Given the speed of technological change, it’s tough to predict what will happen in any industry three years from now, let alone seven years. As technology continues to advance and consumers’ shopping habits continue to evolve, your online store should be constantly evolving as well. In this blog post, we’ll examine eight trends that will impact e-commerce in 2023 and how you can prepare now to get ahead of the curve.
A Metaverse is a user-created virtual world that exists on a network of computers. It is similar to the internet, but instead of websites, there are user-created worlds.
The Metaverse will be a big trend in eCommerce because it will allow businesses to create their own virtual worlds where customers can shop, interact, and even play games.
This will be a great way for businesses to stand out from the competition and create an immersive shopping experience for customers.
2. Artificial intelligence
It's no secret that artificial intelligence (AI) is revolutionizing the ecommerce landscape. By 2023, AI will enable ecommerce businesses to personalize the shopping experience for each individual customer at an unprecedented level.
In addition, AI will help businesses automate various tasks such as product recommendations, order processing, and customer service. Here are eight AI use cases in ecommerce to watch out for in the coming year:
- Personalized shopping experiences
- Automated customer service
- Product recommendations
- Order processing
- Fraud detection
- Inventory management
- Shipping and logistics
3. Augmented Reality
By 2023, it's estimated that one in three people worldwide will be using augmented reality (AR). This technology superimposes computer-generated images on top of real-world surroundings, and it's already being used by retailers to give customers a more immersive shopping experience. Here are eight ways AR is expected to impact ecommerce in this year:
- AR ads could replace traditional ones
- Retailers could use it to personalize their offerings
- It can enhance marketing with interactive features like 3D product demonstrations or virtual dressing rooms
- The retail store as we know it may go extinct in favor of digital equivalents
- It could solve supply chain problems by matching products with inventory levels
- Brands could use AR features such as catalogs or social media feeds to help shoppers choose products
- Virtual try-ons or try before you buy products could help you visualize your purchase
- Augmented reality payments could improve payment security
4. Web 3.0
In simple terms, Web 3.0 is the next stage in the evolution of the internet. It's a vision of a more decentralized internet, where users are in control of their data and privacy. This shift is already underway, with the rise of technologies like blockchain and decentralization.
Blockchain has become a hot topic over the last few years because it provides a new way of sharing digital assets without an intermediary or central authority - all parties involved can transact directly. It is already being used in some ecommerce platforms, like Shopin and Populum, but we're still waiting to see how it will play out on a large scale.
One major concern is that there are too many possibilities when it comes to what blockchain could do, which means there isn't a standardized use case. However, as cryptocurrencies such as Bitcoin continue to rise in popularity (despite many skeptics), expect this trend to grow even stronger.
5. Voice search commands
In just a few years, voice search has gone from a gimmick to a must-have feature for many businesses. By 2023, it's estimated that half of all internet searches will be conducted via voice commands. This shift is being driven by the increasing popularity of smart speakers and virtual assistants like Amazon's Alexa and Google Home. Voice search is changing the way we interact with search engines and e-commerce websites.
Instead of typing in keywords, we're now speaking our queries aloud. This has implications for both SEO and UX design. Voice search naturally lends itself to conversational phrases, which helps people find what they need more quickly and efficiently.
For example, finding women's black shoes or showing me recipes for pasta will often return more accurate results than black shoes or pasta recipes. The implications are far-reaching — new forms of marketing content may be necessary to account for the higher number of voice searches, as well as changes in website navigation structures and flowcharts.
6. Live Streaming
As e-commerce continues to grow, so does the need for retailers to find new and innovative ways to reach their customers. One trend that is sure to take off in the next few years is live streaming. Live streaming allows customers to see products in real time and ask questions or give feedback as they shop. This type of interaction can create a more personal shopping experience that can lead to higher sales and customer loyalty.
Platforms like Twitch and YouTube Gaming allow people to watch others play video games in real time, and platforms like Instagram and Facebook Live have given rise to a new generation of internet celebrities. But live streaming isn't just for gamers and social media stars. businesses are starting to use live streaming to connect with their customers and promote their products.
7. Omnichannel Sales
What is omnichannel selling? It’s the ability to sell your products and services across multiple channels, both online and offline. And it’s a strategy that’s growing in popularity. In fact, according to a recent study, omnichannel sales are expected to reach $1.8 trillion by 2023.
To put this into perspective, this figure is higher than the entire e-commerce market in 2016 ($1.4 trillion). The first step towards becoming an omnichannel seller is knowing what your customers want and tailoring your service accordingly.
Luckily, there are plenty of easy ways to do this today! For example, if you have a brick-and-mortar store with an e-commerce site, then you can offer customers who buy items from one channel at discounted prices on the other channel or vice versa.
another way to tailor an omnichannel experience for customers is through personalized customer service (think chatbots).
These types of interactions provide more personalization than phone calls or email exchanges. But don’t forget about traditional advertising methods like print ads or billboard campaigns!
In a world where customers expect 24/7 service, chatbots have become increasingly popular as a way to provide customer support. By 2023, it's estimated that 85% of customer interactions will be handled by chatbots. Here are some ways you can use chatbots to improve your e-commerce business and better serve your customers:
- Customers want their orders delivered at any time, with no fuss or hassle from them.
- Chatbots can answer questions about products and services—answering questions they've previously asked or pulling up details they've looked at before—and even handle basic functions like purchasing products directly on your website.
- Consider using a chatbot to keep track of who has ordered what when and ensure there aren't any errors with address inputting or changes, which could cause delays later on.
- Chatbots are also good at remembering key information like past orders, so that customers don't need to re enter details every time they order something new.
9. Big data for personalized experiences.
In recent years, we've seen a shift in how businesses are using data. No longer is data used simply for insights and analysis; now, data is used to create personalized experiences for customers.
This trend is only going to continue in the coming years, as more and more businesses realize the potential of big data. These days, not only do companies collect customer data but they also allow customers to submit information about themselves in order to improve their experience.
The best example of this is Starbucks' free rewards program that offers customized coupons and deals based on preferences like whether or not you're into dark roast coffee or if you prefer your iced drink with no sweetener.
10. More ways to pay
By 2023, we predict that there will be even more ways to pay for goods and services online. In addition to the traditional methods like credit and debit cards, we expect to see an increase in the use of digital wallets, cryptocurrency, and even biometrics. This trend is being driven by a need for faster, more secure transactions.
There will also be a rise in digital currencies, such as Bitcoin. All of these trends point to one thing: customers want more ways to pay, and businesses need to be prepared to offer them. As e-commerce continues to grow, it's becoming increasingly important for brands to provide their customers with new payment options.
11. Mobile shopping is still on the move
It’s no secret that mobile shopping is on the rise. In fact, over the past few years, we’ve seen a steady increase in the number of people using their smartphones to make purchases. And this trend is only going to continue in the coming years.
By 2023, it’s estimated that mobile commerce will account for 72.9% of all e-commerce sales worldwide. What's more, businesses with a mobile presence are set to generate 24.5% more revenue than those without one by 2023.
However, with mobile shopping comes new challenges: ensuring customers have a consistent experience across various devices and apps can be difficult for many retailers. That's why it's important for businesses to identify which apps are popular with their customers so they can optimize these channels and give customers what they want - wherever they are.
In conclusion, these are some of the eCommerce trends that we think will dominate in 2023. Some of them are continuations of current trends while others are new and unique to the coming year. Regardless, all businesses should be aware of these changes so they can stay ahead of the curve and continue to grow.
E-commerce is always evolving, and it can be tough to keep up with the latest trends. But if you want your business to stay ahead of the curve, it's important to be aware of what's coming down the pipeline.
Hiring ecommerce developers who are familiar with these trends can help you stay ahead of the competition and take your online store to the next level. So what are you waiting for? Start looking for talented ecommerce developers today!