06 Jan Popular E-commerce Trends for 2023
The new year presents a new opportunity for reinvention. We’re writing this article to present some of the most popular trends to watch out for in the new year, as well as to prepare businesses who are looking to take their operations online. With the pandemic pushing e-commerce trends to new heights over the past three years, it is only wise that companies look at incorporating digitization into their developmental calendars. But just how much has e-commerce jumped to the mainstream?
It is forecasted that e-commerce sales will continue to reach $8 trillion dollars in evaluation by the year 2026. As of today, millions of consumers choose to shop online than physical retail stores; moreover, the number is only expected to grow, thereby driving the digital movement forward even more.
What is e-commerce?
E-commerce is simply defined as the sale and trade of goods / services online. In contrast to a brick and mortar store, the reach and effectivity of a sales transaction is extended significantly when a business chooses to run an online operation.
There are two different types of e-commerce transactions: B2B or business-to-business and B2C or business-to-consumer. The exchanges can be by way of products, information, or services.
Both are equally popular today, all thanks to businesses like Amazon and eBay paving the way for the industry. These two conglomerates started the trend well over two decades ago, long before the current state of the internet has achieved its stability. The results speak for themselves, however: in 2011 e-commerce accounted for 5% of retail sales worldwide. By 2020, it has gone up to 16% and only expected to go up. A 2018 report from Forrester predicts that e-commerce sales will reach $1.8 trillion dollars in the United States alone.
2023 E-commerce trends to watch out for
The Omnichannel Revolution
What is an omnichannel? An omnichannel is an approach to unifying all customer service channels in one place. This allows your team to compile all the necessary conversations to make one cohesive story. The benefits of this also goes beyond simplifying customer interactions for your team, but also for helping build a better and clearer customer journey.
E-commerce in the year 2023 looks a lot different than it did 3 years ago. The trends we have now call for a different customer experience, one that’s based on a more social aspect — something more personable and personalized.
A CRM platform allows your team to be constantly and instantly reachable. Moreover, it serves as a central hub where important customer data profiles can be stored. By having this information handy, it allows your business to manage customer relationships better and to anticipate their needs for the future.
Growth of social commerce
Social commerce is when sellers use social media platforms like Facebook, Instagram, and Youtube (to name a few) to sell their wares. The projection comes from the fact that the average person apparently spent “two and a half hours daily on social media in 2022.”
On the premise that a business maintains an active social media presence and has the right e-commerce setup, the earning potential is high. Social commerce is what happens when you incorporate e-commerce with the right digital marketing initiatives. Not only does it improve your overall sales, but it also widens your brand audience and marketing reach.
In 2022, social media advertising grew to be the 2nd biggest market for digital spending. This only goes to show that businesses have seen the pros of social commerce, which is why social media presence is very important for every business.
Mobile commerce takes center stage
Another development of the past decade is the rise of mobile phone usage. From 2016 to 2022, the number of smartphone users worldwide grew at a rate of 10.4% annually. It is expected that by 2023, the number of users will reach a whopping 6.8 billion. That number is striking when you consider that as of 2022, there are only 8 billion people on Earth. Well over 80 percent of the world are on a smartphone!
What this entails is an e-commerce potential like no other; in the second quarter of 2022, 58.99% of internet traffic stems from mobile devices. These users use their smartphones for purchases, payments, in-app purchases, and almost all of their financial transactions.
From a business’ standpoint, this posits a huge market that is simply waiting to be sold something.
Sustainability is key
Green commerce is definitely on the rise. It is defined as the practice of selling products or services that use methods that leave the least carbon footprint, are vital for the health of the planet, and generally make the consumer feel good about themselves.
Out of all the e-commerce trends of the coming year, this one is the most personal. The modern consumer is more conscientious with their purchases, so ensuring that your operations run on green methods goes to show that you actually care more than the other.
Why you need to keep up with e-commerce trends
Whether you’re in the business of customer service or just looking to jumpstart your digital presence, having an idea of what’s popular in the e-commerce sphere is always a good thing. It allows you to anticipate problems before they come knocking, and also ensures that you take the necessary steps to succeed.