Tech

Latest Ecommerce Trends 2023 – Backed by Industry Experts and Data

What are some particularly interesting ecommerce trends and changes when it comes to online shopping? Will 2023 bring any changes? Let’s find out!

People directly and indirectly related to digital marketing are aware about the major roller-coaster ride that the ecommerce industry has been through in the past three years. Online shopping (online retail business) carries an immense scope to scale the existing operations. According to popular statistics,

Over 2.14 billion shoppers now buy items online.
9 million people in the United States shop on social media.
14+ billion people worldwide shop online.
Right now, 70% of Americans are shopping online.
Worldwide retail ecommerce sales will top $5 trillion for the first time in 2022 and are on track to top $7 billion in 2025.
Globally, retail e-commerce sales are set to grow at a 10% CAGR to top $7 trillion in 2025, according to CB Insights’ analyst consensus.
There are an estimated 12 million – 24 million eCommerce sites across the entire globe, with more and more being created every single day.

E-commerce as percentage of total retail sales worldwide from 2015 to 2026

Sales on the internet have been significant in capitalizing retail market. Forecasts indicate that by 2026, the online segment will make up close to a quarter of total global retail sales. Online shopping has grown steadily in popularity in recent years. According to Oberlo.com, Ecommerce sales there are forecast to increase by a whopping 50% from $907.9 billion in 2022 to $1.4 trillion in 2025.

One could see the unexpected drop, followed by spike in online shopping in 2020 and 2021 (starting years of COVID – 19). It was followed by some stabilization in 2022. This market saw an understocking from supply chain, when people started hoarding daily essentials and then by oversupply once lockdowns started to lift. It then saw a surge in profits, followed by tight wallets in wake of looming recession.

This sloppy ride isn’t yet over. Half year yet, 2023 has seen its own set of upturns and downturns. After considering the opinions of top ecommerce experts, ecommerce agency leaders, leaders from companies that build tools that power ecommerce, the ecommerce trends hat surface for 2023 are:

Retention: In view of the rising customer acquisition costs (CAC), tight budgets, and uncertain economic times, online shopping businesses are bound to prioritize retention on the same level as acquisition. They need to offer the best services and products so that they are able to sell it more efficiently than competitors.

Profitability and Growth: Similar features that let ecommerce brands take retention resort to taking profitability and growth seriously. Customer rely on the best price plus quality of the products, and if they are available conveniently, this can turn out to be a deadly combination, and may hook the customer to your ecommerce application. And constant rise in digital advertising costs have made the ecommerce businesses realize that if they do not earn profit, they will not be able to survive.

Subscriptions: As ecommerce retail businesses seek profitability, they will start testing new ways to offer subscriptions to customers. Amazon offers subscriptions on its Prime Membership for 1-day, or 2-day delivery, on dairy items, on Fresh items, on daily essentials like Diapers, on cosmetics like body lotions, on Ad-Free Music and likewise. In order to be successful, they need to earn more.

More About Subscription Commerce: Make the brand a part of customer’s lives, make them realize that they cannot live without it, or if they wish not to buy, they will be missing out on great deals. By following this practice the merchants will have the opportunity to change customer behavior and embed the brand into their lives that they tend to open it at least 5-6 times a day, even at unreasonable hours.

Delight Shoppers to convert them into brand advocates: Offer them loyalty points, wallet balance, cashbacks to make them redeem it on their next purchase. This will keep them interested and yearn to look for more.

Leverage Live Chat and Chatbots as a Customer Conversion Tool: In addition to providing immediate support, ecommerce businesses/top website development companies can use live chats as a tool to enhance their sales interactions. In order to edge it up they may offer a product quiz, make customer spin a lucky wheel until their product arrives, ask if shoppers have questions, share a limited period discount, direct them to their bestsellers, or clearance sale, make new product recommendation, remind them about free shipping policy, explain them the benefits of various payment methods that they accept, give them credit card offers, give them discounts on credit card purchase, and more. While traditional marketing channels like social media platforms focus on bringing customers to the website, but if customers do not make a purchase, then entire marketing investment goes in vain.

Social ecommerce, livestream commerce, and cross border ecommerce is gaining ground in social advertising: It is cheaper and simplifies buyer experience. Customers wish to spend less in local market and more online due to better deals, and easy availability. If they do not find an item in their city, it can be made available from the warehouses of other cities or countries.

Personlization: Consumers expect personalized offers as it gives them a sense of belongingness and make them feel cared for. It ultimately leads to conversion and loyalty.

AI/AR/VR reshapes the shopping experience: It improves overall shopping experience by letting customers know how an item looks like and how will they feel after having it. It gives them a closer look which helps them in making a purchase decision.

Sustainability: Trends in ecommerce that will taking shape in 2023 should have a long term impact on the minds of customers. This will help businesses grow. If ecommerce businesses align a social goal along with the products they are selling, like replacing single use plastic with paper or wood items, reducing packaging waste and better shipping options, they can reap a significant profit margin.

Conclusive

Ecommerce is traveling across the world, rolling its wings, and making the online market look picture perfect. According to Shopify, the opportunity for growth and expansion is raw and very much possible. The US and European markets have seen up to 50% growth over the same period (2022 – 2025). Plus, 2023 will be a year of returning back to basics, having a strong retention strategy, prioritizing profitability, talking to visitors and buyers. If you are an ecommerce business and looking for help, consider partnering up with top ecommerce development companies and achieve your growth goals.