eCommerce trends 2023 to look out for
Despite economic woes, supply shortages, increased advertising costs and customer acquisition, online shopping has grown at an astronomical rate.
This year we have seen a solid return to the physical store; although visits are not as frequent, basket size is up, showing that customers are more purposeful in their shopping behaviour. Worldwide e-commerce sales will increase from 5 trillion US dollars to over 8 trillion by 2026.
Online retailers must keep up with the growing number of trends popularized by COVID-19 while keeping an eye on consumers’ evolving needs and expectations.
eCommerce trends 2023:
1. Connected Customers
Many retailers talk about an omnichannel experience but deliver a multichannel service. The difference from a consumer perspective is a frictionless journey built around them as opposed to the latter (multichannel), which is essentially just multiple channels with which the customer can interact.
According to a Harvard study, which interviewed 46,000 customers, 73% of shoppers use multiple channels throughout their shopping journey. The frustration comes when a customer moves between channels and can’t see relevant or personal information.
Next year will see the growth of services that address this problem. This includes services such as the Wishlist, which provides an easy way for retailers to capture shopper details and preferences, in-store and online. Moreover, loyalty platforms such as Yotpo and AI-powered marketing tech, including Klaviyo, which allows brands to connect with customers and deliver personalised experiences, are expected to grow.
2. Seamless Technology
Fragmented custom technology that doesn’t provide the customers with a seamless journey and makes it difficult for retailers to scale experiences will be replaced with newer, shinier, more connected, and cheaper technology. For some time, tech players have had the advantage over retailers because there have been only a few players in the market. Much of the technology implemented in the last five years is slow, expensive, and challenging to integrate with other services. These platforms will either be redeveloped OR replaced as retailers focus on the experience and are presented with more excellent and enhanced choices from a technology point of view.
3. Social Commerce that converts
Social commerce is projected to reach $1.2 trillion in sales by 2025. 62% of this growth will come from millennials. With the younger generations of shoppers gravitating toward social apps, platforms are working on integrating live shopping within their strategies. Facebook’s first signs of slowing down and Twitter’s recent acquisition could mean disruption is coming, but it will arrive after 2023. Businesses will continue to invest in social; however, there will be a greater focus on conversions and the ROI of social and not just likes, follows, and shares.
4. Customers are your content creators
Trust is one of the essential elements when it comes to eCommerce conversions. The most powerful way to build trust is through user-generated content. Aligning with social media users who have sizable followings can authentically grow brand awareness. Although user-generated content is not a new concept, Tik Tok has taught us in the last couple of years that your customers are your biggest and best influencers. In fact, according to Tik Tok, UGC videos are 22% more effective than brand videos. 2023 will see more brands driving more “real content” generated by “real customers.”
Kelly Slessor, is an Ecommerce Coach and a digital marketing expert. Passionate about retail, hospitality and retail service providers. As the founder and CEO of Shop You, an AI powered personalised virtual shopping mall she has spent 20 years building retail technology that responds to customer needs, drives conversions and increases revenue. Over the past year she has worked with over 1000 retailers and hospitality providers. If you want discover more about digital growth and optimisation, work with me.