Last Updated on: 17th January 2023, 11:41 am
E-commerce Trends: 2023 is here, and we have already witnessed some radical changes in e-commerce.
Mobile users are increasing every day; thus, product customization picks up the pace, and competition is higher than ever.
Here are the top 5 e-commerce Trends that are Going to stay in this year. A few of these trends are also going to remain in the current year. At the same time, some will disappear and be replaced by new ones.
In this blog, we will discuss the e-commerce trends that will hit this year and some that have been here and ain’t going to go anytime soon.
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01. E-commerce via AR and VR:
According to Statista, the augmented and virtual reality market size worldwide is projected to reach 72.8 billion US dollars by 2024.
Although, we already have a business that is providing radical user experiences through AR and VR.
Besides, businesses are using new technology to create new customer experiences. Moreover, we would like to see what else it could do.
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AR and VR will welcome e-commerce with arms wide open.
The increasing customer base will open up many business opportunities, and we believe e-commerce will step in.
Customers can get a 3D view of the product they are going to buy.
They can check if particular furniture will fit in the space or not.
They can compare products in real-time. Its application is vast if employed the right way. It is going to revolutionize the shopping experience of customers and the way e-commerce does business.
02. Increase in Mobile Purchase:
We have already witnessed how online usage shifted from desktop computers to mobile devices. Today accounts for more than half of all web traffic and growing. 49% of consumers use smartphones for shopping globally.
But, it’s a surprise that mobile devices still didn’t cut when it comes to online shopping.
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Online shoppers still prefer desktops over mobile devices for shopping because of the lousy mobile shopping experience.
However, businesses are doing their best to offer the best shopping experience on mobile.
In the previous year, nearly €230 was garnered from online transactions.
It was found that although mobile devices accounted for nearly 60% of all sessions, their revenue generation was only 40% of the share.
From this, it can be concluded that mobile shopping picks up the pace and will continue to grow.
03. The Future is in Subscription-Based Services:
Subscription-based services have proved that they can be useful both for customers and businesses. Just like Amazon did it with Amazon Prime.
It offers flexibility to users and garners recurring sales for businesses. In 2019 the subscription-based services accounted for over $157 billion. According to the latest market research conducted by Technavio, global subscription-based services are expected to reach USD 9.15 billion by 2024.
Not just services, products, too, can be sold on a subscription basis. The Dollar Shave Club garnered $615 million in only five years by selling razors on a subscription basis.
04. Personalized shopping experience:
The personalized shopping experience is already a real thing now. However, it’s going to be significant in the coming year.
Personalization makes customers feel special and improves their shopping experience.
The idea is to cater to customers with products and services that are more interested in it.
Create personalized shopping by tracking customers browsing habits and previous shopping experience.
Amazon did its best by recommending products similar to what they bought before. In the coming years, we are going to see more of this.
E-commerce businesses will cater more to the customer by predicting their interest. One platform will act differently for different customers.
05. The surge in Product Customization:
With advancing technology, product customization has become more accessible and more straightforward.
Consumers today want customized products for everything from gifts to shoes and also for makeup items and furniture.
Personalized products give a sense of ownership to customers because customers create their products.
It also adds value to the products. Therefore, customers will most likely pay more for the customized product.
- Landing pages with videos also improve CRO by more than 85%.
- A 1-second delay in page load can reduce conversion by up to 7%.
- Nearly 50% of marketers build a new landing page for each campaign.
- Companies with 40+ landing pages get 12 times more leads than companies having up to 5 landing pages.
- Mobile commerce made up over 60% of total sales in 2020. Moreover, it is expected to increase by 22.3 percent to $3.56 trillion in 2023.
- According to Mordor Intelligence, global mobile commerce sales have reached nearly USD 1351.8 billion by 2025.
- 8 out of 10 Americans shop online, with over 50% of consumers having purchased something through their mobile phones.
- According to Juniper Research, It is estimated that by 2024, more than 8.4 billion devices will have virtual voice assistants installed in them.
- As per CISION PR Newswire, the mobile payments market to reach $3.6 Trillion by 2024.
- If the e-commerce site took more than 3 seconds to load, 40% of mobile users would quit.
- Nearly 60% of cart abandonment is related to costs such as tales, shipping charges, etc.
- E-commerce websites can increase conversion rates by over 35% by simplifying their checkout design.
- Nearly 35% of sales are lost when websites ask to create an account before making a purchase.
- Shoppers are 70% more likely to convert if the e-commerce website employs retargeted display ads.
- Over 50% of online customers say they would reconsider buying their abandoned cart if offered a lower price.
- More than 70% of millennials say that they don’t mind retargeting.
- Over 50% of buyers say that testimonials and reviews influence their purchasing decision.
It is estimated that product videos can increase conversion by as much as over 140%
- Videos can increase traffic by over 150%
- Over 40% of internet users want to see video content.
- Over 90% of online buyers say that visuals, such as videos, influence their purchasing decisions.
- Nearly 50% of online shoppers search for videos of the product before purchasing it online or in the store.
- Over 80% of all social media purchases come from Facebook.
- Brands with social media presence get over 30% more sales.
- Over 80% of Americans review a brand’s social media profile before purchasing the brand.
- Finally, the average order value from Facebook is $55, and from Instagram is $65.
E-commerce Trends for Upcoming Years:
- Retail will continue to diminish, or it will evolve with omnichannel commerce.
- Consumers’ preference for e-commerce will ignite retail innovation.
- Chatbots will become standard in e-commerce stores.
- There will be a surge in Direct-to-Customer sales.
- E-commerce exclusive brands will have their retail stores.
- Smart voice assistants and other personal assistant systems will profoundly affect e-commerce searches.
- Machine learning and AI will make e-commerce better and accurate for both business owners and online consumers.
- Analytics platforms will evolve.
- Mobile payments will increase significantly.
- Brands may unite to create more significant marketplaces.
- There will be more subscription-based e-commerce models.
- There will be a boost in product personalization in the future.
- Online brands will be creative with their sales and social media sharing like Instagram stories and Facebook.
- Moreover, Snapchat Collection Ads could be a center of RnD by companies.
Essential Focus on E-commerce Trends by Companies
- Personalized experience
- Multi-shipping channels
- Accepting cryptocurrencies
- Same-day delivery
- Monthly subscription models
- Customer support automation
- In-app mobile e-commerce
- Finally, video usage increases.
Ecommerce is on a steady rise. You need to the extra mile for your clients and app users to meet their fast-changing needs.
Adopting a new marketing strategy can be successful if it suits the demography you are trying to reach. Gather much information about the target audience, their likes, and dislikes.
If you want to implement a new workflow or sales funnel, I found clicks funnels to be the most effective. It has successfully worked for 156,674 entrepreneurs.
Moreover, if you don’t want to adopt a trend, do your research and consider if it makes sense for your business.