Now that 2023 is in full swing, we have chosen 3 key e-commerce trends that could prove to be valuable to your business moving forward. These trends have been building up and implemented in many e-commerce operations since 2019, and now it’s time to fully utilize them in order to gain beneficial results.
1. Omnichannel Operations
Omnichannel is defined as a seamless and effortless, high-quality customer experience that occurs within and between contact channels. Many businesses still operate within the multichannel function, however, the key difference between omnichannel and multichannel is the focal point of a marketing strategy. Omnichannel involves using all available media channels and is catered to the customer, while multichannel means using more than one channel and is catered to the product or service. This is why it’s crucial to assess which method works best for your business.
Since omnichannel is more customer-focused, and multichannel is more product-focused, online retail brands are seeking personalization and therefore will adopt an omnichannel strategy – allowing them to identify what draws a customer to a brand and capitalize on it. This will increase convenience for the customer and enhance the customer’s connection to a brand.
2. Sustainability
Now more than ever, businesses are looking to improve their sustainability as it not only promotes green and environmental initiatives but results in a strong addition to the company’s reputation. With circumstances such as the reduction of carbon footprints or the use of non-polluting packaging (promoting recycling and biodegradable products), there is also the awareness of energy savings that will be a key topic for green practices in 2023 and beyond.
Sustainability opens up transparency between your company and your customers. Transparency builds on the idea that an open environment in the company as well as with the community will improve performance through the activeness of improving environmental practices.
3. Live Commerce (Shopping)
Live e-commerce has surfaced over the past few years and is expected to continue growing at a rapid rate worldwide. According to analysts, live shopping sales could result in 20% of all e-commerce sales by 2026. This is with the help of marketing and influencer-based promotions, as well as artificial intelligence which can show the customer how they look using the product or service without needing to do so physically. The livestream e-commerce market is predicted to reach $35 billion in 2024.
With the majority of global shoppers wanting their brands to become more digitally active and innovative, live (or live-stream) commerce will be utilized by many online retail businesses for building stronger connections with their audiences. This can also prove to boost conversion rates and the result is usually ten times higher than conventional conversion rates. Live shopping will most likely be used for the selling of luxury products.
Conclusion
With all these unique aspects of e-commerce trends in mind, you should find a way to best implement them into your business operations for 2023 and beyond, in order to innovate your growth and expansion. Having a stable system of omnichannel functions with advanced technology in your marketing campaigns will ensure your conversions skyrocket – all while building better relationships with your customers.
