If there’s anything you can expect from the Commerce world, its evolution, improvement, and growth. And 2023 is set to continue this pattern.
By 2023, global retail eCommerce sales could reach $6.169 trillion and make up a 22.3% share of total retail sales, up from $3.351 trillion and 13.8% in 2019.
As shoppers and the global market grow more accustomed to the post-pandemic world, there are notable upcoming changes (some of which have already started!) that’ll impact your online store.
To give you a head start, we’ve pulled together a quick sheet of 2023 eCommerce trends and some action points to implement for more leads, sales, and growth.
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If you’ve never considered trend watching for your eCommerce business, it can seem like a non-essential task. But looks can be deceiving. Let’s zoom in on some ways trend-watching can make your eCommerce brand the top dog:
As the saying goes, “the early bird gets the worm.” Trend watching allows you to get a head start on areas your competitors are yet to dominate the growing trend. By the time they catch up, you could be already established in the SERPs, have a fan base, and a glowing review to match.
Whether it’s a sub-niche you’ve never considered or a new twist on the way eCommerce goods are marketed, keeping a close eye on trends and then implementing them can lead to bigger paydays. You can unearth new customer groups and items to experiment with to freshen up your offers and marketing campaigns.
One of the best ways to get more customers and keep them coming back is to give them what they’re looking for. The more products you have that resonate with your target customer will have a positive impact on key metrics like customer lifetime value, retention, and even average order value (AOV) when done correctly (more of this later). So, trends act as a cheat sheet on shoppers’ current wants, needs, and preferences.
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Now you know how valuable trends can be to your business, it’s time to strategize. Let’s zoom in on some of the most prevalent trends set to hit the eCommerce market in 2023 and some ways you can take advantage of each:
Even back in 2019, sustainability was a priority for 65% of shoppers, and this sentiment is only going to strengthen in 2023.
After wildfires, global warming talks, and rising polluted seas caused fuelled by consumerism and waste, shoppers are taking a long, hard look at how their shopping choices impact the globe.
It’s why Recommerce (the sale of preloved items) has started to gain more ground and could prove to be a popular shopping option in 2023. To maintain consumer confidence going forwards, you’ll need to display support and action toward sustainability projects.
Coming off the back of a $478.78 billion valuation in 2020, experts anticipate the metaverse to be worth $800 billion valuation by 2024. The metaverse is also increasing in popularity every year, with 74% of adults now thinking about joining.
Augmented Reality (AR) and Virtual Reality (VR) are tenets of the metaverse, and in 2023 we’ll see retailers and e-tailers ramp up and implement them to enhance the shopping experience. This could look like helping shoppers pick goods more accurately by using their data or tools to help them visualize the product in their lives. Follow suit to capture buyers’ attention.
Omnichannel eCommerce has exploded in recent years and its shows in the market’s projected growth stats which estimate an $11.01 billion market capitalization by 2023 and $16.9 billion by 2027.
As the world starts to shake off the pandemic shopping habits, shopping in physical stores is set to make a resurgence and join forces with eCommerce for more tailored shopping experiences. For example, shopping models like Buy Online Pickup In-Store (BIPOS) have increased in popularity, and stores allow shoppers to order in-store for home delivery.
To execute this trend, you’ll need to mix eCommerce with in-person shopping experiences.
Goods from further afield have always sparked shoppers’ interest, providing an exciting, never-ending treasure hunt. In 2023 this trend will reach a new peak.
Making shoppers feel comfortable on your sales and social media platforms, no matter where they’re based will be critical to converting leads and growing your international following. Addressing your fulfillment will also be critical for long-term profitability.
Top tip: To make this trend sustainable long-term, work with a fulfillment provider that can fulfill goods across multiple sales channels and locations efficiently and affordably. MyFBAPrep can do just that and more.
People are glued to their screens more than ever before, with the average person racking up 4.8 hours on their devices daily, one-third of their waking hours!
So it’s no surprise mobile sales, a.k.a. eCommerce sales, topped $359.32 billion in 2021. This figure is set for a meteoric rise and could hit $728.28 billion by 2025.
To maximize this trend, you’ll need to make it easy for shoppers to find and buy the goods they want from the comfort of their mobile phones.
Ever since brands and marketers learned about the power of personalization, the focus has been on websites to eCommerce brands and shoppers’ detriment. To give you an idea, 75% of shoppers say brands don’t understand their shopping behaviors.
But the tables are about to turn. In 2023, we’ll see brands step their personalization up a notch by focusing on their entire sales and marketing ecosystem.
To ensure no one is left out, you’ll need to find ways to enrich the shopping experiences of every visitor and help shoppers make informed decisions.
It’s no secret advertising eCommerce brands has become more expensive, and this growing bill is causing eCommerce brands to reassess how they engage with customers once they enter their ecosystem. Enter subscriptions.
Subscriptions have long been a favorite among shoppers, with the average buyer spending $219 per month on them. But in a market with endless options and a pending recession, it’s easy for your subscription to be forgotten or, worse, canceled. In 2023, you need to find ways to make your subscriptions stand out from the rest, whether it’s by pricing, content, or bundling options.
The evolution of social media continues as more brands turn their loyal following and eye-catching snaps into full-blown social shops. Forecasts predict $30.73 billion in sales in 2023, tallying up to 20% of total retail eCommerce sales. This figure is expected to be $2.6 trillion by 2026.
Its clear shopping on the platforms on social media platforms has now become a viable alternative to buying on websites and marketplaces. To win with social stores, you’ll need to position your content and offers in a way that’s native to the platform and make it easy to purchase, preferably in-app.
Top tip: If you’re going to sell a trending product that is similar to or can be used with your existing products, create a bundle offer to up the value of your offer, freshen up your products, and boost AOV.
These days, customers know what they want; transparent pricing, quality goods, fast (preferably free) shipping, and efficient customer support, just to name a few.
To keep your buyers happy in 2023, you’ll need to provide a phenomenal customer experience from start to finish for every order.
With a plethora of business-altering trends on their way, 2023 is going to be a big year for eCommerce. The best part is you get to decide whether 2023 will be a hit or a miss based on how you interpret the trends, study the market, and execute your trend and data-led strategies.
So don’t miss out. Create memorable products that make your brand irreplaceable. Also, use the trend information and tasks we’ve shared to craft killer strategies across marketing, sales, customer service, and operations. Soon your store will be getting noticed, and sales pouring in.
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