April 28, 2023
The most significant challenges to growth are acquiring new clients and growing the capacity of individuals who are successful by contributing positively to the world.
To assist you in overcoming the first challenge, we would like to discuss the perspectives that our Growth CFOs have on eCommerce. Working with Chief Marketing Officers and other ecommerce marketing service providers is quite educational for us.
E-commerce is expanding at an unprecedented rate despite the fact that the globe is becoming increasingly digitalized and networked. E-commerce sales throughout the globe exceeded $4.2 trillion in 2020 alone, and according to forecasts, this figure is only going to continue to climb in the years to come.
Let’s learn how the mentioned trends below will optimize more sales in 2023.
Over the past few years, eCommerce web development has undergone tremendous growth and change. The business policy as a whole is governed by new features, more complex elements, and a more customer-centric approach. The following are several of the most prominent eCommerce trends that online retailers are likely to adopt in 2023.
Mobile commerce encompasses more than simply purchasing products with a smartphone. It encompasses any purchasing activity (engagement with mobile advertisements, interacting with sales representatives, browsing brands on a smartphone, etc.) conducted on a mobile browser or app. And because mobile shopping intersects with other trending ecommerce features such as live stream shopping, augmented reality shopping, and in-app purchases, we anticipate its use to increase in 2023.
What should be done:
In the year 2022, social commerce dominated. Nonetheless, consumers’ desires are becoming increasingly complex, and they are becoming more discerning in their purchasing decisions, particularly in light of the impending economic decline.
98% of consumers planned to make at least one purchase via social purchasing or influencer commerce in 2022, according to a report by Sprout, and this trend shows no signs of abating. If you have not yet begun selling on social media, there is a good possibility that your competitors are already doing so or will soon.
With the maturation of creator marketing, the next logical step for platforms is to assist creators and businesses in selling to consumers.
Grove Collaborative uses Instagram Shop to offer consumers a unique perusing experience and the ability to check out within the application. They also include instructional videos to demonstrate how to use their products. If users have a query, they can also submit a direct message to Grove Collaborative.
B2C and B2B customers equally are seeking customised ecommerce experiences and are more likely to remain devoted to retail brands that offer a personalised experience. According to the State of Personalization 2022, nearly half (49%) of consumers indicate that they will likely become repeat customers after a personalised purchasing experience with a retailer.
Personalization may include product recommendations, promotions, and discounts, as well as a unified retail experience across multiple channels (website, mobile, and social). It may also include offering multiple payment methods. If a customer’s favoured method of payment is unavailable, they may abandon the website without concluding the transaction.
Benefits accrue to companies that increase their personalization initiatives. According to BCG’s Personalization Maturity Index, retailers that scale advanced personalization capabilities generate four times as much revenue on average as those with less advanced features.
What should be done:
With the rise of personalised purchasing experiences, artificial intelligence (AI) is rapidly expanding. AI can accumulate information about the purchasing habits of customers. This can include a customer’s shopping habits, perusing preferences, and time of purchase. This information can be used by brands to provide a personalised purchasing experience.
Similar to your favourite salesperson, but with a technological twist. Instead of your favourite associate, AI can recommend a new pair of shoes or provide information about forthcoming sales that are pertinent to you.
You may be acquainted with the science fiction trope of an artificial intelligence robot acquiring human emotions. We are not quite there yet, and we may never get there.
But more practical AI and customer service use cases are emerging. Despite the fact that not every AI scenario is successful, businesses have employed AI to compose responses for more practical customer service interactions, such as searching for an item’s status. As consumer journeys are expected to become more complex over time, the use of AI will increase efficiency.
As a machine learns to communicate more effectively, brands can teach it to provide more complex customer service and recommend products based on a customer’s preferences and moods.
How to take action:
Some consumers desire a personalised experience, while others worry about their data and privacy rights. More consumers are aware that ecommerce sites collect data, but they do not always understand how this data will be used or if it poses a danger to them. Regarding the benefits of big data and how it affects personalised purchasing experiences, opinions are divided.
In light of the fact that leading companies such as Google intend to discontinue support for third-party cookies by 2023, organisations are starting to employ zero-party data. Collecting data directly from consumers with their consent is an attempt to avoid the problems associated with third-party cookies.
According to our Q1 2023 Pulse survey, 48% of marketers plan to use metaverse-related Virtual Reality (VR), Augmented Reality (AR), or Extended Reality (XR) technologies. In the next 12 months, VR/AR/XR will play a significant role in how consumers interact with brands, according to 43% of consumers.
The phrase “try before you buy” takes on a whole new meaning with augmented reality (AR) commerce, which uses 3D mapping to allow consumers to test out products or preview experiences prior to making a purchase. AR has been a game-changer across industries, particularly in the fashion, cosmetics, and home décor sectors, because it places the product or service at the customers’ fingertips. To take advantage of AR commerce, brands do not even require physical storefronts.
The growth of vocal search In 2023, marketers are enhancing their social commerce strategies with emerging technologies like voice search. Numerous consumers rely on smart speakers and voice assistants to perform daily activities. Customers are able to peruse a brand’s various collections, select product sizes and colours, and ask queries directly from their online store. As more people implement these systems, voice search will likely be used to make purchases ranging from clothing to sustenance.
Our Q1 2023 Pulse survey revealed that 25% of respondents intend to use voice search in 2023, a 3% increase from 2022.
How to take action: Utilising traditional search engine optimisation and semantic strategy, optimise voice search Optimise product/service descriptions for search by utilising intuitive language such as “who,” “what,” “where,” “why,” “when,” and “how”
Consistent with the trend of consumers selecting brands that align with their values, sustainability is gaining importance among consumers. Many consumers are becoming more conscious of sustainability as a result of factors such as the environmental repercussions of rapid fashion and emerging technologies with significant carbon footprints, such as NFTs.
Consumers are seeking sustainable packaging, shifting away from plastic and focusing on the environmental activism efforts of brands.
How to take action:
Retail sales is one of the world’s oldest business formats, whereas eCommerce is constantly evolving. Understanding the most recent trends will enable you to remain ahead of the competition by incorporating those that work best with your brand and business model. Observe your competitors’ new customer-reaching strategies and prioritise the changes that will have the greatest impact on your bottom line.
Need an integration ecommerce marketing service partner for one of these updates? We have created and improved numerous eCommerce websites over the years, for clients ranging from modest businesses to retail titans such as Euro Car Parts, 2XU, and Legend Footwear. We updated their eCommerce technology to help them remain competitive as they expanded internationally and assisted them in adapting to the most recent changes in this dynamic industry.
Contact us to learn we can assist you in adapting to the most recent eCommerce trends of 2023.