The 5 Growing eCommerce Trends In 2023
The rapid growth of technology is responsible for the growing 5.7 trillion dollar eCommerce industry. Sellers and business owners today are adopting new technologies to create a seamless and easy shopping experience for their customers. After all, creating this experience generates more revenue long term.
The businesses and brands that can adapt to these new technologies will be the most successful in 2023 and for years to come. As a business, you must stay up to date with ever-changing trends or you will get left behind quickly.
As we know, digital marketing and eCommerce trends are constantly changing and evolving with technology advancements. It is important to know what trends are most effective and sustainable in the eCommerce industry to stay relevant.
Here are 5 eCommerce trends that are currently relevant and will continue to be as the industry evolves:
1. Chatbot for Assistance When You Are Not Online
Chatbot, a form of AI, is a customer service tactic that businesses are continuing to use to save time and resources. To consumers it is the idea of having an “immediate response” when customer service hours are not open.
Around 60% of consumers believe that an “immediate response” is 10 mins or less. That being said, if you do not have the capability to answer questions quicker than your competition, then you may be losing profit.
Thanks to evolving technology, chatbots can provide product recommendations, answer service questions, recall key information, and assist in making the shopping experience more enjoyable for their consumers. As more eCommerce platforms shift towards chatbox, more and more improvements will be made to the service.
2. Live Shopping is a Hot eCommerce Trend
As social media changes and evolves, eCommerce must change and evolve with it. One of the fastest growing trends for online shopping is through live streaming or live shopping. This means that the seller or business will present their product on a live streaming platform which allows customers to actively ask questions, receive responses, and make purchases in real time.
Websites like Facebook and Amazon have already joined in on the trend and in 2027, it is predicted that the live streaming market will reach $247 billion dollars in sales.
The critical point of this method is the live interaction and engagement that consumers tend to lean towards. It challenges the way individuals may feel about online shopping. For example, sometimes online shopping can seem unreliable or like a scam. Interactive streaming makes the experience more meaningful and trustworthy.
Additionally, live shopping can reduce the return rate by almost 40% when compared to traditional shopping.
3. Omnichannel is Not an Option, It Is a Necessity
The key to selling your products on multiple platforms and through multiple channels is positioning yourself as a brand or business to be where your consumers are. It forces store owners to provide a diversified shopping experience. This can be through in-person store fronts, online through a website, or through a mobile app on mobile devices.
An omnichannel marketing strategy can result in a 494% increase in consumer purchase frequency and approximately an 83% average order value per purchase.
Omnichannel may sound easy but it is tedious to upload and manage products or services on multiple platforms. It is best practice to look into sites that offer one place to manage all of your commerce platforms.
Having multiple places to sell and manage your business will only increase your sales and brand availability!
4. Think Mobile
Consumers are shifting to a more mobile shopping experience everyday. The growing popularity of smartphones and tablets make it easier to shop on the go. Oftentimes, businesses now offer promotions for only to-go online ordering or online shopping. This pushes consumers to either save money or save time by ordering through a mobile app.
Mobile shopping is more so a lifestyle than a trend for the future of business from 2023 and years to come. For businesses it is best practice to implement shopping strategies that are specific to support a mobile experience.
5. Consider Environmental Sustainability if You Want to Sustain Your Brand
One of the most important trends to consider in 2023 and beyond is your business’s environmental sustainability. Sustainability has become a huge factor in many consumers’ purchasing decisions.
The demand for environmentally friendly goods has increased by over 70% globally since 2016 and will only continue to grow. Offering sustainable products is more appealing than ever to consumers worldwide. The key is to start with small changes that make a big difference to your consumer's shopping experience. By giving them something they can be proud of, you are sustaining your brand in the process.
The eCommerce industry is one of the fastest growing industries in the world. From now on, online shopping is the quickest and easiest way to shop. As a brand it is important to always stay up to date on the latest trends to cater to your customers. Technology is continuing to evolve, your business can too!
