Ecommerce trends in 2023: a complete industry overview

The last 2 years have turned our lives upside-down. COVID-19 has changed not only the way we interact with each other, but also our shopping habits. E-commerce during the pandemic was on the rise. It is currently one of the main sales channels. Online sellers around the world ask themselves questions: Will Ecommerce businesses continue to grow? What are the biggest Ecommerce trends?

1.    Omnichannel

Modern clients value their time. They want to purchase the product online and receive it the next day.  Nowadays, they can compare product features within a few clicks. Around 75% of clients go through more than one sales channel and compare prices, before making the final decision. To attract customers and boost their customer journey, Omnichannel combines both online sales techniques and traditional ones. 

Thanks to the fusion of both sales techniques, online brands can optimize the Customer Experience and simplify the buying process. As a consequence, clients will be more willing to finalize the transaction and come back for another purchase

What are the pros of Omnichannel?

• Click & Collect enables ordering products online and picking them up at one of the collect-points. As a result, clients bear lower shipping costs.

• Integration and control of price strategies, discounts and even stock level on all channels

• Optimization of Customer Experience with increased comfort-level of potential clients

2.    M-commerce (mobile commerce)

The newest generations of mobile users, Gen Z, and generation Alpha cannot imagine a life without their smartphones. They even pay with their phones via digital wallets. It is hardly surprising, as it has become a main communication tool. 71% of Internet-sales users prefer to do shoping online via mobiles rather than a PC. More than seven out of 10 like the convenience of instantly purchasing products where they're browsing. Mobile shopping is one of the next upcoming ecommerce trends.

It is estimated, by 2024, m-commerce sales will reach 70 percent of all online shopping orders. What does it mean for online stores? It will be necessary to personalize websites and other selling portals for mobile devices. You should also consider creating a mobile app available for download on Google Pay and Apple Pay.

3.    Differed payments

Due to rising living-costs, many people have to forgo buying luxury and complimentary goods. Differed payments will encourage people who don't have the means to buy your items, but are interested in them.

Such services are offered by fintechs - financial technologies - such as PayPal or PayU. Customers can make online purchases and pay for them 30 days later or split the payment into installments over several months. This form of sale attracts young people and those who want to increase their creditworthiness. Differed payment options could be a strong adavantage of many ecommerce businesses over physical stores.

4.    Social & Live commerce

The next e-commerce trend- Social media - is growing in strength. This sales tool allows you to effectively reach a specific target group. Your existing consumers base their purchasing decisions precisely on social media. In 2023 around 48% of consumers will make a purchase via TikTok.

Facebook allows to create a shop and launch a live stream. This e-commerce trend is mainly seen in the fashion, beauty, or design industries. Those run by popular influencers have the most views. TikTok enables livestream shopping capabilities and provides the ability for merchants to integrate their catalogues.

This form of sales can be used on Insta and other popular social media platforms. The concept of storytelling and interacting with online shoppers is very important in social e-commerce sales.

5.    Chatbots

More and more online shops are choosing to use chatbots. These allow customers to get in touch with the company even after business hours and get answers ASAP. 

This year, chatbots are to offer personalized services in a way, customers won't feel the difference between a conversation with a human or a bot. They will be able to adapt their language to the user. Shop owners won't have to pay for bilingual staff and customers won't feel a language barrier. Bots will also work on the helpline. This solution is already being used, for ex. by owners of photovoltaic companies.

6.    Retail E-commerce and Marketplaces

Due to consumers' growing interest in going green, eco-friendly solutions are becoming increasingly important. Experts predict that the online second-hand market will double in the next few years. Eco solutions will become one of the next e-commerce trends.

One of them is second-hand shops. Already popular, especially in the clothing industry. Re-commerce is an eco-friendly option for online business. Instead of throwing away unsaleable articles, it is better to sell them on an outlet.

FB's Marketplace is one of the most popular options for selling second-hand items. It allows you to trade directly. Other sales platforms such as eBay or Amazon are also worth looking into.

7.    AR & VR in online sales

Immersive technologies such as VR and AR will positively influence the shopping experience. In recent years, the virtual world has been increasingly talked about thanks to Oculus (gaming hardware) and Facebook's Metaverse. One in three e-customers would be more likely to buy an item if they could first try it out in VR.

8.     Cross-border for Ecommerce businesses

International sales are an excellent solution for companies no longer satisfied with their local markets and want to reach out to the new target audience.

An increasing number of platforms offer intelligent translation services or integrations with courier companies for fulfillment. On Amazon sellers can use "Ship with Amazon" and FBA ("Fulfillment with Amazon") services. They allow you to book and track shipments to Amazon warehouses, schedule a carrier pick-up and even enter customized information. All in one place. Selling abroad will increase your profit. You can buy items in a low-cost country and sell them to more expensive ones, with a strong currency. 

Want to start selling all across the EU but don’t have time for client-searching? Check out our latest solution! In Droplo, you simply log in, add products, and look at those new orders waiting to be shipped. Try it out now

9.    Subscription sales

The recurring order service is a solution for customer acquisition. Netflix, Amazon Prime, Spotify and many more uses this solution. Almost 35% of weekly purchases are subscriptions. The customer renews the purchase every certain amount of time. This is a great solution for companies selling consumables, which customers need now and then.

It can be very beneficial to automatically collect payment from the assigned credit cards. The payment will be deducted without any intervention from the customer.

10. Personalizing the online shopping experience – UX

Today's customer has a huge number of companies and multiple channels to choose from. One way to retain loyal customers is to personalize the features of our product. 60% of customers are willing to pay more if they have the opportunity to personalize their product.

Summary

The E-commerce industry is constantly evolving. Along with it, consumers' expectations are growing, and their patience is getting shorter. The challenge for e-commerce online stores is, above all, to meet their needs and keep up with the latest trends.

This year e-shops should focus on a next-level Customer Experience. Starting with personalizing their product, through creating mobile-friendly websites, phone friendly payment options and apps, to introducing virtual reality and artificial intelligence. You should also take a closer look into your e-shop automatization. E-commerce platforms such as Droplo will update your stock level and help you maintain the lowest price on the online marketplaces.