The eCommerce industry has recorded astronomical growth in the last two years, thanks to the shift to online consumer behavior. While this is good news for eCommerce brands, it also means there will be more competition. To capitalize on this growth and help your online business stand out, it's essential to know the trends expected to shape the eCommerce industry.
Why are eCommerce trends so important?
Like any other industry, the world of eCommerce is highly competitive. Thus, it's essential for you to monitor eCommerce trends so you can develop strategies to grow your online store and stay ahead of the competition.
Keeping an eye on the changes that are about to take place in 2023 positions you to take advantage of the trends so you can exceed the expectations of your customers to deliver stellar eCommerce service.
If you're wondering how to prepare your business for the New Year, here are the top 6 eCommerce trends for 2023 you should be paying attention to.
Most consumers crave a brand that makes them feel special, not spam. They want a personalized shopping experience because it indicates that the brand knows them well enough to offer them personal touches. According to research, 60% of consumers say they would likely become repeat customers if the company provided some personalization.
In 2023, eCommerce brands will leverage data for more than just insights. They will use it to improve the shopping experience of their customers by offering customized discounts, product recommendations, and a free guide that provides solutions to their challenges and engaging them via video content. The key to success in personalization is to adopt it across all channels.
If you don't personalize your content, you risk losing your customers to other companies who are investing in getting to know their customers. Brands that get it right with personalization will enjoy a boost of customer loyalty, and bottom lines will grow exponentially.
2. Data protection (GDPR)
Personalization can be a powerful way to improve your shopping experience for customers but for this to happen, you'd need to collect personal data. This leads to the issue of data privacy which has become a growing concern across the globe. A consumer privacy survey shows that around 81% of Americans are concerned about the data businesses collect. Governments around the world are introducing privacy laws to that effect, with the EU's General Data Protection Regulation (GDPR) being a good example.
As a result, eCommerce companies must rethink their approach to how they handle customer data. The standard practice now is to give consumers control of their data by letting them choose the type of information they want to share. Online retailers that are transparent about their data practices are more likely to win over customers than those that don't, as it shows that you care about their privacy concerns.
3. Seamless Purchase Journey
Customers want a smooth journey starting from when their first interaction with your site until they make payments. They want to enjoy the experience with your brand without having to resort to multiple calls or speaking to different customer care representatives. The New Year will see many brands optimizing their purchase journey to make it seamless. This means ensuring the entire process is free from obstacles that may cause potential customers to leave the cart without purchases.
There are different ways to improve the purchase journey of your online retail store, but the biggest principle is to put yourself in your customer's shoes. This will help you think like they do and give you a fresh perspective on how to enhance the process. Creating buyer personas and customer experience maps can also help you improve the experience across the board. Keep in mind that the goal is to reduce friction at every step of the journey.
4. Wider Variety of Payment Options
About 69.8% of shoppers quit their purchase journey somewhere between filling the cart and making payment options. This goes to show that one of the top reasons for shopping cart abandonment is difficulty making payments. Businesses that fail to provide a variety of payment options risk losing a sale even if they successfully convince a lead to make a purchase.
In 2023, eCommerce companies will be reassessing the payment options they use and providing more as a way to boost their conversion rates. There are several payment options to consider, including mobile wallets and cryptocurrency. The idea is to enhance faster transactions without sacrificing security. You can also offer customers the opportunity to save their payment information on your site so they can check out faster when they make a purchase.
5. Social Media Marketing
Social media has evolved beyond just being an avenue for people to connect with others. It has become a marketing tool for brands to reach new customers where they are. Many platforms like Facebook and Instagram are starting to harness commercial opportunities by making it possible for users to buy things directly through their applications.
Sales on social media platforms in 2022 were estimated at $922 billion, with forecasts predicting that sales due to social media marketing will reach around $2.9 billion by 2026. As sales on these platforms continue to skyrocket, more brands will engage in social media marketing to gain bigger conversions.
If you've overlooked social media marketing for your online store, it's time to dive in. Start by building your presence by creating content consistently so you can market your products and make it easy for your customers to make purchases right there.
Related blog post: How Is Social Media Marketing Growing In Today's World?
6. After-Sales Experience
Customer satisfaction is a vital ingredient for any business, and after-sales service is a key tactic for winning both existing and new customers. It contributes to a customer's assessment of their experience of your brand.
In 2023, more businesses will pay attention to the after-sales experience of their customers as a way to separate themselves from the competition. You can improve the experience by giving proactive advice on maximizing their purchase, ensuring 24/7 customer support, returns and exchanges, and more. In return, brands that offer great after-sales experience get rewards in the form of more sales and fanatic brand loyalty.
Related blog post: The What, Why, and How Of eCommerce Customer Experience
How can DG1 help in 2023?
DG1 provides you with all the tools you need to grow your brand and improve conversions. As a complete eBusiness solution, DG1 is designed to meet the needs of both small and medium-sized businesses so you can grow your digital revenue, attract new customers and retain existing ones.