In the digital world, nearly every retail market has myriad options to consider to succeed online year over year. With a consistent increase in online shopping, eCommerce may very well witness its strongest year ever in 2023. To help you and your business maximize the value of your online presence, here are the top eCommerce trends of 2023:
Increased Use of Artificial Intelligence and Machine Learning
As technology becomes more accessible, we can expect to see more eCommerce businesses using artificial intelligence (AI) and machine learning to personalize their customers’ shopping experiences. This includes personalized product recommendations, automated customer service chatbots, and real-time price adjustments based on user behavior. Check out our article on the passwordless future.
The Continued Growth of Mobile Commerce
The trend toward shopping on mobile devices will be a mainstay in 2023. In fact, it’s estimated that mobile commerce will account for nearly 72% of all eCommerce sales by the end of this year. To stay competitive, eCommerce businesses will need to ensure that their websites and apps are optimized for mobile devices.
The Rise of Voice Commerce
With the increasing popularity of smart speakers like Amazon Echo and Google Home, we can expect to see more people using voice commands to shop online. This means that eCommerce businesses should consider configuring their websites and products for voice search in order to be found by consumers.
The Rise in Chatbots
Online shoppers are increasingly interacting with chatbots, and Insider Intelligence forecasts that consumer retail spending through chatbots will reach $142 billion by 2024. This represents a significant increase from approximately $3 billion in 2019. As consumers now expect to have access to customer support 24/7, implementing a chatbot that can respond to customer inquiries can be a valuable investment for eCommerce companies looking to stay current. Read more about chatbots here.
Social Media Commerce
Social media platforms like Instagram and Facebook are increasingly becoming important channels for eCommerce businesses to reach their customers. It’s forecasted that a greater number of businesses will utilize social media to sell their products directly to consumers through methods such as shoppable posts and Instagram Checkout. Here are some social media updates to catch up on.
Increased Focus on Sustainability
More recently, sustainability has become a chief issue for consumers, and eCommerce businesses are starting to take notice. In 2023, we can expect to see more businesses offering eco-friendly products, using sustainable packaging materials, and implementing other sustainable practices in order to appeal to socially-conscious consumers. Read here on how to create a more sustainable workplace.
The Rise of Subscription-Based Models
Subscription-based models, where customers pay a recurring fee to receive regular shipments of products, are becoming increasingly popular in the eCommerce space. More businesses are expected to offer subscription options to foster customer loyalty and generate recurring revenue. James Weiss, Big Drop’s Senior Director, stated the following:
Will 2023 be the year of the subscription? It’s hard to say exactly, but the digital landscapes for both businesses and consumers seem to really like this concept. Perhaps the most intriguing part about this is that its application is relatively industry-agnostic and won’t exclude any business from being able to structure its own version of the model. And, because brands and companies are working harder than ever before to capture as much market share as possible, they are allowing (possibly enabling) consumers to be the creatures of habit that they are. With the prospect of the customer lifecycle elongated in perpetuity, we can almost guarantee that the subscription will continue to realize more success in this new year.”
Increased Use of Virtual and Augmented Reality
Separately from Artificial Intelligence and Machine Learning, Virtual, and Augmented, reality technology is becoming more widely accepted among eCommerce businesses, with many starting to explore ways to use it to enhance the shopping experience. It’s anticipated that a greater number of retail businesses will utilize virtual try-on tools, virtual reality product demonstrations, and other AR/VR technologies to attract customers and increase sales. Read more on VR and AR here.
In Conclusion…
Overall, the eCommerce landscape is constantly evolving and there are many exciting trends to keep an eye on in 2023. Whether you’re looking to stay ahead of the competition or looking for the best shopping experiences, keep these top-of-mind in order to make the most of what eCommerce trends of 2023 will have to offer. Contact our web design agency based in New York today to help maximize your online presence.