No doubt, the pandemic has made (or broken) many businesses around the world, yet it’s not done yet. In the past few years, we have witnessed unexpected growth in the eCommerce business. Even though this is great news for people in business, it also means that there is even more competition than we have seen before.
As technology advances and user expectations evolve, eCommerce Businesses also need to keep up to stay in business. With the evolution of online shopping and integrated technology, we can expect new trends for eCommerce in 2023.
So, to help your business stand out from the competition, we have gathered and compiled the emerging trends that we may see in the coming year. So keep reading to know the latest trends in the eCommerce industry in 2023.
Increased Reliance On Mobile Shopping
Looking into eCommerce, we can see noteworthy growth in m-commerce. According to Statista, mobile phone traffic accounts for 71% of retail traffic and generates around 61% of online shopping orders. With such substantial growth, we cannot ignore the opportunities that m-commerce has to offer.
According to Coupofy, mobile commerce is growing 300% faster than conventional eCommerce. Keeping these in mind, improving the mobile-first experience for your customers is a great way to keep them in the game longer. This doesn’t mean just shrinking your desktop experience for mobile but instead making a mobile-centric and mobile-friendly design.
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Variety In Payment Methods
Having a range of payment options available at the checkout is a fantastic approach to keeping your business safe from abandoned carts. This will assist you in growing your eCommerce business and increasing conversion rates. Customers increasingly want simple, safe, and quick checkout methods and rely on digital payment systems like PayPal, Google Pay, Apple Pay, and others for this.
As mobile commerce grows, it makes sense for eCommerce firms to incorporate new payment methods into their platforms. According to Statista, mobile wallets account for over half of all eCommerce payment transactions worldwide, making them the most popular payment option thus far.
Augmented Reality is becoming the new buzzword for online shoppers. It is no secret that online shopping limits customers’ opportunities to interact and engage with products prior to making a purchase. So, to counter this situation and keep the customers engaged, companies are adopting augmented reality to showcase their products in a personalized way.
Augmented reality provides a previously impossible way of engaging with online consumers. The development of new AR and VR applications for eCommerce is providing creative opportunities to use revolutionary technology to bring an in-person shopping experience to customers at home.
Though augmented reality is a new idea, customers are already showing interest in it. In a study by eMarketer, the majority of adults from 18 to 34 years of age have already used and are interested in using AR and VR for shopping.
The Use Of Social Media
Social Media has greatly influenced our lives. An average person uses around 150 minutes daily on social media, which makes it a great opportunity for product marketers to target their consumers.
In recent years, product marketing has seamlessly integrated into nearly all social media platforms. According to Statista, global sales through social media platforms were estimated at around 992 billion dollars, and they are estimated to reach around 2.9 trillion dollars by the year 2026.
Social media has a great impact on consumers and consumer behavior, and it will not stop in 2023. While 83% of consumers use social media to make shopping decisions, 55% of online shoppers buy products when they see them on social media. This means that using social media as a marketing tool will help you reach more customers and increase conversion in 2023.
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