As eCommerce continues to grow in 2023, businesses will be looking to capitalize on the latest trends to stay ahead of the competition. One of the most popular eCommerce trends for 2023 is mobile technology, with more customers turning to their phones and tablets to shop online. This could include features such as mobile payments, location-based product recommendations, and more. Additionally, businesses will be looking to improve their website design and user experience to make it easier for customers to find products. This could include features such as a simplified checkout process and improved product search filters.
Another trend for 2023 is using data to better understand customer behavior and preferences. Businesses will be looking to use AI and machine learning to gain insights into customer behavior, such as what products they are searching for and what promotions they are responding to. Additionally, businesses will be looking to use conversational AI to provide customers with a more personalized shopping experience. According to a survey, more than half of customers prefer to use chatbots for customer service. Finally, it is estimated that by 2023, the eCommerce industry will have grown to over $7 trillion in revenue, with the number of digital buyers predicted to exceed 2.14 billion.
In this blog we will highlight some of the major e-commerce trends in business to keep pace with the changing market demand. Study these changes and try to implement them in the business to remain competitive in the business.
5 E-commerce Trends to look out for in 2023
1. Voice Shopping
More than one-quarter of the online population use voice search on mobile service. Instead of typing people now prefer speaking their queries out loud. According to a recent study, the Voice Shopping industry is expected to grow to $40 billion by 2022. Additionally, 40% of consumers have already used voice assistant technology to make a purchase in the past year, and the number is expected to increase significantly in the next five years.
Furthermore, the Voice Shopping industry is expected to reach an annual growth rate of over 30% between 2021 and 2025. A survey conducted by Voicebot.ai found that nearly 50% of U.S. consumers prefer to use voice assistants to shop online, and another 37% are interested in using them in the future. This shows that the Voice Shopping trend is here to stay and is likely to become even more popular in the coming years.
The advantages of voice shopping are numerous. It is much faster and more convenient than traditional online shopping experiences, as customers can quickly search for the items they need and place orders without needing to type. Additionally, voice shopping provides a more personalized experience, as customers can ask questions and receive tailored responses to their queries.
This also allows customers to have more control over their shopping experience, as they can easily refine their searches and make more informed decisions. Furthermore, voice shopping is more secure than traditional online shopping methods, as customers do not need to provide any payment information. This allows customers to shop with peace of mind, knowing that their personal and financial data is secure.
2. Personalization
With the ever-increasing advances in artificial intelligence and machine learning technologies, deep levels of personalization have started to penetrate the fast-growing e-commerce world. Whereas AI-based personalization for e-commerce takes the multiple-channel approach. New AI engines such as “Boomtrain” sit on top of the multiple customer touch points to help the business analyze how customers are interacting online. Whether it is a mobile application, a website, or an email campaign, the AI engine is continuously monitoring all devices and channels to create a universal customer view. This unified customer view enables e-commerce retailers to deliver a seamless customer experience across all platforms.
This trend has been driven by the rise of big data and analytics capabilities, allowing companies to better understand their customers’ needs, preferences, and behaviors. personalization can take many forms, such as tailored product recommendations, customized website experiences, and personalized promotional emails.
Companies are leveraging these capabilities to provide customers with a more personalized shopping experience, while also increasing their engagement with the brand. For instance, by providing customers with tailored product recommendations based on their past purchases and browsing history, eCommerce companies can encourage customers to come back to their site more frequently and make more purchases.
The personalization trend in eCommerce has also been fueled by the increasing demand for convenience and the need for faster delivery times. Companies are leveraging personalization to provide customers with more relevant product recommendations and faster delivery times, as well as more tailored follow-up emails.
3. Video and Augmented Reality
Augmented reality allows customers to experience the product by sharing a physical environment on a user’s screen or virtual interaction with the real world. 61% of consumers prefer brands with an AR experience. For example; Wayfair created a feature called “View in a Room”, where shoppers can see how furniture would look in their homes.
AR technology can be used to help shoppers find the right product, by providing them with a personalized shopping experience. By utilizing AR, eCommerce companies can create interactive and engaging experiences for their customers, leading to increased customer satisfaction and loyalty.
The Video Reality trend in eCommerce involves the use of a combination of video and virtual reality technologies to create immersive shopping experiences. With Video Reality, customers are able to shop in a virtual environment that is similar to a physical retail store. They can browse items and examine products in detail before making a purchase decision, all from the comfort of their own home.
By combining the convenience of online shopping with the interactive qualities of in-store shopping, Video Reality is helping to revolutionize the way we shop.
Examples of the Video Reality trend in eCommerce include:
- Virtual store tours: Allow customers to take a virtual tour of a store before they visit, enabling them to explore all the items available and become familiar with the layout before they arrive.
- Augmented reality try-on: Allowing customers to have the opportunity to virtually try on clothes and accessories without ever having to leave their home.
- 3D product previews: Customers can view products from different angles and examine them in detail before buying.
- Virtual customer service: Customers can get real-time help from customer service agents without ever having to leave their homes.
- Live streaming: Customers can watch live streams of products being demonstrated and discussed by experts.
4. After-sales Experience
In the sea of e-commerce, what separates you from your competitors is an exceptional customer experience. With so many options available to customers on e-commerce platforms, customers look for a brand that offers a smoother return process.
The After-sales Experience trend focuses on providing customers with a positive experience even after the purchase has been completed. This entails offering customer support, product warranties, and hassle-free returns.
Furthermore, companies should look to provide personalized customer service and tailor their after-sales experience to each individual customer. This includes offering discounts, loyalty programs, and other incentives to ensure customers feel valued and appreciated even after the purchase has been made. Ultimately, providing a positive after-sales experience is key to building a successful E-commerce business and retaining loyal customers.
5. Rise in AI Usage in E-commerce
Artificial intelligence has become an integral part of the e-commerce business over the past many years. Retailers have very well understood that ai-powered e-commerce business. Google’s recent 400 million pound purchase of startup deep mind, the artificial intelligence company that specializes in algorithms and machine learning for positive impact is just one of the many expected acquisitions as the potential of such technology becomes a reality.
Other major Tech firms such as Facebook, IBM, and Yahoo have already publicly expressed their focus on developing artificial intelligence as a new source of business. Although the term artificial May imply something negative or dehumanized, artificial intelligence allows businesses to provide a more personalized experience for their customers.
AI makes it possible for e-commerce retailers to analyze millions of interactions every day and ultimately target offers down to a single customer and experiences every marketer dreams of providing. Sales teams are now empowered with information we’ve never seen before. They can personalize the sales cycle through AI-driven applications that are helping sellers to engage the right prospects with the right message at the right time.
Start Selling Online!
Starting to sell online can be an exciting process and a great way to grow your business. It can also be a difficult and complex process. Fortunately, Shopiroller can help you with your e-commerce journey. Shopiroller has the expertise and resources to help you get started and ensure successful operations. Shopiroller provides a suite of features and services that allow you to set up and manage your online store quickly and easily. With Shopiroller’s help, you can focus on growing your business and start selling online with confidence.
