Prepare Yourself for 2023
It’s hard to believe, but we are already halfway through the year! In just a few months, it will be 2023. So what does the future of ecommerce look like? What trends will dominate online shopping in the next few years? Here is our prediction for the top 5 ecommerce trends for 2023!
What are the top 5 ecommerce trends for 2023?
In just a few years, ecommerce will continue to evolve at a rapid pace. So what can we expect in 2023? Here are our top five predictions:
1) Mobile commerce will continue to grow at an unprecedented rate
2) Social media platforms will play a bigger role in ecommerce since internet connection is more accessible
3) Artificial intelligence will become increasingly important for running your business store
4) Personalization will be key to success for online store
5) Omnichannel will become the norm
How will these trends impact Global Retail Ecommerce Sales and Consumers Alike?
1) Mobile commerce
Mobile commerce, or m-commerce, is the online shopping and selling of goods and services through wireless handheld devices such as smartphones and tablets. Mobile commerce is having a rapid growth in recent years, as more and more people are using their mobile devices to have mobile shopping.
By 2023, mobile commerce sales are expected to account for 55% of global retail ecommerce sales! This means that your online store needs to focus on creating a great mobile experience like providing great online services for mobile device users. Therefore, your online store might need to shift its attention from desktop computers to wireless devices.
Consumers will benefit from being able to conduct online shopping on your online store and make purchases with their mobile devices. Mobile commerce is convenient and easy to use, which is why it is becoming so popular.
What should an online business do regarding this trend?
a. Make sure your website is mobile-friendly
First, businesses should focus on creating a great user experience for their mobile device users. Thus, all businesses should make sure their website is mobile-friendly. This means that the website should be responsive and easy to use on a mobile device.
b. Invest in a mobile app
Another way to take advantage of this trend is to invest in a mobile app. This can provide a great user experience for the customers of your online store and make it easy for them to conduct online shopping on their mobile devices.
c. Use mobile payment methods
Third, electronic commerce businesses should start using mobile payment methods such as Google Pay, Apple Pay, and Samsung Pay. This will make it easier for customers to make purchases and will reduce fraud.
d. Use mobile marketing to reach consumers
Finally, electronic commerce businesses should use mobile marketing to reach consumers. This includes things like SMS marketing, push notifications, and in-app advertising.
2) Social media platforms
Social media sites will be playing an increasingly important role in ecommerce. In 2023, social media is expected to generate $30.73 billion in sales, accounting for 20% of the global retail ecommerce sales!
The trend of social media is being driven by the popularity of social media platforms like Instagram and Snapchat.
Social media sites are a great way to reach potential customers and promote your products or services. In addition, many social media platforms can be used to create a community around your brand.
As an online retailer, this will benefit your electronic commerce business by giving them another way to reach potential customers. Consumers will benefit from being able to connect with brands and learn about new products or services.
What should an online business do regarding this trend?
a. Use social media to reach consumers
First, businesses should use social media to reach consumers. This can be done through things like ads, influencer marketing, user-generated content, and content marketing. Influencers can help promote your products and reach a wider audience.
b. Use social media sites to drive traffic to your website
Second, businesses should use social media to drive traffic to their website. This can be done by sharing links to your website on social media platforms. For more tips, please click here.
c. Use social media to build relationships with customers
Third, businesses should use social media to build relationships with their customers, allowing instant online interactions. Businesses can respond to comments and messages, and provide customer service on social media.
d. Use social commerce platforms
Finally, businesses should use social commerce platforms to sell their products. This includes platforms like Instagram, Amazon Live, and Facebook. Businesses can then showcase their products and generate sales.
3) Artificial intelligence (AI)
Artificial intelligence is expected to have a big impact on ecommerce in 2023. AI will be used for things like personalization, customer service, and fraud prevention.
This trend will benefit businesses by helping them improve their customer experience. Consumers will benefit from being able to get help from chatbots and getting personalized recommendations.
What should an online business do regarding this trend?
a. Use AI for personalization
First, businesses should use AI for personalization. This can be done by using platforms like Amazon Personalize and Google Cloud Prediction API. These platforms will help you customize your product recommendations and create a personalized experience for your customers.
b. Use AI for customer service
Second, businesses should use AI for customer service. This can be done by using chatbots on your website or social media platforms. Chatbots can answer customer questions and provide support with their purchase. To know more details, please read our previous blog.
c. Use AI for fraud prevention
Third, your online store should use AI for fraud prevention. This can be done by using platforms like Amazon Fraud Detector and Stripe Radar. These platforms will help you detect and prevent fraud.
4) Personalization
Personalization is expected to be a big trend in 2023. This trend is being driven by the popularity of platforms like Amazon and Netflix.
Businesses will be benefited from this trend by being able to create a more personalized experience for their customers. Meanwhile, consumers will benefit from getting recommendations that are tailored to their interests.
What should an online business do regarding this trend?
a. Use personalization platforms
First, businesses should use personalization platforms. These platforms include Amazon Personalize and Google Cloud Prediction API. They can help you customize your product recommendations and create a personalized experience for your customers.
b. Use customer data
Second, businesses should use customer data to personalize their experience. Businesses shall use customer data to create customer profiles. These profiles can then be used to make recommendations and customize the experience for each customer.
c. Use AI for personalization
Third, as mentioned before, businesses can use AI for personalization. They can help you customize your product recommendations and provide personalized content to your customers.
5) Omnichannel
Omnichannel is expected to be a big trend in 2023. This trend is being driven by the popularity of platforms like Amazon and Walmart.
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.
Businesses will benefit from this trend by being able to reach their customers through multiple channels. Consumers will benefit from being able to shop in different channels, including mobile devices.
What should an online business do regarding this trend?
a. Use multiple channels
First, businesses should use multiple channels to reach their customers. This includes online, in-store, and phone interactions.
b. Use omnichannel platforms
Second, businesses should use at least one online marketplace with omnichannel, like Amazon and Walmart, to reach their customers through multiple channels.
What challenges will ecommerce face in the next few years?”
The ecommerce landscape is constantly changing, and it can be difficult for businesses to keep up with the latest trends. However, by using the new technologies and staying up-to-date on industry news, businesses can stay ahead of the curve.
Some of the challenges that ecommerce businesses may face in the next few years include:
-The continued rise of Amazon and other large ecommerce platforms.
-The increasing importance of personalization and customer experience.
-The need for omnichannel strategies.
-The challenge of fraud prevention.
Fortunately, there are tools and resources available to help businesses overcome these challenges. By using the right tools and staying up-to-date on industry news, businesses can stay ahead of the curve.
Conclusion
Ecommerce businesses should stay up-to-date on the latest trends in order to be successful. Some of the big trends for 2023 include AI, personalization, and omnichannel. By using the right tools and staying up-to-date on industry news, businesses can stay ahead of the curve and overcome challenges.