eCommerce sales saw a slight drop last year, but thankfully, this year’s predictions are more optimistic. Statistica estimates online retail sales will soar to $6.51 trillion this year. As we enter 2023, there are a number of trends that are expected to shape the ecommerce industry. These trends include an increased focus on mobile shopping, green consumerism, Millennial and Gen-Z consumers, and AR/VR technology. To capitalize on these changes, it is vital for business owners to have an understanding of the latest ecommerce trends for 2023.
2023 eCommerce Trends #1: Global Inflation Will Continue
With inflation at record highs, times will continue to be challenging for many consumers and businesses worldwide. Inflation has surpassed poverty and social inequality (31%), unemployment and jobs (26%), and coronavirus (12%) as a top concern for 40% of customers.
People will continue to spend money, but even the biggest global brands are no longer immune to the effects of global inflation, macroeconomics, and geopolitical situations.
As a result, ecommerce businesses will have to work harder for every sale. You must be willing to do everything possible to attract and retain customers and be ready to always respond to global changes.
2023 eCommerce Trends #2: Mobile Shopping Is on the Rise
The COVID-19 pandemic accelerated the shift to online shopping by as much as five years. Mobile shopping is on the Rise, and it’s not just a passing trend. More and more people are turning to their phones and tablets to make their purchases.
According to Statistica, M-commerce or mobile commerce accounted for nearly two-thirds or 66% of all global ecommerce retail sales last year. Analysts expect mobile commerce transactions to surpass record levels of $3.2 trillion by the end of 2023.
Social commerce, another facet of mobile shopping, is set to triple by 2025. While only 30% of American consumers report purchasing goods via social platforms, nearly half of Chinese consumers already do, generating more than $351 billion in sales.
The competition is heating up, with 49% of brands planning to invest in social commerce content this year. Expect more branded shopping apps, SMS and Facebook Messenger marketing campaigns, and TikTok and Instagram social commerce content.
2023 eCommerce Trends #3: Growing Sales in China and Asia-Pacific
Retail ecommerce sales in Asia-Pacific are projected to exceed those in the rest of the world by the end of 2023. The factors contributing to its economic boom are rapid urbanization, technological advancements, the large population of new-middle class growth in Asia-Pacific, and a slew of government and private-sector-led initiatives in China.
China’s ecommerce sales are expected to reach $2.8 trillion in 2022, more than doubling the US market. Manufacturing in Asia-Pacific (APAC) and China has experienced a renaissance in terms of B2B. As a result, the B2B disparity is even more pronounced.
To tap into these lucrative markets, many ecommerce businesses implemented marketing strategies designed specifically for Chinese and APAC customers – such as localization efforts, targeted promotions, and customer service tailored towards local markets – to boost their sales figures.
2023 eCommerce Trends #4: Young Consumers Will Be a Dominant Economic Force
According to a report, two out of every three (80%) young consumers aged 25 to 40 do the majority of their shopping online. Millennial and Gen-Z consumers primarily shop online to save money and find deals, but they also value a simple checkout process and product recommendations from businesses.
As an ecommerce business owner, you should target the younger generation in the future to increase your sales potential.
Consider increasing your social media marketing efforts to accomplish this. More than half of young consumers who buy from independent brands learn about them through social media, which is higher than any other age group.
2023 eCommerce Trends #5: Environmental Topics Influence Buyers
Green consumerism is on the Rise. Millennials are paving the way for more environmentally friendly consumer habits. Whether it’s free-range meat or vegan skin care, there’s a growing demand for brands to start caring about the environment.
The Global Consumer Insights Pulse Survey found that 3 out of 10 consumers across 25 territories say environmental factors impact their decision to purchase from a company. Consumers today are more environmentally conscious than ever before.
To appeal to eco-friendly consumers, your ecommerce business should strive to develop more environmentally friendly practices. This includes practices such as sourcing products from fair-trade organizations to help create a more environmentally friendly ecommerce environment.
2023 eCommerce Trends #6: Augmented Reality and Virtual Reality Will Transform How We Shop
One of the main concerns people have when shopping online is the inability to see and physically inspect a product firsthand. Augmented Reality (AR) and Virtual Reality (VR) technology bridges this gap, allowing online shoppers to better visualize the products they want.
Virtual Reality (VR) adoption among consumers will be driven by innovative ecommerce storefronts. The number of VR users in the United States is estimated to reach 65.9 million by 2023. Major brands like Nike, IKEA, Apple, BMW, and L’Oreal are banking on the trend by experimenting with augmented reality and virtual reality to deliver more personalized shopping experiences.
VR/AR could be a game changer for your ecommerce businesses. VR/AR experiences have the potential to alter how online customers perceive your products. You can help them better understand if your products meet their needs by displaying them in augmented or virtual reality.
eCommerce trends in 2023 will be heavily focused on mobile shopping, Millennial and Gen-Z consumers, booming Asian ecommerce markets, and AR/VR technology. Businesses that take advantage of these trends and emerging technologies are sure to gain a competitive edge. By using the insights from this article, your business can prepare for the future of eCommerce and take steps towards success.
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