According to a recent industry assessment, online will account for 20.4% of global retail sales by the end of 2022, making staying on top of e-commerce trends a must rather than an option. This is important for businesses because it keeps them competitive and helps them uncover new opportunities.
Check out our top 7 trends shaping the future of eCommerce that businesses need to look out for in 2023
1. Mobile optimisation
Businesses were pushed to adopt an omnichannel commerce strategy two years ago to reach customers wherever they are. Businesses are further required to invest in improving their digital experiences in 2022 to satisfy the expectations of their customers at every stage of their journey, beginning with payment. Over half of customers believe they are more digital than ever before, with 39 % making daily or weekly purchases via their smartphones.
2. Personalisation and data privacy
Personalisation in ecommerce is crucial for improving consumer experience; consequently, one of the key areas of focus for ecommerce personalisation in 2022 will be data privacy. According to recent research, 48% of shoppers value the convenience of a personalised shopping experience and knowing that their personal information is secure is more appreciated.
3. Supply chain as a success factor
The second half of 2021 revealed that fulfillment is not merely a cost component, but in many cases, the most critical success component for online businesses. There were various challenges for established online retailers to overcome, resulting in bottlenecks and increased delivery delays, particularly during peak seasons. It is important for businesses to have contingency plans in place.
4. AI (artificial intelligence) helps businesses learn about their customers
Artificial intelligence and machine learning enable customers to enjoy automated, personalised purchase experiences. On a regular basis, AI collects data on how people buy, when they make purchases, and what they’re looking for in a product or service. It is a one-of-a-kind piece of technology that cannot be purchased in a store.
5. More ecommerce businesses go global to overcome growth bottlenecks
A typical growth limiting factor is the total addressable market, more ecommerce brands will extend into the global stage when they reach their growth limits in the home market. According to recent studies, 76% of internet customers have made purchases on a site outside of their home country.
6. The importance of sustainability is growing
Consumers are growing more aware of the environmental impact among many economic sectors. In recent years, many businesses have explored ways to be more environmentally friendly by restructuring their products and operations to be more sustainable, such as going paperless where possible, using biodegradable packaging, and using recyclable supplies. According to the Harvard Business Review, 65% of consumers prefer to buy from businesses that demonstrate a genuine commitment to environmentally responsible business practices.
7. Technology as an enabler
For today’s businesses, digital transformation is inevitable, and logistics automation is projected to continue in 2023. More advanced technology, such as robotics, artificial intelligence, and machine learning, are likely to be used to improve the fulfillment process. Cloud-based inventory management solutions are particularly crucial for improving operational efficiency since they provide real-time and accurate data on inventory levels, order status, and delivery status.