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Are you ready to take the plunge into the e-Commerce industry in 2023?

If you didn’t know already e-Commerce is a massive industry. By the end of 2022, the world’s e-Commerce market grew to a total worth of $5.7 trillion. This figure is only expected to rise in the coming years, indicating that borderless e-Commerce is becoming a viable revenue stream for online retailers. Two years ago the sales made online sat at 17.8%, but that figure is expected to rise to 20.8% by the end of 2023 - a 5.2% increase

So, it comes as no surprise that people are always on the watch out to see what happens in the e-Commerce space next.

But, how do you know which trends to watch out for in order to deal with these changes? What are the most important factors that could affect your company? And, how do you prepare your business for them?

Well, we have got you covered! Here is a list of essential e-Commerce trends to look out for in 2023. 

1. Mobile E-commerce

Did you know that mobile devices account for more than half of all internet traffic?

Having a mobile-optimised website has numerous advantages for e-Commerce businesses, ranging from improved customer experiences to increased conversions. Getting the mobile experience right can help businesses gain access to a whole new set of customers. The biggest advantage of e-Commerce for customers is that it is faster, easier, and more convenient than other shopping channels - meaning more conversions for you. Having a mobile app or a mobile-optimised website allows your customers to find information in just a few clicks. This is ideal for on-the-go shoppers who need to make a quick purchase.

Another point to note is on-site, you can provide personalised, AI-driven recommendations to improve the product discovery experience. Mobile allows retailers to communicate more effectively and reach customers across multiple platforms. Customer data, such as location, purchasing history, and email addresses, can be easily collected using mobile software. This increased data pull from e-Commerce enables retailers to analyse user behaviour and build a more complete picture for their customers. 

2. Omnichannel

Being multichannel means businesses must be able to sell to and communicate with customers through multiple channels at any given moment. This may look like having a website, a Facebook shop, and an Instagram account. 52% of e-commerce sites have omnichannel capabilities. Creating a seamless experience is what often causes a customer to return. 2023's shoppers don't feel limited by a single device or channel.

They expect to research products, compare prices, and complete a sale seamlessly across channels. That means customers want to be able to do their research online, even if they are already in the store examining a product. A consistent customer experience must be created across all consumer touchpoints in omnichannel retail.

3. Social Commerce

Social media platforms are becoming an increasingly important part of the e-Commerce industry. TikTok becoming a crucial platform for brands to reach their audiences. Working with an influencer allows businesses to engage with pre-qualified customers. Social proof generated by social media influencer marketing campaigns frequently converts leads into sales. In 2023, social commerce is expected to generate $30.73 billion in sales, accounting for 20% of global retail e-commerce sales.

Instagram, Facebook, TikTok, Pinterest, Snapchat, and Twitter, are some of the most popular social media platforms that now offer social commerce features. E-Commerce businesses have started to boost sales by selling their products directly through their social media platforms. According to one study, 48% of consumers are more likely to purchase directly from TikTok. And, did you know that TikTok is used by Gen Z more frequently than Google for search and product recommendations?

4. Artificial Intelligence (AI) and Augmented Reality (AR)

In the last four years, the number of businesses fostering AI increased by 270%. Although, there are numerous myths surrounding artificial intelligence. According to a HubSport survey, 63% of clients are unaware that they use AI technology.

One great example of new AI technology is chatbots! Get this, when customers enter retail stores they can chat with the staff about any problems or queries they may have, whereas when it comes to online shopping customers typically conduct their own research. With a chatbot, your website will have an automated salesperson that can engage your customer's concerns and queries 24/7! Also note, that the more your customers interact with your chatbot, the more knowledgeable it becomes - how cool is that?

Many e-Commerce brands have recently adopted artificial intelligence (AI) and augmented reality (AR) to create immersive interactions that let people "try on" clothing, glasses, or makeup before they buy. This helps eliminate purchase uncertainty, which is a downfall of e-Commerce shopping.

5. Payment Methods

In 2021, digital wallets were used in about half of all online purchase transactions worldwide. E-Commerce has paved the way for digital wallets to become the most popular way to pay online around the world. This share is expected to increase by more than 53% by 2025.

Online sellers need to be able to accept a range of payment methods, including flexible Buy Now Pay Later (BNPL) options like Klarna. One of the biggest reasons for shopping cart abandonment is the demanding payment or check-out process. If a buyer finds it difficult to finish their digital purchase, they will leave products in the cart and look for an e-Commerce business that makes purchasing straightforward.

Online sellers must accept a variety of payment methods, including flexible Buy Now Pay Later (BNPL) options such as Klarna. Having a difficult or confusing check-out process is one of the leading causes of shopping cart abandonment. 

6. Sustainability

52% of consumers say the pandemic has increased their appreciation for sustainability. What does this mean for e-Commerce in 2023? Well, you can expect more brands to embrace their green thumb. An e-Commerce company must consider and address the impact it has on society, the environment, and human well-being.

If your e-Commerce company has not yet implemented a long-term strategy, now is the time. A sustainable business strives to have the least amount of negative impact on the environment possible. This includes selling products made from more environmentally friendly materials and using more environmentally friendly packaging materials. It also entails taking into account its impact on society, the environment, and human well-being.

Conclusion

Despite its rapid growth, the e-commerce industry is not without its challenges. Thousands of new competitors are constantly entering the market, and it is simple for them to exploit flaws in your business model. You can, however, survive and thrive in the ever-changing environment of the e-Commerce industry with a little foresight and planning.

Take your e-Commerce business to the next level by adjusting to the trends. Because technology is improving and consumer habits are shifting, keep an eye out for these e-Commerce trends in  2023. Whatever e-Commerce trend you choose to follow, keep the goal of improving your customer's shopping experience in mind. 

Is your business ready for 2023? Lack of time and knowledge stopping you from expanding your horizons? Don't worry because Team Elephant is here to assist you!

Elephant in the Boardroom, a leading digital marketing agency in Melbourne, offers a wide range of services including website design, social media marketing, and much more.

Check out what we have to offer and get in touch.