Millions of people have turned to e-commerce in the last three years, primarily because of the COVID-19 pandemic. Online shopping is expected to grow in popularity, with retail e-commerce sales increasing from $5 trillion to more than $8 trillion by 2026.
E-commerce small businesses and online vendors have also increased in number. Despite the growth of e-commerce businesses, not every online business will prosper. It’s always a challenge to meet customer expectations, deal with new challenges, and keep up with the competition.
On the other hand, business owners who know what to expect in 2023 will be in a better position to succeed. You can maximize opportunities while minimizing damage from potential threats by knowing which trends are on their way. Therefore, we have compiled a list of the top 9 e-commerce trends predicted by experts for 2023.
1. Everything is Interconnected.
A single gadget or channel won’t constrain shoppers in 2023. In the buying journey, they want to be able to explore products, compare prices, and finalize a sale across channels and devices without losing their place. The Apple Store, where shoppers interact with Apple items while ordering online for home delivery, is an example of an in-store experience such as BOPIS (Buy Online Pay In Store). In addition to voice shopping and voice search, low-cost gadgets, groceries, and household goods are also becoming increasingly popular.
2. The Growth of Social Commerce
In recent years, social media has become increasingly popular as a platform for discovering new products and completing sales. By 2026, social commerce sales are expected to increase from $992 billion to $2.9 trillion. 48% of individuals could buy products directly from TikTok, which ranks higher than Google for product recommendations among Generation Z.
3. Customer Service must Fulfill New Criteria.
It is expected that customers will receive quick responses to questions and prefer to communicate through familiar channels such as WhatsApp, Instagram, and Facebook Messenger. Chatbots are increasingly being used by e-commerce companies to provide outstanding customer service 24 hours a day, seven days a week.
Sixty-seven percent of shoppers check the return policy before purchasing, indicating that they want flexible return policies are also critical to have complete visibility into the order. Tracking their delivery progress and getting updates on arrival times is important to them – and, of course, it has to arrive on time.
4. The Convergence of Augmented Reality and E-Commerce
Online shoppers often want to know whether they’ll like the merchandise when it arrives. Smart e-commerce companies like Kipling, Warby Parker, Zappos, and Sephora are using augmented reality to let customers try on apparel, spectacles, or makeup before buying. You can even visualize how furniture would look in your home with an IKEA app.
5. The Number of Payment Choices is increasing.
Digital wallets like Apple Pay and Google Pay, as well as cryptocurrencies like Bitcoin, are becoming increasingly popular with customers today. They expect to be able to pay on any device, using any digital wallet. In addition to flexible Buy Now Pay Later (BNPL) options like Klarna, online vendors must offer a variety of payment methods.
At the same time, businesses must assure their clients that their financial information is protected from hackers. A variety of payment methods are available through Payoneer Checkout, Payoneer’s payment acceptance service.
6. Sustainability is on The Agenda.
In 2023, consumers are significantly more willing to spend more on eco-friendly products, and they are looking for ethical businesses that align with their values. In addition, shoppers seek online companies that sell sustainable products, use green and/or minimal packaging, offer green and/or minimal shipping options, and/or make it easy for them to recycle or replenish their purchases.
7. Shoppers are shopping for Used Items.
The trend of buying used and secondhand things online is on the rise, partly because of an interest in sustainability and partly due to rising inflation, which forces consumers to look for ways to save money. There is a growing demand for preowned e-commerce in areas such as apparel, books, shoes, and bags. There are many secondhand marketplaces where shoppers can find pre-loved bargains, such as ThredUp, eBay, PoshMark, and Alibris.
Even though e-commerce has replaced brick-and-mortar stores, customers still value getting advice from an associate who knows their preferences, sizes and purchasing patterns. It is important to them that they receive the same experience online, which includes personalized purchasing recommendations, promotions, and content that knows their preferences and identifies them by name.
9. Buying on the go
Lastly, mobile shopping is becoming increasingly popular. It isn’t a new trend, but 2023 is expected to be the year when it will be most prevalent. As a percentage of overall retail e-commerce sales, m-commerce retail sales will exceed $4.5 trillion by 2021. Therefore, online stores must be built for mobile-first experiences rather than just responsive or mobile-also. Apple Pay and Google Pay should also be used by e-commerce enterprises.
Excellence in E-Commerce is Always in Style.
With Payoneer, you can make the most of the e-commerce market and keep your business growing no matter what trends you face. A year of great revenue is expected for e-commerce small business owners in 2023 if they focus on omnichannel, personalization, sustainability, social commerce, and excellent customer service.