eCommerce Trends in 2023
eCommerce sees constant changes as technology and customer behaviour evolves. 2023 is no exception, meaning we’re likely to see regular improvements and changes to ecommerce across all industries, including both small and large organisations.
Global eCommerce sales are set to reach €6 trillion in 2023. With the drastic increase in businesses operating online, it has become more difficult for ecommerce platforms to stand out. Organisations that wish to innovate and stay ahead of competitors need to understand key trends and leverage them to maintain visibility and boost sales.
Discussed below are some the main trends we’re likely to see impact the ecommerce industry over the year and beyond.
Focus on Sustainability
Sustainability is on the list of all major retailers’ goals for the future. As eCommerce platforms continue to grow rapidly, most are focused on reducing waste, promoting ethical practices, and leveraging technology to maximise efficiency.
Majority of retailers are beginning to implement zero-waste packaging policies and are moving away from single-use plastic in deliveries.
Technological improvements also aid automation strategies in streamlining operations and reducing the organisation’s environmental impact.
Authenticity & Transparency
Customers prefer brands that are authentic and transparent. Research shows that 90% of customers mentioned authenticity as an important factor in deciding which organisations they wish to spend their money on.
Ecommerce transparency can be an asset in building credibility amongst customers and create loyalty as a brand. There continues to be a valid business case to invest in providing customers with accurate product information.
Authenticity and transparency ultimately help to build better, more trustworthy relationships with customers. Customer feedback around the matter can also help your organisation understand which social and environmental values are important for their customers.
Smaller Retailers Improving Service
While everyone has come to expect a great eCommerce experience from large retailers, smaller retailers are beginning to match and exceed the online experience of large competitors. Platforms such as Shopify and WooCommerce make it easier than ever for small retailers to meet modern expectations for online shopping.
Not only is the browsing experience improving on smaller ecommerce platforms, making payments is also becoming easier. More ways to pay online by including Google Pay and Apple Pay speed up the checkout experience and encourage less drop off or cart abandonment.
Premium shopping experiences such as Amazon Prime and Tesco Delivery Saver allow frequent shoppers to pay a monthly subscription service for cheaper, faster and more reliable deliveries.
With the increase in organisations which were previously ‘pay per delivery’ switching to a subscription service model, providing trials to allow customers to see the benefits of the premium service is becoming more common amongst eCommerce platforms.
Subscription services allow for predictable revenue streams, easier inventory management and establishes a loyal customer base.
Artificial Intelligence has taken the internet by storm over the past number of years, but with recent advancements in AI assistants, image and text generation technology we’re likely to see it used prominently commercially.
AI helps provide unique experiences to shoppers with intelligent recommendations and appropriate personalisation.
Other more obvious uses of AI in eCommerce include chatbots and assistants becoming more effective, providing useful 24/7 customer service without the need for human intervention.
Large multinational tech firms such as Google and Microsoft investing heavily in artificial intelligence over the past numbers of years, as well as launching customer facing products such as OpenAI and Bard suggests that commercial use for AI will become more prominent.
Are you preparing to alter your eCommerce customer experience in 2023? If so, contact us today on +353 1 8041298, or click on the link below to be brought to our contact form.