Key eCommerce Trends to Know for 2023
Over the past few years, many factors have played into the increasingly competitive eCommerce landscape. It’s certainly been far from easy however, these challenges have helped to mold a more resilient space and agile businesses. This impressive growth in the industry is not slowing down either, with revenue in the eCommerce market predicted to hit $6.43 trillion by 2026.
Heading into 2023, it’s impossible to predict what the future may hold however, there are plenty of signs of what’s to come. In this article, we’ve used those signs to compile the top 5 Key eCommerce Trends to Know for 2023.
Artificial Intelligence & Augmented Reality
Over the past few years, artificial intelligence has developed incredibly quickly and it now plays a pivotal role in eCommerce. It not only helps businesses with day-to-day tasks, but it’s also a powerful tool to streamline operations and increase sales. From pricing optimization, sales forecasting, personalized recommendations, and streamlined logistics to efficient customer service, there are plenty of ways AI can improve the customer experience, boost sales and organize operations.
Augmented Reality is another technology on the rise and has become an extremely valuable tool for brands, as it enables users to superimpose digital information into their real-life scenes. This allows customers to view the products in 3D and, in turn, helps them to make a confident purchase decision. In fact, 6 out of 10 people said they “wanted to visualize where and how a product could fit into their lives”, according to Google. This visualization has led to higher conversion rates, as much as 94% higher than products without AR, Shopify reports state. This opportunity to envisage the product in the customer’s environment also helps to reduce the rate of returns as AR allows customers to make a fully informed purchase.
Varying Payment Options
It’s no secret that having a seamless checkout helps to increase conversions and reduce abandoned cart rates. And, a large part of the checkout journey, is the payment. Approximately 50% of eCommerce purchases were paid for through digital wallets in 2021 and that percentage is increasing. From digital wallets including Apple Pay, PayPal, and Amazon Pay, to various card payment options, and vouchers, to the increasingly popular buy now pay later options such as AfterPay, ClearPay, Klarna, and Uplift. Having a variety of payment options will help you cater to a diverse range of shoppers resulting in a reduction in abandoned cart rates.
Mobile commerce accounts for more than 70% of all retail traffic and that percentage will continue to increase. This means brands need to embrace mobile-friendly experiences and we’re not talking about just shrinking your website to fit a mobile device. From product listings to the checkout, a mobile-friendly site has to be sized correctly, easy to navigate, and work seamlessly. It’s also important to consider mobile-friendly payment options if you don’t already have some. Apple Pay, Google Pay, and Paypal are all great ways to make checking out much quicker and easier. Additionally, many brands have switched over to apps to make shopping and services even easier. Brands such as Showpo and ASOS are leading the way with in-app shopping.
Sustainability has sky-rocketed to the top of consumers' minds with 68% of consumers intending to increase their efforts to find brands that reduce environmental impacts, according to Forbes. With this shift in customer awareness towards sustainability, brands can no longer afford to overlook their impacts and efforts for the environment. The key here is to make the sustainable choices simple, from switching to recycled or recyclable materials, reducing energy usage, switching to local suppliers, reducing waste to offering carbon-neutral shipping. By offering sustainable options that are convenient and simple, customers will feel like they’re making a difference with every purchase they make. For example, Corso Green Shipping Protection protects packages against theft, damages, and loss, but also offsets the carbon emissions associated with shipping. This simple addition to the checkout not only helps customers to shop in confidence knowing their package is protected but also helps them to feel they are doing their part for the planet.
Consumers value the personalized feel of walking into a brick-and-mortar store and having an assistant on hand to make recommendations and validate their purchase. In eCommerce, we are able to personalize this experience for the entire customer journey into and well beyond their purchase. By adding a live chat box, FAQ, and a size guide to the product listing, customers can have all of the information at their fingertips along with a customer service representative to guide them to the checkout. Additionally, recommending targeted products or adding suggested products under the product listing that would enhance their order, helps to increase average order value. Showing customers the products that are relevant to them, shows that your brand goes the extra mile in delivering the best customer experience possible. Finally, by utilizing customers' accounts, you can send free gifts or discounts on their birthdays along with personalized product suggestions based on their order and browsing history. All of the above helps the customer to feel valued and appreciated every single visit which, in turn, will convert them into loyal, engaging, and returning customers.
There are always new and upcoming trends but we have just narrowed down a few key ones that you should know for 2023. With the eCommerce landscape changing and growing so rapidly, it’s important to always return back to your customer experience and pinpoint what they would want. And there you have it—our top eCommerce trends for 2023.
Did we miss one? Let us know in the comments below.