Let’s tick off some 2022 Ecommerce trends, shall we?
✅ Increased volume of voice search.
✅ Personalized customer experiences.
✅ Heightened mobile shopping.
✅ Customers responding to videos.
✅ Optimizing digital strategy for conversion.
Wow, it’s been quite a year with changing payment methods, increased mobile shopping, and more usage of social media platforms.
Isn’t it great we prepared in advance for 2022 trends? We would have been left behind by speeding eCommerce businesses otherwise!
Why are we talking about 2022 trends when the year has ended? Did you enter the good books by paying attention to them? No? Yes? Aha, we got you.
Don’t worry, in this article, we’ll move forward step by step to make sure you pay attention to the 2023 eCommerce trends!
How big is the International eCommerce market?
It’s HUGE. No kidding. IMARC Group mentioned in an article that the Global eCommerce market was valued at US$ 16.6 Trillion in 2022, and it’s expected to reach US$ 70.9 Trillion by 2028. That’s some big numbers, aren’t they?
But before we move ahead, let’s clarify what Global eCommerce means. It’s luckily one of the easiest definitions to understand.
Global eCommerce refers to the act of buying and selling a product through online means to customers residing outside of one’s country.
It expands the geopolitical borders to provide global solutions to customers, irrespective of their place of residence. Isn’t that cool?
One of the things that many online retailers are noticing is the increased profitability of borderless eCommerce.
As people continue to purchase goods online (an estimated no. of 2.14 billion!), you should focus more on your eCommerce stores to make the best out of changing trends.
10 trends to look out for in 2023
We had a look at various eCommerce trends, and we cannot wait to share them with all of you.
So, be ready with your glasses, pens, notebooks, and popcorn as we introduce you to the 10 topmost eCommerce trends you should be on the lookout for in 2023.
1. Inflationary and recessionary pressures
Experts have predicted that recessionary conditions and a tight labor market are going to significantly affect the way businesses work in 2023.
Whether it is thousands of job losses or reduced income for various people and businesses alike, firms will have to think of creative ways to work around this blockage.
People will continue to spend money, but a company cannot be immune from global inflation and other geopolitical situations.
So tighten your seatbelts and invest in good technology to keep you seated well on this roller coaster ride.
Make sure you research the inflation rate of different countries you’ll be targeting to revise your expenditure and pricing strategy likewise.
2. Mobile devices and online shopping
Even before the pandemic, one of the ongoing eCommerce trend preparations included mobile shopping. What’s new? It’s only likely to increase.
Mobile shopping includes customers looking over eCommerce platforms on their mobile devices.
With Brick-and-mortar stores shutting down, consumers moved towards the internet to buy essentials and other goods.
Even when stores have opened up, many users still prefer continuing online shopping because of the ease of shopping, delivery, wireless connection, and time saved during the whole process.
83.07% of the world’s population owns a smartphone and there are 3.004 billion more mobile connections than people worldwide.
With cashless transactions becoming more prominent, don’t be surprised if your online store’s notifications don’t stop ringing.
3. Supply chain vulnerabilities
One of the articles by Forbes mentions that businesses shouldn’t expect a supply chain normalcy in 2023.
Even though the whole ordeal with logistics has improved and goods are moving more freely across borders, other factors are now deciding the fate of supply chains worldwide.
The focus should be shifted towards goals like recovery from inflation, shifts in demand, stagnancy in growth, supply shortages, and warehouses filled with wrong inventories (yes, it’s very much likely).
Global news tells us that the threat of new variants is still present and can potentially disrupt the ‘normal’ workings of the supply chains even more.
Hence, your new lesson should be making sure not to relax thinking there won’t be any problems with the logistics and other components of supply chains.
Be on high alert like a knight in the dark as you ward off any challenges that might come unexpectedly from this end.
4. Green eCommerce sales and environmental sustainability
We can all agree that consumers are now being evermore vocal about their needs and how companies should be more responsible in cleaning up their acts. We cannot agree any less on this matter.
Online shoppers, affected by inflationary trends, are becoming more careful about their purchases and are valuing various eCommerce platforms based on their characteristics and delivery.
One of the most popular eCommerce trends is the maintenance of sustainability. You would have seen the ongoing popularity of online second-hand stores and other rental services which move a step towards recycling and sustaining our environment.
COP15 has made consumers aware of a company’s ill practices and the dire need for a move towards green eCommerce, to make our future generations more habitable in such a deteriorating environment.
So let’s not shy away from our collective responsibility towards the preservation and engage in activities like sustainable packaging, eco-friendly shipping options, and carbon offsetting.
5. Usage of Chatbots becoming prominent
Another eCommerce trend is the heightened use of chatbots on eCommerce platforms, including the option of live chat. It is projected that by 2027, 25% of businesses will use chatbots as their primary source of customer service. It makes a lot of sense honestly.
Chatbots are quite efficient and beneficial for businesses as well because they save money, provide better customer service (operating 24/7 is the key to success these days), engage with customers through a variety of channels, and cross boundaries without any hindrances (a human, on the other hand, shouldn’t try to cross boundaries 😉).
Furthermore, as more and more companies start using chatbots, the expectations from this particular service are also set to increase for consumers.
In all likelihood, artificial intelligence can become a new standard for customer service. So as a move forward, you can entrust the chatbots with simple Q/A work for your products and services, and then you can move forward in any direction you like.
6. Usage of Artificial Intelligence
As we are on the subject of artificial intelligence, did you know that the AI market is expanding at a CAGR of 38.1% between 2022 to 2030? This means that by 2025, an estimated 97 million people will be working in the AI space.
Also, the AI industry will be earning $126 billion a year by 2025. Sorry, but we cannot stop talking about these numbers. They are mind-blowing!
Chatbots are just one feature. Add to the mix product recommendations, product suggestion engines, and voice searches.
It is the perfect way to create an individualized shopping experience for your customers and to improve forecasting, order tracking, and post-sales support for your business.
Similarly, augmented reality is a game changer that can significantly affect how a customer perceives your product. While assisting in customer service, augmented reality is also likely to resolve, even if in small amounts, the issue of cart abandonment.
And we cannot stress enough how AI will assist you to work in other countries, seamlessly, due to a unified process with easy handling. It’s time to put on your tech-savvy hats folks.
7. Social eCommerce for the win
Social media is not only an online platform to meet people from all walks of the world, but it is also growing as an extended arm of eCommerce platforms.
Social media-based direct purchasing and selling of goods is becoming prominent and is known as social eCommerce.
A study also claims that 48% of consumers are inclined to make a direct purchase from TikTok (we feel your pain Indian folks).
Other platforms like Facebook and Instagram are also playing a significant role in the world of eCommerce through their buy button and checkout options. Brands can easily advertise themselves and target audiences cross-cutting borders.
As social media platforms continue to become everyone’s significant other, make sure to incorporate a shopping-focused approach in your social media strategy based on your business model. You won’t regret it!
8. Transparency in Shipments
Consumers always like it when a brand is truthful about its products and deliveries. They like to be informed of every step in a product shipment.
According to a study, 69.7% of consumers mention that they are less inclined to buy a product if they are unaware of a shipping delay.
Customer loyalty and brand trustworthiness improve when you are transparent about your shipping services and other deals.
Using data tools to monitor your operations and then forwarding the relevant details to your customer will not only build trust but will also make it easier for you to analyze various facets of data.
By being transparent about the flow of goods, routing planning, performance, expected time and efficiency, sustainability, and other components, you are likely to become a priority for all online shoppers.
So, make sure to not leave behind this eCommerce trend in your daily activities.
9. Buy Now Pay Later Financing
Consumers like to make their own choices. They don’t like to be restricted to a particular way of transaction.
Offering a variety of payment options is a move towards boosting conversion rates and reducing cart abandonment on your eCommerce platform.
One such payment method is the BNPL (Buy now, pay later) which is becoming extremely popular day by day.
With increasing financial uncertainties, consumers like the option of making payments over monthly installments which is advantageous for consumers as well as businesses.
Furthermore, cart abandonment rates are likely to increase if you make it tough for a customer to pay for an item.
If you offer cheap upfront costs to the consumers, they’ll be more attracted to your product and they’ll be more likely to buy your product even if in actual terms, the product is expensive.
A Global eCommerce trend where 50% of eCommerce payment transactions in 2021 were based on digital and mobile wallets, you should ensure that customers are kept in central focus when designing payment options for them.
10. Creating diverse content
As we are talking about international eCommerce trends, how can we forget to mention diverse content? While augmented reality is gaining focus, voice searches are being preferred over text options, then don’t you think language is also taking prominence in the hearts of consumers?
According to a survey by PayPal, 57% of the surveyors mentioned that they currently shop internationally.
Consumers are not likely to shop from an eCommerce platform that does not offer options for different languages. After all, not everyone is a Duolingo expert, right?
One of the examples of this is looking at the increasing sales for Japanese and South Korean markets as they made provision for language translation as well for their international shoppers.
Going beyond Google Translate and going native to your site’s language can make or break global sales.
The option of accessing “some” content on your site in different languages can increase the likeliness of your product being purchased internationally.
Hence, even if you cannot engage in full-scale translation right now, it will benefit you a lot to work on critical areas such as headlines, product titles, etc.
We take eCommerce trends very seriously and we hope you do too. Looking at different areas of Global eCommerce, with all the data, reports, and trends, one thing is certain – you cannot shy away from common practices because they make the lives of your consumers easy.
A successful shopping-to-shipping experience relies on how you understand consumer behavior and how likely you are to adapt to different cultures and geographies.
As you move in the direction of offering quality customer service, personalization, and product recommendations, don’t forget to turn a keen eye toward other eCommerce stores. Online retail is always successful when you put customers as a priority.
Observing various eCommerce businesses and eCommerce trends will only improve your outcome with assured results.
*cue Next Level by Aespa* take your eCommerce platform to the next level and enjoy all the benefits from these eCommerce trends by adding a little personalized mix from your end. Oh, and don’t forget to prepare a 2023 checklist to tick off these eCommerce trends!