7 E-COMMERCE TRENDS FOR 2023

In 2023 the competition in e-commerce can be higher than ever. After the pandemic affect most of the customers have change their buying behaver. Older generations are adapting to new technologies, younger generation are addictive to new technologies which gives you the opportunities to reach them more easily than ever!

Still, you need to do some work to be ahead of your competitors. Here is some trend for this year what you need to focus on so can get full potential and attract for your business new customers and build trust with existing customers:

1.Mobile Commerce

Mobile commerce or m-commerce is one of the effective platforms for reaching new customer. Daily average person spends from 3 – 4 hours on their phones and checks their phone in average 58 times each day. Biggest advantage of m-commerce that the phone is everywhere we go and can be reached any time and any place even if you are on top of the mountain Everest.

According to Shopify by 2025, retail m-commerce sales should more than double, to reach $728.28 billion, and account for 44.2% of retail ecommerce sales in the US.

To be top of your competitors and adapt to customer behaver here are some suggestions what to focus and optimize for your m-commerce:

• Make sure that your website and online store are optimized for mobile devices. This includes using responsive design, fast loading times, and easy-to-use navigation.
• Use mobile payment options: Offer mobile payment options, such as Apple Pay and Google Pay, to make it easier for customers to purchase from their mobile devices.
• Use mobile-specific marketing: Use mobile-specific marketing strategies, such as SMS marketing and social media advertising, to reach and engage with mobile customers.
• Test and optimize: Regularly test and optimize your mobile commerce strategies to ensure that you are delivering the best possible experience to customers.

2.Personalization

Biggest hack what you can use for your e-commerce business to gain more sales and additional make more loyal customers which can grow your brand. Personalization gives you the ability to understand your customer and what they are looking for, also what are they doing in your webstores. By analyzing data from your e-commerce stores how you customers are behaving you can make better decision what you need to optimize or change so you can get better experience for them.

From Instapage case 80% of customers are more likely to make a purchase when brands offer personalized experiences.

• Personalized product suggestion: Use customer data to provide personalized product recommendations based on their browsing history and preferences. This can increase sales and customer satisfaction.
• Personalized offers: Make your customers feel more valuable by providing them with customized deal’s or offers.
• Personalized content: Based on customers interest and behaver suggesting blog materials, video, picture to increase customer loyalty and engagement.

3. Social Media Commerce

S-commerce or social media commerce in easy terms told customer can shop through their social media and not leaving it. Best example would be making live shopping stream where you show out products and describing it for the viewers and they can buy straight from the stream!

How it works you can watch in this CNBC video where they shop the potential of s-commerce. S-commerce is developing and adapting the platform for business to be more effective and user friendly.

According to Statista, s-commerce generated about $475 billion in revenue in 2020 and is expected to grow at a rate of 28.4% annually, reaching $3.37 trillion by 2028.

But there also are some concerns for the customers when they are buying from social media. By Accenture survey summery that customers afraid how their payments will go through and how it going to be received which affects their decision buying using social media. Check out the link for Accenture what other concerns customer have which you can optimize and be more successful in selling good using social media.

4.Subscription Models

In 2023 I could really bet that each of us has signed up to some kind of subscription model. Would it be streaming, program access or other type of subscription this model has bit effect on your business and to your customer.

From Aheadworks subscription model help you gain benefits like:

• Businesses can accurately predict revenue.
• Subscriptions can attract more customers.
• Reducing marketing cost.
• Collecting data and analysis. But most important is that you build more stronger relationship with your customers which helps to gain more loyal clients to your business. Here is a interview with Ronald J. Baker where gives a really good example how different subscription model works in auto industry https://youtu.be/lM9ARssrJdE .

Fair to say that subscription model was around for a long time and still will be one of the affective business model to any industry, just need to analyze the customer behaver and see which idea suits the need of the customers.

5.Voice Commerce

We already have no contact ability for our groceries, cloths, and other stuff what we purchase in stores or webstores when we pay for them. What would be more comfortable way to order and purchase the goods? It is voice commands, just say it and the system does the work. What could be more satisfying that somebody does what you tell them to do! Voice commerce or V-commerce a developing trend who will change the e-commerce market for good just by making it easy for the consumer to order and purchase. Voice commerce is assisted such as Amazon's Alexa, Google Home, or a chatbot. As V-commerce is still in developing stage soon is going to change by AI (artificial intelligence) systems who better adapts, understands and analyses what will you say, what you mean for more successful outcome.

From Adobe studies surveys says that: “71% said they strongly agree that it can help improve the user experience, increase consumer engagement (65%), and increase customer loyalty (64%)”. From our previous blog with Mozello we already talked about that customer experience is most important objective to be successful. Voice commerce still has some concerns what need to be answered and optimize but, in the future, it going to be one of main channels how people are going to purchase good, take the opportunity and start implementing in your business.

6.Virtual and Augmented Reality

Let’s keep it simple and at first try to understand the difference between Virtual Reality and Augmented Reality:

Virtual reality is a simulated environment which you can experience by visualization, sound, and other cases even smell. Example would be experiencing Everest Mountain from your living room and interacting with surrounding objects. Augmented Reality adds digital object in live view mostly using your smartphones. Like before buying you can try fitting in your apartment and see if it suits you style.

According to a survey by Invesp, 71% of consumers said they would shop more frequently if they could use AR to visualize products in their own environment before making a purchase. Here 5 ways from Bigcommerce how you can use VR and AR for your business:

• Virtual store.
• Virtual try-before-you-buy.
• In-store experience that surprises and delights.
• Live events.
• Interactive education. VR and AR has high potential and benefits like strengthening bond with customer, easier to decide, less returns and saves time for you and the customer. Overall new technologies will impact the e-commerce market, because with younger generation growing up it will shift the mindset of the business and changing buying behaver.

7.Sustainable and Ethical Practices

Sustainable and ethical practices now days defines what kind of business you are and what is your purpose to help society. The eco system is rapidly changing which impact how we look at things and what we choose to do or buy. People most of the times are affected and attracted by the same interest and values. These days it is important to show care for the nature and society who may suffer from their own circumstances. For e-commerce sustainability can be represented by:

• Reducing waste (reusable packaging, using less materials, minimizing environmental impact.)
• Using energy efficient (solar panels, wind generation.)
• Helping the nature to restore.

Ethical Practice helping others in need, social justice, and equitable society. Ultimately, sustainable, and ethical practices are about making conscious choices that benefit both ourselves and the world around us. By considering the impact of our actions and making choices that align with our values, we can create a better future for ourselves and for future generations.