In this day and age, eCommerce is rapidly becoming a normal aspect of everyday life. As consumers, we can buy pretty much anything online now, from products like furniture and groceries to the naming rights of someone’s newborn child. A vast array of services, too, can be acquired online – from bookkeeping all the way to hiring your very own robot chef. This makes for a saturated, highly competitive area. We have some eCommerce trends you need to know for 2023 with the crowded field.
Everyone from solopreneurs to big corporations is rushing online. Now, new technologies are entering the scene, leading to shifts in user behavior. Groundbreaking change is happening. And it’s happening quickly on so many different levels. Golden opportunities lay in the middle of all the chaos and confusion. So, when it comes to getting ahead, solidifying your knowledge about the future of eCommerce is the best place to start. Here are a couple of things you need to know and prepare for as the year progresses.
Upcoming eCommerce Trends
eCommerce Is Growing And Will Continue To Do So
More than half of the world’s population is online. This – combined with increased online access provided by mobile devices – plays a huge part in the recent exponential growth of the eCommerce market. And because easy access is increasing and consumers are getting accustomed to higher levels of convenience, the eCommerce train will not be slowing down anytime soon.
The Asian Markets, In Particular, Will See A Lot Of Revenue Growth
International markets are projected to break new ground in sales revenue. China, in particular, is expected to overtake the United States when it comes to the global market share. Up-and-coming markets like India and Indonesia are set to break their own records in terms of annual growth. And across all of this, the market penetration of mobile commerce is poised to expand further.
eCommerce Shops Are Crossing Borders
As I mentioned, other markets halfway around the world are set for growth. Luckily, consumers are also displaying a willingness to transact with shops from the other side of the globe. E-retailers looking to market overseas will have opportunities to do so, but they’ll have a lot of things to consider when it comes to selling successfully on an international scale. Everything’s different. Which goods sell well vary across regions. Marketing messages will not translate in the same way across differing cultural beliefs and language barriers. Then, on the technical side, the business itself and the technologies it employs need to scale up as well.
New Technologies Are On The Horizon
Formerly sci-fi, futuristic tech now exists in the present. While full adoption might take another minute, we’re already seeing applications in everything from customer service to lead generation. Augmented reality is changing the rules of engagement, for example. The rise of artificial intelligence, on the other hand, is completely revolutionizing customer-to-business interactions in the form of chatbots. We now have AI that interprets and predicts user behavior through machine learning.
Learn More About New Digital Technologies Like Machine Learning
The Omnichannel Presence Will Play A Pivotal Role
As we’ve mentioned, consumers are becoming more comfortable. But it’s not just mobile commerce and online stores that benefit. A study shows that overall, people are transacting on a variety of channels. They can order online, but pick the item up in-store. Or if they see an item in a physical store, users can easily check on their phones to see if it’s available online.
On top of this new information, it turns out that purchases aren’t necessarily driven by low prices. The study finds that shoppers are increasingly involved in reading user reviews. Peer-assessed quality matters since people want to avoid having to request refunds and do annoying returns. Delivery also makes an impact, and Amazon Prime is a case study of how much people are willing to pay for convenience. Overall, this means that to drive sales, retailers will need to be available for customers on varying platforms. Personalized sales experiences that best meet their needs are ultimately what consumers are going for.
Positioning Your Business For Success
All of these trends spell a plethora of fresh, hot opportunities. But an uncertain future riddled with new challenges also awaits. New tech applications, shifting user behaviors, and rampant growth all come with a steep learning curve for marketers and businesses alike. Mistakes can be very costly. Those who learn and adapt quickly are the ones who stand to profit the most. And the rest who aren’t forerunners, well, they still can’t afford to fall too far behind.
Now, let’s talk about you. Are you already taking measures to prepare your business for upcoming changes this year? In which new fields have you taken an interest? What new software are you looking to integrate into your eCommerce store? It’s a lot to chew on, but good discussions provide solid starting points. Kick off the conversation by posting your comment below! We hope these eCommerce trends help with your success.