For e-commerce, the ultimate way to success is to make your brand different & versatile from the competitors. For the last two years, the e-commerce landscape has been highly competitive because of Covid-19 & increasing demand for m-commerce. As e-commerce is rising in its best way, businesses have taken their online presence seriously.
Experts predict worldwide retail e-commerce sales will increase worldwide from about 5 trillion US dollars to just over 8 trillion dollars by 2026. To cope with this growth, online retailers need to keep an eye on e-commerce trends to meet their consumer preferences & expectations.
As the pandemic had a huge impact on the e-commerce industry, now it has come up with extra challenges like- higher expectations or demand from the customer, rising shipping & acquisition costs, customers’ less tolerance for slow delivery, omnichannel selling & the list goes on. To face these challenges, e-store owners must break down the upcoming latest e-commerce trend to become more adaptive. In 2023, the ultimate goal should be building a unique brand identity & showcasing products or service that add value & helps with customer retention.
Achieving all these is not an easy task at all. But with proper guidelines & following the key trends, you can be on track. As we are close to the end of 2022, it’s high time to look up to the top e-commerce trends.
Social commerce will be the biggest trend in the upcoming years. It will help to increase sales by nearly triple by the year 2024. Now, people are expected to leverage social media in every stage of their buyer journey. Social media shopping has gained a lot of attraction as consumers can easily purchase their desired products from social media apps via smartphones. So, having a social storefront is not only a necessity as it is an integral part of customers’ purchase steps. Here, with social commerce, we want to mean- Facebook commerce, effective promotion on Instagram & achievement on Tiktok. Also, integrating social commerce into your e-commerce business strategy can conveniently increase brand awareness & get into touch with loyal customers.
Subscription commerce helps to have a steady stream of revenue & increase customer retention. Subscription-based service selling is the best way to keep customers returning continuously to your e-commerce business. A subscription model means that a user pays a recurring fee to use or access a product or service monthly or yearly. It also increases customer loyalty as customers are always in touch with the brand. With many advantages, there are some disadvantages- brands should know about the subscription pricing model well to grab customers. So, as an e-commerce business owner, you must have to ensure that the pricing is worth using the product.
Online shopping through smartphones on the go is a common phenomenon nowadays. Hence mobile shopping will lead the e-commerce business in the upcoming years also. According to research, mobile devices are responsible for 71% of retail traffic and generate almost 61% of online shopping orders. So, mobile will be the biggest channel for driving sales in 2023. So, designing a mobile-first e-commerce app, a mobile-first experience for consumers &mobile-friendly payment option should be on the top for every business owner.
As we are about to enter the next phase of the internet called web3.0, the attributes of this world as augmented reality, virtual reality, extended reality & Metaverse, will play a significant role in transforming traditional online business. AR has made it easy for consumers to visualize the product in 3D. Besides, VR helps to create a computer-generated background where users can easily do play, interact & shop. Users can take the example of virtual trial rooms on an online fashion store. These AR, VR & XR are part of massive metaverse development. Metaverse will allow for a more immersive experience by allowing users to walk around inside their own space and interact with items before buying them. Metaverse will allow shoppers to create their own avatars and then use them to visit other people’s spaces.
Personalization using big data will play an integral role in building brand loyalty. In recent years, establishing a brand identity through customized shopping experiences is necessary. Customers always look for a brand that knows well enough to offer them personalized shopping experiences If your customer won’t able to remember your brand name, then all your investment will go in vain. Only a personalized service can make you different from the competitors. Big data enables businesses to make informed decisions about customer behavior, what products sell well, analyzing customers’ purchase history & all the data you need to clarify. If you can’t personalize content for your customers across all channels, you will lose valuable customers. Providing sophisticated & individually tailored experience will help your brand to be frontline in the e-commerce industry.
User-generated content(UGC) is content that actually created by the brand’s user. It is a potential content marketing strategy that has gained immense popularity throughout the year. As we all know, the short video-creating platform Tiktok is highly popular for its UGC video, which is 20% more effective for brand showcasing than other platforms. For virtual shopping, trust matters the most & there is no other way but having user-generated content to have the trust of your userbase. Customers indeed have more faith in user’s content rather than brand’s created content & this will be one of the biggest e-commerce trends in the upcoming 2023. UGC also helps to drive a huge amount of customer engagement than any other marketing strategy.
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