Latest Ecommerce Trends and Facts for 2023
Welcome to the world of e-commerce!
Today, we’re going to explore some amazing trends of ecommerce 2023 along with interesting facts about e commerce that will guide your business strategies.
In the past few years, we have witnessed the rapid rise of e-commerce marketplaces and their potential to become real disruptors in many industries. In particular, retailers who want to stay competitive and provide customers with great shopping experiences need to adapt and adopt these new technologies.
Today, more than 70% of internet users buy goods or services online. This means that eCommerce platforms are becoming increasingly important to both businesses and consumers. Therefore, if you want to keep up with the changing landscape, you need to start thinking about the future now, rather than waiting until 2023!
Do you know what are the 2023 eCommerce trends? Let’s dive into the details of each one of them:
The Top 8 Ecommerce Trends for 2023
Here's what you should know about some of the significant trends that are likely to influence eCommerce markets throughout the coming decade.
1. Magic of Augmented Reality in E Commerce
Potential buyers have always followed the fact of “Try before you buy” and when online shoppers try more, they buy more. Fitting rooms, automobile test drives, cosmetic samples, and many other related concepts testify to the effectiveness of this sales strategy.
Augmented Reality shopping experiences are one of the rising e-commerce future trends in the retail industry.
Using AR technology, customers can try on makeup, a wide range of home-related products, and clothing products without interacting with them directly.
Users don’t need to buy expensive equipment or any other costly product, as it is now possible to experience AR with almost any web browser. Customers can use their smartphone’s camera and enjoy shopping.
According to ABI Research, it is forecasted that by 2022 over 120,000 stores will be using Augmented Reality (AR) technologies and around 3% of e-commerce revenue will be generated using AR, offering a much richer buying experience (Prnewswire, 2018).
2. Voice Search - Next Big Thing In The Ecommerce
Voice Search Is Driving Growth in E-Retailing. A Voice search technology has changed our lives in numerous ways, including how we shop. A year ago, voice search was still in its nascent stage, but today, it’s grown considerably. Now, Google Assistant (the voice platform) and Amazon Alexa (the virtual assistant) work together to make sure that you can find what you need, and get it delivered to your door faster than ever before. In addition, voice search in ecommerce is estimated to integrate voice-based speakers into business, to hit the $3.5 billion mark by 2021. So if you haven’t yet adopted voice search for shopping, you may want to do it sooner rather than later.
3. Chatbots Are Must For Your Business
In the world of eCommerce, mCommerce, and Social Commerce, chatbots are playing a vital role in helping businesses in providing an unmatched customer experience and satisfaction. Make online shopping more convenient and efficient using eCommerce chatbots. The need for these AI-powered bots is predicted to increase in the future, as Chatbots have become a crucial part of business growth now. They believe in enhancing customer satisfaction and instant responses. Some of the Benefits of chatbot in ecommerce include 24/7 accessibility, helps in building customer relationship, cost-effectiveness, time-saving, and reduced errors.
4. Stay Ahead Of Your Competition With Headless Ecommerce
In 2023, offering intuitive, convenient, and meaningful shopping experiences across a range of digital touchpoints is mandatory. Are you missing this opportunity to offer your customers? Have you heard of headless e-commerce?
There are some advanced systems to make the user experience more efficient nowadays. Headless e-commerce is one of these ecommerce trends 2023. This system is an ecommerce approach that helps brands in testing and testing by better separating the front and back end of ecommerce experiences.
Headless E-Commerce involves the preparation of front-end elements called front-end and back-end items called back-end. So what are the terms front end and back end? At the back-end of an e-commerce website or application that works with the Headless Ecommerce system, there are management systems such as order (OMS) and customer (CRM). In addition, the content (CMS) functions of websites are also prepared on the back end. All of these functions provide the groundwork to build the basic parts of the site. The function of the term front end is similar to the function of a store window in a traditional trade concept.
Some of the Best Headless eCommerce Platforms are Adobe Commerce, Shopify Plus, Bigcommerce Enterprise, CommerceTools, SAP, and many more.
5. Importance of Sustainability in eCommerce
As consumers become more conscious of the environment, there is increased pressure on merchants to provide eco-friendly options. Many retailers are already doing this, but the industry is moving at a rapid pace toward sustainability. And in order to keep pace and support sustainability in ecommerce, businesses must evolve their business models and supply chains in order to stay relevant. They must reduce packaging waste, offer eco-friendly products, switch to greener shipping options, and much more.
One survey reveals that 50% of respondents wanted more sustainability in the fashion industry, and 75% of consumers wanted to witness minimal packaging.
6. Social Commerce - Future Of Marketing
Social commerce is becoming very popular these days. It simplifies the clutter created by traditional e-commerce platforms. In a simple way, a social commerce platform supports social interaction, and user contributions to assist online buying and selling of products and services.
Types of Social Commerce:-
- Marketplaces: A perfect example of this is Facebook, selling second-hand products posted by normal profiles, it doesn't have to be a business.
- Native ecommerce: Facebook shops or Instagram shops, work as an ecommerce within platforms.
- Live shopping: YouTube and Twitch, consist of selling products live.
- Filtered Lists: Pinterest, are lists of products recommended or filtered by influencers.
- Augmented Reality Shopping (AR): Snapchat, it's all about testing products through filters.
The business potential of social commerce is enormous, social media is getting more and more and these updates won't leave anyone indifferent. Have you ever shopped from any of these apps? Did you like the experience?
The global social commerce market size was $0.62 trillion in 2021 and is predicted to reach $7.03 trillion by 2030, representing a CAGR of 30.8% throughout the period of 2021-2030. - Strategic Market Research.
Read More: 8 Latest Social Commerce Trends For 2023
Read More: 12 Interesting Social Commerce Statistics In 2023 And Beyond
7. Mobile Commerce Establishing New Trends in 2023
Mobile commerce is one of the biggest ecommerce trends 2023 affecting the e-commerce world right now. M-commerce, or mobile commerce, is a form of online sales carried out via mobile devices, such as tablets and smartphones. And why is adhering to a mobile commerce strategy important for your business? According to the prediction report by Insider Intelligence, m-commerce volume to hit $620.97 billion, or 42.9% of ecommerce, in 2024. As phones continue to improve and increase in speed, shoppers will spend more time browsing products and less time waiting at checkout. This means that working with an m-commerce solution is a way to address current consumer behaviour, their needs, preferences, and expectations.
8. Personalization is a New eCommerce Trend
We believe that for eCommerce stores "personalization" is no longer a buzzword, it’s a must-have. But how does it work? Is it too complex? Is it relatable to the real world?
Personalization is a key element to increasing both revenue and customer base because it allows eCommerce stores to segment their consumers and target them accordingly across all channels.
According to some recent E-commerce stats, 45% of customers are more likely to shop in a personalized store - Whereas 56% of customers are more likely to return to a store that recommends products. It has been found that poor personalization led to the loss of $756 Billion to U.S. organizations.
The Top 5 Ecommerce Facts for 2022
- Global retail ecommerce sales are expected to reach $7.4 trillion in 2025 which amounted to approximately 4.9 trillion U.S. dollars worldwide in 2021. [ Statista]
- According to Nasdaq research, it's estimated that 95% of all purchases will be through eCommerce by the year 2040. [California Business Journal]
- 66% of global consumers said they are ready to invest more in sustainable products. [Good Carts]
- The survey found that most purchases were made on mobile phones (56%), desktops/laptops (28%), and tablets (16%). [Marketing Dive]
- 98% of consumers plan to make a purchase on social media in 2022 [Global News Wire]
The ecommerce industry is booming, and there are a lot of new things happening in ecommerce. Hopefully, these ecommerce trends and facts in 2022 helped you learn a little more about the eCommerce state and how technology and online retail are evolving in the future.
Looking for more eCommerce stats, and trends or want to learn more about building an ecommerce business? Make sure to read out our articles.
Other Useful Guide:- Top B2B Ecommerce Trends And Statistics For 2023
