As the landscape of ecommerce rapidly evolves, even the most experienced of business owners need to plan their sales strategies around the latest trends, and 2023 brings with it a lot of intriguing developments.
Dropshipping supplier Oberlo has predicted that in 2023 the ecommerce sales growth rate globally will increase to 10.4%, 0.7% higher than in 2022. This equates to online sales worth $6.3 trillion.
To stay ahead of the curve and remain competitive in your industry, it’s essential to explore the key ecommerce trends to watch out for in 2023, and consider how they could potentially impact your business.
So without further ado, let’s consider the key trends impacting the ecommerce industry in 2023.
If you’re already an experienced ecommerce entrepreneur, you’ll be very aware of the constraints that come with a traditional commerce platform.
The back-end and front-end elements of your online business are tied together, so if you ever want to make customizations to the front-end, the back-end will also be impacted.
What is the difference between the front, and back-end?
With a headless commerce platform, businesses are able to make changes to the front-end, without impacting the operations side of the business in the back-end. This is a game-changer, particularly for those businesses that frequently need to customize and update their online store and other front-end elements in order to stand out from competitors.
To get started, you’ll need a headless content management system. You’ll also need to hire a highly competent web development team that can navigate ecommerce website coding efficiently. This will help guarantee that any changes made on the front-end can be actioned quickly, and effectively.
If your products are only available to purchase via one or two channels, you are going to be left behind in 2023. That’s because according to ecommerce technology giants ESW, 90% of consumers now expect brands to offer omnichannel experiences across their preferred online channels and touchpoints.
By offering seamless interaction with your customers, you are increasing the chances of them purchasing from you. They want to be able to browse your website, consider whether to buy that cute sweater, and a few hours later visit your app and make the purchase.
In fact, data compiled by email marketing platform Omnisend has shown that brands with at least three channels saw a 287% higher purchase rate than single-channel brands in 2022.
When you consider that around 60% of the world’s population uses social media, not selling on popular platforms like Instagram and TikTok would be a huge mistake for any brand in 2023.
Particularly as according to data from Insider Intelligence, social commerce retail earnings in the US are predicted to reach $80 billion by 2025. And if your brand's core target customers are Gen Z, they are spending twice as much shopping on social channels like Snapchat than an average consumer.
What’s more, big-name ecommerce platforms like Shopify are making it even easier for merchants to sell on socials. Forging ecommerce partnerships with the likes of Youtube, Shopify’s merchants can sell their products during livestreams.
Not tapping into this social media consumer market would be detrimental to your brand, but how do you achieve results? Here are some top tips to make the most of social commerce in 2023:
Attaining and maintaining positive CX is an incredibly important trend, and one that should not be overlooked. With the inflation crisis impacting consumer spending, the onus on businesses to keep customers happy has never been more crucial than it is in 2023.
Particularly as according to a report by consultancy firm PwC, 73% of consumers say that customer experience has a huge impact on their purchasing decisions. So out of the four customers shopping with you, if three of them have a negative experience, they will not purchase a product from you again - if at all.
In 2023, brands will see that consumers are being more selective about the products they purchase, with a heightened focus on quality, affordability, and - customer satisfaction.
So, by focusing on delivering a positive customer experience, brands will reap the kind of rewards reported by Dimension Data. Its ‘Crossing the CX Divide’ guide found that 92% of companies that focused on CX saw an increase in customer loyalty, whilst 84% saw an uplift in their revenue numbers.
But how can brands improve the overall customer experience? One of the most important aspects is resolving customer queries and issues, quickly and adeptly.
This requires effective communication between colleagues across the business. Which is when team-collaboration software that facilitates synchronous communication between remote and in-office employees comes into play.
Brands must also ensure they provide a positive post-purchase customer experience, which involves understanding the customers pain points, surprising them with treats and loyalty rewards, and hiring a dedicated post purchase officer to handle returns.
Nearly half (48%) of respondents in a recent McKinsey survey confirmed they would want to shop using “metaverse” (AR and VR) technology in the next five years.
Many retail brands, including Gucci, Ikea, and ASOS, are already using AR software successfully to enhance their customers' online purchasing experience. Consumers shopping online with Gucci for example, can ‘try on’ a pair of shoes that take their fancy, to see if they suit.
Whilst Ikea’s Place app allows customers to visualize placement, size, and scale of the furniture they like, so they can determine how it would look in their own space.
The metaverse, although in its infancy, is predicted to be worth $250 billion by 2028. So any forward-thinking ecommerce brand should certainly be looking to implement virtual reality shopping experiences in 2023.
By planning your businesses 2023 sales strategy around these key ecommerce trends, you’ll be able to stand out from your competitors, whilst increasing those all important sales.
What’s more, trends like AR and social commerce are still relatively new concepts. By implementing them now at the start of 2023, you will gain invaluable experience of what works and what doesn’t for your business. So by the time 2024 comes around, you’ll be way ahead of the game.
