Are you curious about the latest trends in the world of ecommerce?
With the rapid pace of technological advancements and changes in consumer behavior, businesses need to stay on top of emerging trends.
From the explosion of mobile commerce and social shopping to the rise of voice assistants and virtual technology, there are a lot of exciting developments to watch out for.
In this blog post, we'll explore some of the latest ecommerce trends shaping the industry in 2023 and beyond.
Whether you're looking to launch your online store or seeking to stay ahead of the curve as a seasoned ecommerce professional, this post is for you.
So buckle up and get ready to dive into the exciting world of ecommerce trends!
With an estimated 12 million–24 million ecommerce sites worldwide, keeping up with the trends is essential if you do not want to fall behind the competition.
Moreover, with so many options available, shoppers are becoming extraordinarily picky and careful when selecting where they want to spend their hard-earned money.
Naturally, not all trends will be appropriate for you, so don't stress about adhering to them all.
What we now call "mobile shopping" or "mobile commerce" is the practice of consumers making online purchases using a mobile device.
In 2023, retail mcommerce sales are expected to account for 43.4% of total retail ecommerce sales, up from 41.8% in 2022.
If your business isn't ready for mobile commerce( lack of an ecommerce app or a mobile-friendly website) you could lose a lot of customers and have lower customer satisfaction ratings.
Keep in mind that only satisfied buyers make orders and leave positive feedback.
According to Statista, in 2021, nearly a third of US internet users made weekly transactions using a mobile device.
While in Q2 of 2022, 58.99% of online traffic was generated by mobile devices.
These numbers speak for themselves, but here is what you can do to improve your customers' satisfaction:
You should develop a mobile-friendly, fast-responding online store that lets customers shop from their phones.
In that spirit, to improve your service consider the following options:
✔️ Accept credit cards and mobile payments.
✔️ Install payments with Stripe, PayPal, Apple Pay, or Google Pay.
✔️ Include “one-tap” payments and “buy now - pay later.”
To allow customers to view all of your products regardless of the device they use to make a purchase, you need a responsive website.
Thus, setting your own website as a priority is another ecommerce trend.
There are several ways to encourage this behavior:
✔️ Optimize your search and filtering – If your search function is difficult or slow, visitors may leave.
✔️ Update your info – Consider size guides, images, and live chat to boost customer satisfaction.
✔️ Prioritize order processing and customer service – Shipping and sending purchases quickly is crucial because customers expect them right away.
✔️ Transparent, customer-focused return and exchange procedures are essential.
One of the best ways to grow an online store is to accept various payment types.
And as we mentioned in the previous chapter, the rise of ecommerce is leading to new, efficient payment options.
Why is this important?
Offering multiple payment options gives consumers more flexibility and reduces cart abandonment.
The more flexible payment options you have, the more satisfied customers you’ll gain.
Another thing to consider if you want to boost ecommerce sales and shorten the time it takes to get to the checkout is letting potential consumers save their payment information on your site.
You can do this with a wallet service, for example.
That's a good way to get rid of the unnecessary hassles that stand between a satisfied buyer and a completed transaction.
Online payment methods are evolving along with consumers' online buying habits and the growth of the global ecommerce market.
Here are some examples you can implement in your web app or online store:
Voice-based ecommerce, or voice commerce means using your voice to make a purchase.
This can be done with assistance of digital voice assistants or smart speakers such as Amazon's Alexa or Apple's Siri.
During the course of the pandemic, it is well-known that consumers shifted their spending habits.
This directly contributed to the expansion of voice shopping that we have nowadays.
For instance, the pandemic was a significant contributor to the global surge in smart speaker purchases, which increased by 69% during the pandemic compared to previous years.
As a result, consumers were increasingly turning away from brick-and-mortar stores in favor of more convenient digital alternatives like ecommerce, mcommerce, and social commerce.
According to Statista, smart device sales in the United States will nearly double from 47.3 million units in 2018 to almost 91 million in 2021.
So, it's safe to say that ecommerce businesses should embrace voice search and sales through voice purchases as a growing trend and popular option.
Adding voice search to your app or website means accessing a more extensive consumer base, which can eventually drive your bottom line.
Here are some examples of how you can use voice search for your ecommerce
platform:
When looking for goods via voice shopping, consumers typically use long-form speech or phrases rather than singular keywords, as is the standard for type searches.
Here is an example:
"spring 2023 women sneakers size 5" vs "sneakers"
Frequently asked questions (FAQ), blog posts, and product pages are popular areas for voice-activated queries.
Including those questions in your content maximizes your chances of matching with that consumer.
It stands to reason that consumers will use the same conversational tone they employ in their daily lives when conducting voice searches for products.
Because of that it is important to “speak their language”.
As time passes, AI will provide even more value to ecommerce businesses.
AI can help in many ways, including inventory management and customer support.
For example, when customers enter a store, they are usually greeted by a sales associate and may even use their services while purchasing.
Consider integrating chatbots into your ecommerce store to embody and fulfill this customer support role.
Let's say that customers need help finding the product they are looking for.
In that case, they will either contact your chatbot for help or look for the product elsewhere.
So, the chatbot assistant's job is to help customers stay on your website and finish the purchase.
But, chatbots can do more than answer questions. They can also automate the sales process, gather information about how customers act, and help customers post-purchase.
When we talk about "ethical ecommerce," we're referring to businesses that take action to address problems like marketing trickery, "greenwashing," and wasteful methods of doing business.
There is a growing need for ethical ecommerce options as more people become aware of how their purchasing decisions affect the world.
Ethical ecommerce encompasses three aspects:
For example, many customers will pay more for sustainable products with high-quality, environmentally friendly packaging.
The Economist Intelligence Unit reports that the number of people searching the internet for "sustainable products" has increased by 71% over the past five years.
Here are the things to consider:
Do your best to avoid misleading your customers by spreading false information about your products or by pushing harmful ones.
For example, don't say that your products come from responsible sources when they don't.
Any online retailer worth its salt will treat its employees with dignity and respect and sell only products that don't violate any moral or ethical norms.
Customers will have faith in an online store's morality if the store is transparent about its practices and delivers on what it promises.
Consider using a green icon or badge to draw attention to the eco-friendliness of the standard ground delivery choices, along with a pop-up explanation.
✔️ Promote in-store delivery as the greenest option for rushed buyers.
✔️ Order from the nearest store for home delivery to reduce carrier transport miles.
✔️ Grouping products promotes efficient shipping.
✔️ To increase larger shipments, allow customers to place bulk orders for restocking items and offer smaller items in packs or sets.
According to the EPA, containers, and packaging account for 28% of all household garbage.
Therefore, it is wise to cut down on unnecessary layers of plastic, where possible.
Ecommerce videos are highly engaging and provide more context and information to businesses than images ever could.
This fact makes them one of the top ecommerce trends in 2023.
According to a global consumer survey, 48% of respondents felt that video increased their confidence when purchasing.
At the same time, 70% of respondents said that when a video was made available, they better grasped the product.
Offering entertaining and educational videos is a great way to increase your brand's reach as consumers interact with and share your content.
Product videos are a great way to provide customers with in-depth information about your offer so they can better understand the features and benefits.
Not only are videos more engaging on social platforms than imagery, but they are driving more consumers to your website.
They also help reduce bounce rates because consumers are more likely to view the entire video than read a web page from start to finish.
In summary, using high-quality, informative, and entertaining videos will result in higher conversion rates and increased company loyalty.
This trend will continue to grow in the future of ecommerce as more social media platforms adopt and highlight video content.
If you want your ecommerce business to grow, social commerce should be a regular part of your marketing job.
For example, think about how people can buy things on Instagram: they can look through the platform's content and then click to see the goods that are advertising.
They are then directed to the Instagram "Shop," where they can complete the purchase process.
Social commerce encompasses everything web-based and mobile ecommerce apps do, but only on consumers' preferred social media platforms.
Additionally, social commerce can also boost brand awareness among new target audiences or maintain familiarity with existing customers on social media, where they spend a lot of time.
Here are the top benefits of social commerce:
Social commerce mimics the conversational aspect of shopping by allowing customers to communicate with others about their purchasing choices.
Previously, consumers would view goods on a social media platform and then click through to the website to review the product.
Social commerce shortens the time between watching and checking out, reducing cart abandonment.
Users continuously share, react to, and comment on posts, giving businesses valuable data and increasing reach and engagement.
Another advantage of social commerce is that you can easily segment target audiences, so you only target products to a specific niche.
Bringing your products directly to your target audience is one way to boost sales.
They can't stop thinking about your company, and now buying from you is much more convenient thanks to your ecommerce expansion.
Some of the most notable ecommerce trends to watch out for in the coming years include:
In addition, ecommerce businesses will need to focus on sustainability, ethical practices, and transparency to meet socially-conscious consumers' demands.
Lastly, it is more important than ever for businesses to invest in their digital presence and make shopping as easy as possible.
As ecommerce continues to become more integrated into our daily lives, businesses must stay ahead of the curve by leveraging these trends to enhance their online shopping experiences.
As an online retailer, you want to meet customer expectations, increase sales and revenue, and stay competitive in a crowded marketplace.
Myos provides 2 types of asset-based financing to keep your business thriving:
1. Purchase financing allows you to finance future orders. Never run out of cash while we take care of the deposit and balance payments for you.
2. Stock financing allows you to get growth capital to invest in new stock or marketing. Use your existing inventory as collateral to fuel your store's growth.
✔️ Assets only as collateral.
✔️ No personal guarantees.
✔️ Funding amount from €10,000-2,5,000,000.
✔️ Fast application process and approval within 48-72 hours.
✔️ Flexible repayment terms up to 24 months.
The following conditions must be met in order to receive financial support from Myos:
✔️ Your business is based in one of these five countries: Germany, Austria, Cyprus, Estonia, or the UK (UK).
✔️ Your ecommerce business is operational for at least 6 months.
✔️ It has been at least 50 days since your company began selling products.
Sign up with Myos today, send a free quote and make your ecommerce business become a new trend!
Some of the most recent ecommerce trends include social commerce, the rise of mobile commerce, responsible purchasing, and AI usage.
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