The Future of Magento: E-commerce Platform in 2023

Over the years, Magento has become one of the leading eCommerce platforms, widely used by eCommerce retailers irrespective of the size of their business. In 2018, it was bought by Adobe, and over the years, new features, extensions, and plug-ins have been added to facilitate better usability. It is expected the rise of Magento will continue in the post-COVID-19 scenario where many retailers are moving away from the traditional operation to the online shopping experience.

But the question remains, is Magento equipped to continue to be one of the dominant players in the market. It has already lost its position to Shopify due to security concerns. Will it be able to mitigate the risks and assure its users that it is future-ready?

Before we go into the scope, Magento has as an eCommerce platform of 2023. We need to realize it is a platform used by several well-known brands. The reason is the massive features it has to make users’ websites outstanding, Magento has a bright future as an eCommerce platform. As per storeleads.app, there are 17,086 homes and garden product sellers, 16,880 apparel stores, and many other store owners using Magento. In fact, there are 12.2% of store owners use Magneto in the United States. Talking about the future of Magento as an eCommerce platform in 2023, let’s understand Magento by considering the below-mentioned platforms.

• Christian Louboutin 
• Coca-Cola
• Ford
• Fox Connect 
• Lenovo
• Nike
• Nestle Nespresso 
• Olympus
• Rebecca Minkoff
• Samsung 
• Vizio
• Warby Parker

The answer is simple, they all use Magento as their eCommerce platform. But not only are these big international companies currently using Magento as their platform, but  250,000 active online retailers are also using it. 

If you ask the reason for Magento's growth, the answer is that it is easy to use and comes with a host of default features that cater to eCommerce. In addition, Magento is an open-source platform that offers a large community that allows users and developers to get quick support for any issues on the site. 

In this article, we will look into the future of Magento in 2023, along with a few other factors that make it a successful eCommerce platform. 

What is the Future of Magento?

Let's look into the future of Magento eCommerce solutions. After facing quite a few challenges from the rivals, eCommerce platform is ready to take the market by storm. However, it took the challenges in stride and used them to reform and innovate the platform for better performance. As a result, it has garnered more interest among its customers for B2B and B2C businesses. 

Some of the new aspects that the future of Magento will look like are:

⦁ Artificial Intelligence

It's been years now that artificial intelligence (AI) has gone beyond science fiction or a novelty item. AI is now part of everyday life across almost every industry and sector. Magento refuses to let go of AI's benefits; hence, it is implementing the technology for various features. 

⦁ Getting The Targeted Leads

Magento already has a powerful built-in feature. Now it is using AI to help the platform users understand and analyse customers' behaviour. The technology is used to identify the time the customers spend on a product and the website. It is also used t analyse their purchase history to create a customized recommendation of products for the customers. It can also be used to offer discounts on the products that are often searched for or purchased by customers to increase brand loyalty. 

⦁ Personalized Chatbots 

AI is now used by Magento and developed further to offer a seamless response to customers with chatbots. The technology can help the service provider or retailer immediately reply to the customers, thus, becoming critical in enhancing the customer experience. In addition, the procedure will help in decreasing the customer churn for the late response. It also frees the customer care staff to deal with more complex issues than regular queries. 

Also Read:- Benefits Of Chatbots In ECommerce Store

⦁ Smart Search 

In most cases, search bars only yield the right results when the customer keys in the right words and spelling. However, in many cases, the search results shown are irrelevant or not as expected by the customers because of spelling errors or other wrong keywords. Magento is addressing the issue with AI-backed predictive search capability and voice search in eCommerce. It will look into the search context rather than exact keyword matches to offer relevant search results. 

⦁ PWA (Progressive Web App)

After Adobe bought Magento, it opened up a whole new level of experience for the platform users. The Adobe cloud enables the platform to use state-of-the-art technologies for developing the best PWA. The architecture also allows the designers to better the future of Magento in 2023 with enhanced customer experience. 

The PWA developed on Magento are secured, responsive, fast, and cross-browser compatible. Moreover, the PWA websites can function efficiently online and offline without a hitch. Furthermore, it gives the feel of a native app when used on mobile devices, thus offering the retailers to provide their customers an app-like experience for the online stores. 

The entire development has helped revolutionize the Magento experience, improving the revenue of a business, and is expected to perform better in the coming years. 

Also Read: A Short Guide On Magento 2 PWA And Integrating It In Magento 2

⦁ Advance PIM (Product Information Management)

PIM has become the core system in Magento to ensure all the issues related to monitoring product information are managed seamlessly. This is because any business aims to grow. But with that growth, the requirement and management of stock, prices, product descriptions, and labels become a difficult job. Mainly when it has to be done manually, there is also the chance of making mistakes along with the time and expenses spent organizing the product information. 

PIM enables the retailer to store and manage all this product information. The tool has been developed to collect product data and update and monitor the data from different marketing channels and sales. 

Since PIM integrates seamlessly with most eCommerce platforms, suppliers, CRM systems, business intelligence, ERP Software, and customer database, it warrants the availability of the latest product information across the entire eCommerce platform. It is one of the best developments in Magento that allows any eCommerce business to manage a product catalog and constantly change its marketing message. 

⦁ Headless eCommerce 

The trend of headless eCommerce in Magento started in 2021 and is expected to be the trend in 2023. It became a popular Magento trend, allowing the retailer to have a separate back-end and front-end application. The headless architecture gives the developer of Magento the freedom to build the eCommerce site with the extensions they want. It is now considered one of the best headless eCommerce platforms that offer a better-customized opportunity. 

These features of Magento have made it one of the best open-source eCommerce platforms in 2023. It has also helped Magento close the gap between Shopify and WooCommerce because of the customization it offers. 

Let's look into how Magento fares in the market. 

Magento Statistics 2022

The best way to understand the position of Magento in the market is by understanding Magento's market share. In 2021 Magento was reported to have a 2.32 percent market share, which has now improved to 8 percent.

Added to this, Magento handles $155 billion in transactions every year. Other statistics revealed merchants using the Magento platform grows three times faster on an average compared to other eCommerce platforms.  

Based on these statistics, it is easy to say that Magento impacts the eCommerce world. 

Impact of Magento

In 2018 Adobe acquired Magento and opened a gateway for significant improvement for the platform. As a result, it has been reported that an eCommerce platform offers a 10 to 80 percent revenue boost with the help of improved scalability, enhanced features, better shopping experience, and flexibility that it provides to developers and designers. 

One of the critical areas that got improved after Adobe bought Magento was the Commerce Integration Framework (CIF) introduction. It also allows the platform to support a range of complex business scenarios. As a result, it enables the content makers to offer better strategies while managing the user experience. 

But all cannot be said to be going for Magento. Concerns about the platform have pushed it down to third place. 

Issues of Magento

Paid Platform

There is Magento Open Source, free for all, but only offers some basic features. On the other hand, the Magento Commerce Edition is a paid product that provides customization and integration with third-party products. Then there is Magento Commerce Cloud, which is once again a paid service. 

Competitive Market

The increase in competition and people moving to other platforms due to easier implementation can become a concern in this competitive marketplace. 

Security

Another issue that Magento has faced is the lack of robust security features. Many Magento retailers are concerned with the issue, which must be fixed. In 2020 about 2,000 online stores built on the Magento platform were attacked by hackers. The intention was to steal credit cards and other details of the customers. The attacks on Magento by the hackers are known as MageCart. Though Adobe has increased its security patches over different releases and enhanced them with the Magento 2 version, it is still a concern for many. The fast and easy launch of eCommerce websites on Magento allows hackers to install JavaScript scripts to get and steal card information.

Success of Magento

Despite all these concerns, Magento has been a success story and keeps improving with time. As a result, the Magento Market Share looks good. The eCommerce retailers who use or intend to use the platform for their online store will benefit immensely because of the adequate customization capacity, flexible environment, high performance, user-friendly features, and enhanced customer experience. 

Magento Upcoming Releases

Since the time Adobe bought Magento, they have been working continually to update the product. Part of the process of improving the features and overall functionality of Magento includes new updates and releases that focus on functional and security patches for both Magento Open Source and Adobe Commerce. 

It offers three different types of releases:

Patch Releases: It updates the core of the Magento Open Source and Adobe Commerce applications. The updates include compliance, security, performance, and other high-priority fixes. 

Security Releases: The release looks after updating the application’s security and maintaining compliance for the merchants. 

Feature Releases: It delivers independent services from any other patch releases where new and updated features are offered to the users. 

In 2022 there have been updates and releases of feature, patch, and security patching with the versions magento 2.4.4, 2.4.3-p2, and 2.3.7-p3. 

The next releases for the year are as follows:

• June 21, 2022 – Feature release 
• August 9, 2022 - Feature, patch release, and security patch release version 2.4.5, 2.4.4-p1, 2.4.3-p3, 2.3.7-p4.
• October 11, 2022 – Feature + Security patch release version 2.4.5-p1

The Final Words!

The market is highly competitive and requires one to make the best choice. The platform chosen should be suitable with all the requirements. And, if in case But to ensure you get the best services and output from the Magento platform, it is better to hire dedicated Magento developers from MageAnts.