Are you ready for the future of e-commerce in 2023? Which e-commerce trend in 2023 will be the most crucial? Forget everything you know about online shopping — the game is about to change in a big way. From virtual reality storefronts to drone delivery and beyond, the possibilities are endless. So buckle up and get ready for a wild ride as we explore the top trends that are set to revolutionize e-commerce in the coming year. Whether you’re a business owner or a shopper, you won’t want to miss out on these game-changing developments that will reshape the online shopping landscape as we know it. Get ready to step into the future of e-commerce — it’s going to be a wild ride!
What is the global ecommerce forecast for 2023?
Before giving numbers and forecasts, let’s first define what global e-commerce is. Global e-commerce refers to the buying and selling of goods and services over the internet on a global scale. It involves businesses and consumers from around the world engaging in online transactions. This can include a variety of products and services, such as clothing, electronics, digital media, travel bookings, and more.
E-commerce has several business models, and each has its specifics, pace of market development, and challenges: business-to-business (B2B), business-to-customer (B2C), customer-to-business (C2B), and customer-to-customer (C2C).
Global e-commerce facilitates all the buying and selling processes, including:
- Easy expansion into global markets
- Easy-to-find product-market fit
- Short B2B sales cycle
- Straightforward and quick international presence establishment
Global e-commerce had a steady growth for years that was dramatically disrupted by the pandemic-driven lockdown. People were forced to stay home, and having tons of free time and no other choice, they started to shop online. The culture rapidly became the new norm.
After the pandemic, most businesses with physical locations recovered. Even if some markets lost their positions to brick-and-mortar shopping, the e-commerce segment is still considered one of the most successful and growing industries. Additional factors of e-commerce expansion are internet penetration and device usage, rapid urbanization, and digitization.
In 2022, the global e-commerce market was valued at a whopping $16.6 trillion! By the end of 2028, the market value will reach $70.9 trillion, showcasing a high growth rate (CAGR) of 27.43% for the forecasted period. The e-commerce market’s revenue will reach $4.11 trillion in 2023, with the highest percent generated from China (46.3% of all retail e-commerce sales). The number of users will also increase, reaching 5.29 billion by 2027. The user penetration rate will increase to 66.6% by 2027.
Here are some more statistics about the global e-commerce market.
- China’s Alibaba retail group is still the world’s largest e-commerce retailer, with $700 billion in sales in 2022. Amazon is promised to surpass Alibaba by 2027.
- The UK ranks second with the highest percentage of retail sales after China and is followed by South Korea.
- Brazil shows a fantastic retail e-commerce development rate in 2023, followed by Argentina and Turkey.
- India’s e-commerce market is included in the world’s top 5 fastest growing countries.
- By 2026, 24% of all retail purchases will take place online.
- 48% of users abandon their cart because of additional costs like taxes, shipping, and fees.
- 84% of online cart abandonment rate is through mobile devices.
- Facebook leads as the most popular platform for social commerce transactions.
What are the future trends in e-commerce?
Just like any other industry in the digital environment and digital era, e-commerce rapidly responds to global trends and transformations. Every year, we have new trends shaping the market and outdated trends that should be left behind to stay competitive.
As we head into 2023, we will explore some of the top e-commerce trends expected to change the rules of the game. From increased personalization to the integration of emerging technologies, these trends will play a critical role in the success of e-commerce businesses this year.
Rise in mobile shopping
With the proliferation of smartphones and tablets, consumers are increasingly turning to their mobile devices for online shopping. This is more than convenient for users to shop anytime and anywhere with their mobile devices to navigate through the application, save favorite items, and return to shopping whenever they want.
E-commerce businesses should optimize their websites and mobile apps for mobile devices to provide a seamless shopping experience. Those who only have websites should seriously consider developing an online selling app to avoid losing mobile users as a target audience.
Personalization and user-generated content
Consumers today want a personalized shopping experience that caters to their individual needs and preferences. E-commerce businesses can achieve this by leveraging user-generated content, such as product reviews and customers’ social media posts, to inform and enhance their marketing efforts. Other tactics to create a personalized experience, retain customers, and increase loyalty include discounts, product recommendations, and special offers.
Multiple payment methods will help target different groups and increase positive purchase experiences on e-commerce platforms.
The “Pay Later” function has also become a decision-making criterion for customers who want more flexibility when paying.
Depending on the platform and product, brands can also incorporate cryptocurrencies to target a vast group of customers already using cryptocurrencies.
Artificial intelligence continues to conquer every aspect of our lives, facilitating the processes. In e-commerce, AI will help collect data and track customers’ shopping behaviors. With such data and knowledge, marketing teams will be able to create better-targeted campaigns, create personalized shopping experiences, and more.
AI-powered chatbots and virtual assistants are the next great progress in e-commerce and will provide 24/7 customer support, helping businesses to improve customer satisfaction and increase sales.
Enhanced shopping experiences with AR and VR
Modern technologies continue to work toward delivering a real-life experience. This year, augmented reality (AR) and virtual reality (VR) technologies are becoming more widely available, and e-commerce businesses are leveraging them to create immersive shopping experiences that enable consumers to visualize products in 3D and see how they would look in real-life settings.
The “try before you buy” concept is already widely used by most retailers. With 3D mapping, customers can now try out any product, from makeup to clothing, before making a decision. The role of brick-and-mortar storefronts will become less significant.
Use of voice search
With the increasing use of voice assistants such as Siri and Alexa, consumers are actively using voice search to find products and services. E-commerce businesses need to optimize their websites and mobile apps with content for voice search to ensure they can be easily found by consumers.
Conscious shopping and sustainability
Consumers are becoming more environmentally conscious and are looking for sustainable and ethical products. E-commerce businesses that embrace sustainable practices, such as using eco-friendly packaging and sourcing products from ethical suppliers, can attract and retain customers who prioritize sustainability.
Livestream shopping or live shopping is a growing trend in e-commerce, particularly in Asia. E-commerce businesses can leverage live streaming to showcase products and interact with customers in real time, creating an engaging and immersive shopping experience. The trend will also increase engagement with influencers and customers, reinforcing trust in brands and influencers through real-time communication.
Each customer is one-of-a-kind and deserves personalized attention. This can be delivered through a personalized approach and conversational marketing. E-commerce businesses already use chatbots and messaging apps to engage with customers, provide personalized recommendations, and navigate them through the platform to get them to the final purchase. Conversational marketing can help businesses increase engagement, drive sales, and improve customer loyalty.
Creating multi-language content
In the globalized world of e-commerce, creating multi-language content has become a critical feature for businesses looking to expand their reach and connect with diverse audiences. The ability to communicate effectively with customers in their native language has proven to be a powerful tool for building trust, engagement, and loyalty.
By providing content in multiple languages, e-commerce businesses can remove language barriers and create a seamless customer experience, regardless of the customer’s location or language preference. This approach not only enhances the customer’s experience but also helps businesses increase sales, drive conversions, and establish themselves as a global brand.
What is the next big thing in e-commerce?
If we try to sum up all the trends discussed above into one major trend of e-commerce in 2023, it would be an enhanced online shopping experience. Understanding the need to create a seamless and personalized experience for their customers to keep them coming back, retailers are “forced” to leverage the latest technologies, such as artificial intelligence, machine learning, augmented reality, and a mobile-first approach, to stay competitive.
In fact, a mobile-first approach is a crucial aspect to start with. Designing with a “mobile-first” approach in mind means creating an e-commerce application tailored to mobile users, offering them features like push notifications and mobile payment options to simplify their shopping experience. Having your shop in their pockets, users can browse and shop anytime. Sounds good? Simply find a professional mobile app development agency to build your online shopping app and market it to earn your spot in global e-commerce.
Conclusion: Will the market improve in 2023?
Innovation has emerged as the driving force behind the global e-commerce trends for 2023. Despite potential obstacles, these trends are expected to persist and become even more critical for businesses to adopt. If you want to gain a competitive edge and boost sales in the ever-changing digital landscape, embracing innovation in your e-commerce business strategy is essential. Brands that are willing to invest in new technologies and creative solutions will be better positioned to succeed and thrive in the years ahead. Don’t hesitate to jump on board and take advantage of the latest innovations to enhance your e-commerce strategy and stay ahead of the curve.