E-commerce trends set to shape 2023 – A Look Into the future

With 2023 just around the corner, this is the perfect time for E-commerce sellers to start considering how they can stay one step ahead of the game and place their business in the best position for their brands 2023 journey. Covid-19 saw an E-commerce growth spike, however, there have been many issues that have impacted a recent drop in digital sales such as supply chain issues, low consumer sentiment/spending habits and rising inflation. Therefore, what trends should E-commerce sellers be aware of stepping into 2023 to avoid a decrease in sales?

 

Mobile Commerce

Purchasing habits have largely changed over the years. Mobile commerce is becoming more popular to consumers due to accessibility and convenience. By 2023, mobile commerce sales are expected to account for 55% of global retail ecommerce sales. As a result, it is important that your businesses storefronts are providing a seamless online experience for your end users. Furthermore, the use of mobile marketing is a new way of engaging with new and current consumers. This includes SMS marketing, push notifications and in app advertising.

 

Social Media Platforms

In 2023, social media sites will be playing an increasingly important role in E-commerce. It is expected to generate $30.73 billion in sales, accounting for 20% of the global retail E-commerce sales. The trend is being driven by the popularity of social media platforms like Instagram, TikTok, Youtube and Facebook. Each of these platforms now offer a live shopping experience allowing the viewer to purchase what they see on the screen there and then, just through a pop-up. This feature allows E-commerce brands to promote their products for free to a captive audience. Using platforms alike it will allow consumers to benefit from being able to connect with brands and learn about new products or services in real time. Businesses should use social media to build relationships with their customers whilst providing a personalised customer service on live stream. In turn, this should boost customer retention and encourage an increase in purchasing confidence from viewers.

 

Artificial intelligence (AI)

Artificial intelligence is certainly expected to have a big impact on E-commerce in 2023 and will be used even more to improve the business processes and workflows for personalisation, customer service, and fraud prevention. Sellers can use AI for better forecasting, order tracking, and after sale service. This trend will help businesses to improve their customer experience and consumers will be able to get help from chatbots and getting personalised recommendations.

 

Omnichannel

Omnichannel is expected to be a big trend in 2023 and it’s time to embrace multichannel selling too. Why? It’s simple, by launching your product on various marketplaces you gain great market exposure which will result in a boost revenue for your brand. Omnichannel is a term that refers to the use of multiple channels to interact with customers. This includes things like online store, in-store, and phone interactions. By using this method in 2023, businesses will be able to reach their customers through multiple channels whilst their consumers will benefit from being able to shop in different channels, including mobile devices.

 

Voice Shopping to Take Centre Stage

Voice shopping is set to continue to grow in popularity in the coming years, encouraged by gadgets such as Amazon’s smart speaker, Echo. Unlike shopping by visiting websites, voice shopping can be a bit tricky for some. No visuals are involved in this channel, with customers describing the product they want to buy. Popular products that voice shoppers purchase include homeware, food items, and low-cost electronics. Online sellers are encouraged to consider this trend and seek to offer customers the comfort they need when voice shopping.

 

Deliver on delivery

Another of the lockdown ecommerce trends, the expectations customers have for delivery have increased. A vague suggestion of ‘3-5 business days’ may no longer be enough. Studies have shown that when businesses fail to be most accurate about the delivery date of orders, almost 70% of customers would refuse to order from that business again. But deliveries that delivers on customer satisfaction is about more than being on time.

Brands should aim for transparency and constant engagement, so customers can know at any time precisely where their product is in the process. You may also want to consider new ways of adding convenience to this part of the purchase cycle such as giving customers the freedom to split purchases into multiple packages, send them to different locations, collect items in-store or pre-order new items.

 

Flexible payments continue

With the introduction of new payment options like Klarna, customers have come to expect more flexible ways to pay. The idea of ‘buy now, pay later’ has always been an appealing purchasing model, and services that apply this model to even small, everyday purchases have quickly been adopted by customers.  It gives the sense of credibility that comes from brands that value their customers and answer their needs with a variety of payment methods.

 

Overall, there will be continuous change over the next few years for E-commerce but staying ahead of the game is vital. Global E-commerce Experts are here to provide you with the tools and knowledge to seamlessly expand overseas, through our VAT, Compliance, Responsible Person, 3PL, Growth Management and Shipping & Customs solutions. Your brands’ UK and European expansion success story is just around the corner, get in touch today to see how we can help launch your products across multiple marketplaces in just 14 days!