The eCommerce industry is growing at a rapid pace. The covid-19 pandemic has helped the eCommerce industry to reach heights like never before. Businesses belonging to different sectors worldwide have taken the path of eCommerce in the pandemic to attract users and grow their businesses.
With time, consumer behavior is continuously changing. They are expecting more from eCommerce businesses. Hence, companies must constantly look for eCommerce trends and implement them as soon as possible.
If you are already running an eCommerce business or planning to start one, you should also consider the emerging trends in eCommerce.
But with the evolving eCommerce industry, it is challenging to find the recent trends in eCommerce.
- Augmented Reality in Product Visualization
- Voice Search will be the Future
- Artificial Intelligence is Useful to Know More About Shoppers
- Buy Now Pay Later
- Live Streaming Commerce
- Social Commerce to Offer Next-Gen Customer Experience
- Role of Personalization in Online Shopping
- Interactive Chatbots
- Subscriptions will Help to Gain More Customers
- Headless Commerce
- Mobile Shopping is Rising
- Big Data for Personalized Shopping Experience
- Focus on Consumer Privacy
- Elasticsearch to Present Visitors with Their Needs
- Final Words
We have been working closely with the eCommerce industry for over a decade. Hence, we are familiar with the things revolving around the industry.
Here, we have curated the 15 eCommerce trends businesses should consider in 2023.
But before we move on with the trends, you might be thinking, Is is really a need for eCommerce trends? Let’s look at it in-depth.
Why is it crucial to know eCommerce future trends?
The world of eCommerce is getting more competitive with each passing year. Therefore, to survive and thrive in the world of eCommerce, you should be familiar with the latest eCommerce trends.
On the other side, if you avoid these trends, you might not be able to grow your business rapidly.
Hence, it is crucial to know the eCommerce future trends and implement them for the store to have a competitive edge in the market.
Now, let us go through the 15 most popular eCommerce trends of 2023.
1. Augmented Reality in Product Visualization
Augmented reality can revolutionize the entire eCommerce industry. It allows users to view the item in their own environment & time before making any purchase. With the help of AR, customers can purchase a product without any mistakes.
Augmented reality would be heavily beneficial in several domains like fashion, home decor, etc. Using AR, you encourage customers to view virtually using the “try on” function.
In short, AR can provide an immersive shopping experience to customers every time they buy a product.
Here are some latest stats that prove how AR will change the eCommerce industry.
- According to one Google survey, 66% of users love to use augmented reality technology for shopping.
- As per one survey, 71% of shoppers would like to shop more if a business utilizes an AR.
- During Covid-19, the conversation rate has increased to 90% for customers that consider AR versus those that don’t.
2. Voice Search will be the Future
Voice search is the technology that allows a user to search online without entering anything into the search bar. Voice assistants have paved their way into various smartphones, gadgets, and devices allowing users to search for different things with their voices.
Over the years, people have become reliant on voice assistants like Amazon Echo, Apple’s Siri, Microsoft’s Cortana, etc., to carry out various tasks. Moreover, people are expected to use voice search to order food, shop online, and organize their lives.
Here are some statistics that determine the demand for voice search:
- In 2021, around one-third population of the United States owned smart speakers. (Statista)
- According to PWC’s research, about 71% of users prefer to conduct search queries using voice search.
- As per Narvar reports, 43% of voice-enabled device owners utilize their devices for online shopping.
- According to GlobeNewswire, the speech & voice recognition market was valued at $6.9 billion in 2018. It is expected to grow at a CAGR of 19.8% and reach $29.3 billion in 2026.
Hence, businesses need not neglect this eCommerce trend. It is time for you to integrate voice search into your online store.
3. Artificial Intelligence is Useful to Know More About Shoppers
AI and machine learning combined are great for providing a personalized experience to users. AI technology can track many things like the process customer uses to shop, what they look for in a product or service, and what time they shop.
In other words, AI collects the browsing and shopping history of the users and then predicts what customers will purchase next.
According to InsightAce Analytic, AI-enabled eCommerce solutions market size was valued at $3.71 billion in 2021. It is expected to grow at a CAGR of 15.7% from 2022 to 2030 and reach $16.8 billion by 2030.
Apart from personalization, Artificial Intelligence is used in backend operations and building inventory predictions.
Lastly, it is an eCommerce trend that you should consider for your online business store as soon as possible.
4. Buy Now Pay Later
It is a model that allows users to pay for products through affordable installments. It has gained a lot of attention over the years. Users are moving over to this mode of payment from the credit card as it is interest-free.
According to InsiderIntelligence, Buy Now Pay Later users are expected to grow 56.1% Year-on-Year and would reach 79 million. Besides this, BNPL transactions are expected to cross $100 billion in 2024.
Several well-known merchants offering BNPL include Klarna, Sezzle, PayPal, Skeps, and more. Out of all BNPL service providers, Klarna is the fastest growing with around 20 million users in the United States. In the coming years, we will observe various other companies also providing BNPL.
Here are several reasons why you should integrate BNPL into your eCommerce store.
- Decreases cart abandonment rate
- Increases sales
- Improvised the checkout process
- Get more orders
In short, BNPL helps you to reach a broader number of users and also generate more revenue in the long run.
5. Live Streaming Commerce
It is one of the most recent eCommerce trends. A broader number of users worldwide like to watch TV channels from where they can do live shopping. The same thing applies here.
Here, you need to reach out to the influencers. These influencers promote your product or service on different social media platforms in their live stream. Moreover, they allow the users to buy instantly by offering a link in the description. Besides this, they allow users to swipe up and purchase anything quickly.
Some of the most well-known examples of live-streaming commerce would be Walmart+, TikTok and Amazon live. Moreover, if your store is on Shopify, you can take benefit of Shopify YouTube integration to integrate your store with YouTube and sell your products through YouTube livestream.
According to Statista, Livestream eCommerce sales in the United States are anticipated to reach $17 billion in 2022. It is anticipated to increase 3x & reach $55 billion in 2026.
Therefore, you have an excellent opportunity to try and get benefit from this trend for your eCommerce store.
6. Social Commerce to Offer Next-Gen Customer Experience
Social commerce refers to the method of purchasing things directly from social media. It is one of the best future eCommerce trends. Many things are involved in social commerce, such as brand marketing, product discovery, customer service, and shoppable advertising.
Various eCommerce stores have already adopted this eCommerce trend by selling products and services on a platform like Facebook, Instagram, YouTube Shots, and more. According to Statista, the social commerce market size is expected to reach $2.9 trillion in 2026.
It’s time to consider this trend to advertise your product or service and grow your business effectively.
7. Role of Personalization in Online Shopping
Personalization doesn’t just include calling the customer by their name, it’s a lot more than that. Customers nowadays don’t get satisfied with an email mentioning the name; they want more personalization.
To provide a personalized experience to the users, you need to collect data from various points. These include purchase history, shopping cart, geographic location, and more. By remembering these things and offering a personalized shopping experience to customers, you can build a long-lasting relationship with them.
Here are some statistics which prove that personalization is highly crucial in an eCommerce store.
According to a study by McKinsey, 76% of consumers would love to connect & purchase from a brand that offers personalization.
About 74% of eCommerce companies already have a website personalization program.
Therefore, if you haven’t considered personalization, it is the best time to consider this trend for your eCommerce store.
8. Interactive Chatbots
Various customers who have purchased a product from you like to contact you online and get instant solutions. Here, E-mail, and phone calls will do some work.
To offer the best customer support , you should consider a chatbot.
Besides this, whenever customers are sometimes unable to find the desired product on your eCommerce store, a chatbot can handle all these customers and provide an efficient solution.
According to a study by Kayako, 79% of businesses believe that live chat has helped them increase sales, revenue, and customer loyalty. Besides this, 39% of consumers would love to purchase from a company offering live chat support.
As per GrandViewResearch, the global chatbot market size is anticipated to reach $3.99 billion in 2030.
Hence, deploying chatbots will help you provide customers with a solution and also help you boost your eCommerce sales.
9. Subscriptions will Help to Gain More Customers
There are subscriptions for various things in the digital era. Moreover, people worldwide love to purchase subscriptions because it offers more flexibility, convenience, and value. Hence, it is one of the latest eCommerce trends that many businesses across the globe are adopting.
With a subscription-based model, eCommerce businesses can sell products that are just lying in the inventory for a long. Moreover, by selling a subscription plan, customers will return to purchase from an eCommerce store again and again. For the same, you need to provide them with a personalized shopping experience.
According to IMARC Group, the global eCommerce subscription market is anticipated to grow at a CAGR of 68.40% between 2022 to 2027.
Many products are available in the form of subscriptions worldwide. For example, Hello Fresh is a popular meal kit service in America. As of third quarter of 2022, Hello Fresh has 7.5 million customers across the globe.
From these statistics, it is expected that more and more eCommerce companies will provide monthly and yearly subscription plans to attract customers and increase their sales.
Building a brand that follows environment-friendly practices is highly crucial. Here are some reasons why.
- Consumers are day-by-day conscious of the brand they associate with.
- It helps you to reach more users and expand your market share.
- By shifting to practices such as green packaging and eco-friendly shipping, you can reduce the carbon footprint and contribute towards a more sustainable earth.
Here are several statistics from brands and shoppers worldwide about sustainability.
- About 30% of consumers purchase sustainable products & brands to improve the environment.
- Apple stated that it had reduced carbon emissions by 40% over the last five years.
- Amazon will power all its operations by using 100% renewable energy by 2025.
Now, you should consider this trend to fulfill the demand of your target audience and grow your business.
11. Headless Commerce
Headless is considered as separating the head of the eCommerce website from the functional parts.
In the case of traditional commerce, both the front-end & back-end are working on the same eCommerce platform. For example, Shopify. On the contrary, Headless commerce de-couples the Front-end of the system from the Back-end.
In headless commerce, front-end experiences are working on the content management system to help your eCommerce store have an omnichannel experience across marketplaces, social networks, and more.
On the other side, the back-end operations consist of various things like eCommerce checkout, enterprise resource planning tool (ERP), or customer relationship management (CRM).
Online eCommerce stores are getting a vast number of benefits by going with headless commerce. They are as follows:
- Ease of integrating APIs
- Quick experimentation
- omnichannel experience
Hence, you can also opt for headless commerce to offer more personalization to the users. There are many headless eCommerce platforms available in the market.
12. Mobile Commerce
The demand for mobile shopping is growing. Customers worldwide are not inclined to buy goods and services from smartphones and mobile devices.
As per Statista, retail m-commerce sales in the United States were $360 billion in 2021. It is expected that the number is going to reach $710 billion.
Therefore, you must optimize your site for mobile. A mobile-optimized site is the best to offer the next-gen experience to the users.
Here are some of the most effective ways to implement mobile shopping trends in your store.
- Enable customers to purchase from any region across the globe.
- Include various mobile payment methods. Customers love to make payments using their desired way.
- Integrate visual search. It allows customers to take a photo instantly and paste it into the search bar. Later, the algorithm offers the most relevant matches.
13. Big Data for Personalized Shopping Experience
Big data is the top eCommerce trend these days. It is a process of collecting a massive amount of data to become familiar with hidden patterns, market trends, customer preferences, and more. With the help of big data, businesses can get relevant information that helps them to make effective business decisions.
According to Epsilon, 80% of consumers love to purchase from a brand offering a personalized experience.
As per Salesforce, consumers think companies should know their needs and preferences.
What is the best way to provide a personalized shopping experience to consumers?
One of the best ways to know what customers want is via product recommendations. Another thing that you should consider is the browsing history.
With the help of big data, you have a massive supply of predictive data to understand how consumers will behave in the future. These include various things like total clicks on the page, average product people add to the cart prior to checkout, and session time between the home page and buying the product.
By knowing all these things, you can offer personalized shopping experiences to consumers on the website and via emails. Amazon, the eCommerce marketplace, follows this same strategy.
Besides this, big data also helps you to build the latest strategies to stop shopping cart abandonment, faster checkout, and expand accordingly.
14. Focus on Consumer Privacy
Consumers are worried about data. They want to know where their data is used. Although data is required to provide personalization, it is crucial to provide privacy to users.
In Europe and California, the government has made strict laws on the type of data online businesses can track and use. Hence, your eCommerce store needs to follow these rules.
The main thing is now to provide personalized information to users without storing their data. Surprisingly, you can achieve this with zero-party data.
In zero-party data, you ask consumers to share information voluntarily. It might be challenging to get information, but it will be accurate.
My Jewellery, a clothing & retail brand based in the Netherlands, also implemented this strategy. The brand created a quiz known as a style profile set in which they asked several questions to the consumers regarding the style of jewelry they love. After filling up the quiz, customers are asked to enter an email to get a personalized style profile.
You can also implement this strategy to understand what your audience wants and present things accordingly.
15. Elasticsearch to Present Visitors with Their Needs
Elasticsearch is one of the leading search engines widely utilized in log analytics, full-text search, business intelligence, security issues, and operational intelligence.
Elasticsearch is an eCommerce site search tool used to query and examine structured & unstructured data. Compared to the other search engines, Elasticsearch follows inverted indexing and showcases results instantly with the help of its algorithm. Further, it enables a user to filter data without any hindrance.
Besides this, it helps users find items instead of browsing for a long. It has inbuilt features which resolve typing errors, spelling errors, and autocomplete searches.
Over the years, it has become a growing trend and is responsible for quick searches. Hence, you can integrate Elasticsearch into your store to provide a top-notch experience to users and increase your sales.
We hope you have liked our list of eCommerce trends for 2023. Besides these, there are a vast number of future trends in eCommerce. Many businesses are quickly adopting these eCommerce trends to stay competitive in the market and provide a top-notch experience to users.
If you want to integrate any of the above eCommerce trends or any unique ones, don’t hesitate to contact us.
WebDesk Solution is a leading eCommerce development company. We have helped various small to big eCommerce stores to adapt to the recent eCommerce trends and reach new heights in the industry.