As online retailing continues to expand and develop, companies need to keep abreast of current trends and technologies in order to stay competitive. In 2023, we can anticipate several innovative developments that will influence the future of e-commerce. In this article, we will explore 5 e-commerce trends that are likely to emerge in 2023 and provide suggestions on how to incorporate them into your business.
Voice-Activated Shopping
Voice assistants, such as Amazon’s Alexa and Google Home, have grown increasingly popular in recent years. By 2023, it is predicted that there will be 8 billion voice assistants in use around the world (Source: Juniper Research). In 2023, we can expect voice-activated shopping to become more widespread, enabling customers to purchase items using voice commands. To prepare for this trend, companies should focus on optimizing their product data for voice searches and offer a seamless voice shopping experience for their customers.
Augmented Reality (AR) and Virtual Reality (VR)
AR and VR are no longer confined to gaming and entertainment – they are increasingly being employed in e-commerce to enhance the customer experience. By 2023, the global AR/VR market is expected to reach $160 billion (Source: IDC). We can expect to see more businesses using AR and VR to allow customers to virtually “try on” clothes and accessories, visualize home decor in their living space, and preview furniture in a virtual room. To take advantage of this trend, businesses should consider implementing AR and VR tools to improve the shopping experience and provide a more immersive experience for their customers.
Social Commerce
Social media platforms, such as Instagram, Facebook, and Pinterest, have become an integral aspect of e-commerce. It is predicted that social commerce sales will reach $80 billion by 2022 (Source: eMarketer). In 2023, we can expect to see more businesses employing social media to increase sales, such as through shoppable posts and buy buttons. To benefit from this trend, businesses should focus on developing a strong social media presence, producing high-quality content, and engaging with their followers.
Subscription-Based Models
Subscription-based models have gained popularity in recent years, and by 2023, the subscription-based e-commerce market is expected to be worth $473 billion (Source: McKinsey). Subscription models offer customers the convenience of regularly scheduled deliveries of their preferred products, along with other advantages such as discounts and early access to new products. To leverage this trend, businesses should consider offering subscription options for their products and focus on providing outstanding customer service to keep subscribers interested and coming back for more.
Personalization
Personalization has been an emerging trend in e-commerce for some time, but in 2023, it is anticipated to become even more critical. Customers expect a personalized shopping experience, from product recommendations to targeted advertising. It is estimated that 80% of customers are more likely to make a purchase when brands provide personalized experiences (Source: Epsilon). To benefit from this trend, businesses should focus on gathering and analyzing customer data to offer personalized recommendations and experiences and provide a high level of customer service to build loyalty and trust.
In summary, e-commerce is constantly evolving, and companies must stay up-to-date with the latest trends to stay competitive. In 2023, we can expect voice-activated shopping, AR/VR, social commerce, subscription-based models, and personalization to be some of the primary trends influencing the e-commerce landscape. By understanding and implementing these trends, businesses can provide a more engaging and personalized shopping experience for their customers, and remain at the forefront of the ever-changing world of e-commerce.
Sources:
- Juniper Research:
- “Consumer Voice Assistant Use to Triple by 2023, Reaching 8 Billion Devices” (https://www.juniperresearch.com/press/digital-voice-assistants-in-use-to-8-million-2023)
- IDC:
- “Worldwide Spending on Augmented and Virtual Reality Expected to Reach $160 Billion in 2023, According to a New IDC Spending Guide” (https://www.idc.com/getdoc.jsp?containerId=prUS49916122)
- eMarketer:
- “Social Commerce Sales Will Represent 4.5% of All Retail Ecommerce in China This Year” (https://www.emarketer.com/content/social-commerce-sales-will-represent-4-5-of-all-retail-ecommerce-in-china-this-year)
- McKinsey:
- “The Growth Of Subscription Commerce” (https://www.forbes.com/sites/jiawertz/2022/07/15/the-growth-of-subscription-commerce/?sh=5a56e9c0b572)
- Epsilon:
- “The Power of Me: The Impact of Personalization on Marketing Performance” (https://us.epsilon.com/power-of-me)
