E-commerce is the online sale and purchase of goods and services. It is estimated that by 2023, 22% of all global trade will take place online. To reach this significant proportion, e-commerce needed to take off at the same rate as during the COVID-19 epidemic, when online sales grew by 44% in a single year. That boom has now subsided, but growth has not stopped. We've put together a blog post on the e-commerce trends for 2023!
E-commerce trends in 2023
Artificial intelligence, personalised advertising, subscriptions, sustainability - a number of e-commerce trends will shape the year 2023. Here are the most important ones!
Mobile shopping
Mobile presence is now essential, with our phones with us at all times, ready to be picked up and taken out at any moment. This is also having an impact on e-commerce, as the number of mobile purchases continues to grow. This is also supported by features that are available on mobile, such as live streaming or in-app purchases.
The impact of AI
The use of artificial intelligence in content production is increasingly widespread and accepted. AI-generated content will appear on websites, the number of blog posts and texts will increase, but their effectiveness will probably decrease.
80-20 customer segmentation
In e-commerce, the 80-20 rule means that 80% of revenue comes from 20% of consumers. This 20% is now particularly important. Companies need to think about how to retain these consumers.
Changes in pricing
Thanks to the emergence of more retailers in the online space, more and more goods can be bought online. This also means that prices can be easily compared, which will lead to more dynamic price changes.
AR/VR
Virtual and augmented reality offer a wealth of opportunities. Today, customers can try on a pair of trousers online or see how the wallpaper would look in their room. These solutions can eliminate the drawbacks of online shopping and minimise the chances of poor purchasing decisions.
Community trade
Social media commerce is not new, but this year it will be even more prominent. It is of course essential that platforms have the right sales platforms, such as the Marketplace on Facebook. This allows users to shop without ever leaving the social platform.
Personalised experience
The customer experience is one of the most important factors in building a successful business. Users want to receive personalised, unique messages and offers that speak to them in their own language. Personalisation can include offers, product offers, discounts, content. Data analytics and artificial intelligence play a huge role in this, allowing you to know your audience better. Retail media networks can also be of huge help to brands, who can gain access to valuable data courtesy of retailers.
Sustainability and ethics
Generally speaking, ethical and sustainable trade is increasingly important to consumers. This is especially true for the younger generation, who see these values not just as a necessary evil, but as something to stand up for with heart and soul. Those who engage in ethical and environmentally friendly trade can therefore take their place on the e-commerce podium.
Voice search
Voice search can bring a new level of customer experience to e-commerce. Smart speakers and voice assistants available in smartphones are already widely used and their commercialisation is becoming a reality.
New advertising solutions emerge
As e-commerce grows, so does competition. More and more people are entering the online space, and more and more are looking to grab a significant slice of the consumer pie. But this requires new ways of advertising. Retail media networks would open up a new perspective for online advertising. Retailer-run media networks offer brands the opportunity to display their products and services and reach consumers where and when they shop. This makes them much more effective than other advertising solutions.
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