After 27 years, the e-commerce industry has made more than $5.5 trillion in revenue worldwide. E-commerce has revolutionized the retail industry. It has evolved to meet people’s changing needs and make online shopping easier for the modern consumer. And 2023 will transform the world of e-commerce even more. So, if you are still wondering about e-commerce, these latest e-commerce trends will prove to you that they are not only persistent but also rapidly evolving.
Why are e-commerce trends so important?
The world of e-commerce is increasingly competitive. To stay ahead of the competition, trends need to be constantly monitored. No matter how developed your e-commerce store is now if you don’t keep up with e-commerce trends, you run the risk of falling behind seriously. You need to keep innovating to ensure future success. That is why it is so important to analyze and apply timely e-commerce trends. This way, you can push your e-commerce brand to grow and stay ahead of the competition.
Top 6 E-commerce trends for 2023
1. Consumers increase online shopping
E-commerce sales have grown consistently, and with good reason. Online shopping is one of the most popular online activities. According to eMarketer, global e-commerce sales are predicted to grow 12.2 % year-on-year, to $6.3 trillion by 2023.
That’s not all. Online sales are expected to continue to grow and reach US$8.1 trillion by 2026, approximately 55.8% higher than total e-commerce sales in 2021.
While online shopping is one of the most popular online activities, its use varies by region. With the growing popularity of e-commerce stores, more and more people are turning to online shopping.
There is also an increase in the trust that online buyers have when they shop online, as well as an improved website experience. At one point, people were hesitant to shop online, but that’s no longer true. Websites have also become much more customer-friendly. With all the comfort provided, it’s no surprise that the growth rate of online sales is becoming unstoppable.
2. E-commerce further strengthens in digitally mature markets
Undeniably, one of the impacts, if not the biggest, on e-commerce trends in recent years has been the COVID-19 pandemic. With governments around the world closing stores and implementing lockdowns to limit social activity for months on end to combat the coronavirus, more and more people are using shopping. online to buy items. Experts say the impact of the coronavirus will not only be a short-term boost to e-commerce but one that will be long-lasting, even after the COVID-19 pandemic. This is because people will feel comfortable with the convenience it offers as well as the benefits of contactless payments, both of which have the potential to cause permanent behavioral changes toward digital purchases. digital.
3. Accelerate mobile shopping
The growth of mobile commerce is particularly remarkable. In 2021, total mobile sales will reach $359.32 billion. This number is expected to more than double to 728.8 billion and account for nearly 44% of US e-commerce retail sales by 2025. These numbers cannot be ignored. Improving the e-commerce experience for mobile customers can be a huge opportunity for businesses to tap into.
E-commerce growth has been driven in part by an increase in mobile usage. That’s because consumers don’t just check online, they also use their mobile devices to browse or research before deciding to make a purchase.
As trust in online shopping grows, consumers are starting to feel more comfortable shopping on mobile devices than ever before. This is especially true for millennials and Gen Z consumers who grew up with computers and the internet. These generations are also more likely to shop online using a mobile device than older generations.
With more and more websites being optimized for mobile devices, make sure that not only your website but your online store is also optimized for mobile devices. By doing this, you are making e-commerce simpler and more accessible to a wider audience.
4. Young consumers change the business landscape
In recent years, consumers of all ages have turned to online shopping. However, there is one particular group that is increasingly buying things on the internet: young consumers. The survey results show that two out of three (80%) young consumers between 25 and 40 do most of their shopping online.
Saving money and finding deals are the main reasons young consumers shop online, but they also appreciate the smooth checkout process and product recommendations offered by businesses. That said, going forward, as an eCommerce business owner, you should target the younger generation to increase your sales potential.
5. The growing role of social media in e-commerce
The number of social shoppers is also growing rapidly. Social media is playing an important role in the world of e-commerce. Social media has changed the way we live every day, including the way we shop. This is a great opportunity for brands to start thinking about how to improve their position on social media, which is a great platform for brands to be discovered.
With consumers spending more time on different types of social media, e-commerce businesses can get help from social media influencers to increase their chances of getting customers. discovery target row. Businesses can easily link their e-commerce stores to social media sites so people can buy directly from them through social media. For example, Instagram and Facebook are constantly updating their features to meet the comfort needs of online shoppers.
And most recently Tiktok, the latest and emerging craze in the social networking world not only for young people but even for older people. The video-sharing app is working on incorporating e-commerce elements, and one of its latest efforts includes shoppable Ads. These ads will help brands reach the TikTok audience who are most likely to convert with fully automated ads and smarter, more advanced targeting. Furthermore, TikTok has other commercial features that allow store owners to sell directly on the app.
These social media platforms act as inspiration channels and allow brands the opportunity to be discovered while people scroll through their feeds. As social media continues to become a regular part of our daily lives, its power to influence e-commerce trends will only increase. That’s why brands need to adopt a shopping-centric approach to their social media strategy.
A personalized shopping experience can retain customers and make them loyal to your brand. Consumers even said they wanted such experiences, with 49% saying they would likely become repeat customers if a retail brand offered them a personalized experience.
E-commerce sites are catching on to this trend and are investing in personalization tactics to make the online shopping experience better. This may include personalizing email messages or by providing relevant information to interested consumer groups.
By providing personalized customer communications, offering tailored discounts, and engaging with customers, such as video content, you’ll deliver a better shopping experience and boost customer loyalty. customer loyalty.