and development in the industry
The statement “Customer is king” never gets old. That being said, the king’s expectations are rising each day. Be it with tech, products, or solutions- keep studying and developing new things with it.
Keep a tab on your audience’s behavior. Knowing their likes and wants are only the first two steps of eCommerce customer research. To get a step ahead, draw their animated persona for your eCommerce business. Sort them based on age, gender, location, qualification, jobs, and other human behaviors. Note important details about their life- Like their schedules, habits, and behaviors. And you’ll already be aligned with the coolest trend in the eCommerce industry in 2023.
Note: For better and faster analysis, take the advantage of AI.
Perform competitor analysis
Keep an eye on your competitors’ products, collaborations, deals, discounts, technology, marketing and other such strategies.
This will help you to stay relevant to industry trends, innovate and stay ahead of your competition. To perform competitor analysis rightly, <have a look at our detailed article>.
Leverage the customer review
No marketing strategy can work as well as word of mouth. In that case, gather as many as reviews as possible and use them at your leverage. Other than that, it can also help you improve your products, services, and experiences.
- The more customer-centric your product/service and your platform is, the better and bigger results you will drive in.
- AR (or AI) and machine learning is the need of the hour and the best investment for the future. Hence are the non-negotiable trends in the eCommerce industry in 2023.
- No matter how strong your strategies are and how much money you put into them; You will fail to yield the best benefits without the right business plan. Let us help you make the best business plan today.
- Above anything else, better performances are going to rock the current trends in the eCommerce industry. So, ensure that your eCommerce business is crossing milestones at every step of the way.
- Most importantly, before launching the eCommerce platform for your business, ensure if that is the next right step for your business. Draw a detailed business plan to get an idea of it.