As the digital market continues to see record sales, businesses need to stay up-to-date with the latest eCommerce trends in order to keep up with consumer demands. With new technologies such as artificial intelligence and augmented reality predicted to revolutionize our online shopping, what should businesses look out for in 2023?
We took a look at some of the main ECommerce trends expected to be big this year to help you achieve this.
1. Using ECommerce Intelligence
ECommerce intelligence is a crucial element of a successful business and refers to the process of collecting and analyzing data from eCommerce websites to gain insights into customer behavior, trends, and preferences.
This data can then inform marketing strategies, optimize product offerings, and improve customer service - including improved personalization. According to experts, 74% of users are frustrated when they see irrelevant content, and online conversion has been shown to rise by 8% when customers have a more personalized experience.
Businesses should leverage eCommerce intelligence to gain a competitive edge, including using AI-driven analytics tools to identify customer trends and preferences, or using predictive analytics to anticipate customer needs. With 84% of all eCommerce stores working to incorporate AI into their business, there has never been a better time to jump on board.
Understanding eCommerce trends and customer behavior is essential for businesses to stay ahead of the competition and remain competitive in 2023.
2. Taking Advantage of Email Marketing
Email marketing is one of the most effective ways to reach customers and build relationships with them, and revenue in this area is expected to top around 11 billion by the end of 2023.
The next 12 months will see email marketing become even more important as businesses look for new ways to engage their customers and drive sales. Companies should focus on personalizing emails, using segmentation to target specific customer groups, and leveraging automation tools to streamline the process.
Voice shopping is increasing as people take advantage of voice-activated devices such as Google, Alexa, and Siri to shop online. This trend is expected to become even more prevalent throughout 2023, with businesses leveraging this technology to provide customers with a more convenient and personalized shopping experience. Companies should focus on ensuring that websites are set up and optimized for voice search, and work on developing strategies to capitalize on this growing trend.
The way customers pay for goods and services is also changing. Businesses should offer more payment options such as contactless payments, mobile wallets, and cryptocurrencies, making the checkout process easier and faster.
5. Augmented Reality and Virtual Reality
Augmented reality (AR) and virtual reality are technologies that allow users to interact with digital content in the real world, and can be used to create immersive shopping experiences for customers, allowing them to explore products and services in a virtual environment - including the comfort of their own homes. While providing businesses with valuable insights into customer behavior through data tracking and analysis.
These trends are well on the rise, with 48% of those surveyed stating that they are interested in using AR and VR technology in the next 5 years, and 38% already using the technology in 2022 - a 15% increase from 2017.
6. Catering To Gen Z Customers
Catering and responding to changing customer demographics is a constant challenge for eCommerce businesses, and 2023 looks set to be no exception. Experts EXPECT Gen Z to make up a large portion of the online shopping market in 2023.
Businesses should focus on understanding this demographic and creating strategies to target them effectively. To include leveraging social media platforms, offering personalized experiences, and providing value-added services such as free shipping or discounts, as well as making the most of AR technology.
Why Is It Important to Understand ECommerce Trends?
According to statistics, over $240 billion are spent through online retailers each year, and the ECommerce industry is expected to increase by 56% in 2026.
Understanding current and future ECommerce trends is essential for businesses to remain competitive. By staying ahead of the curve, businesses can ensure that they are offering customers the best possible experience, while adapting their strategies to meet changing customer needs and spending habits.
Leveraging new technologies such as AR and VR, understanding Gen Z customers, and offering more payment options - will all help ensure that businesses remain competitive, and allow their companies to continue to grow and thrive through 2023 and beyond.