Are you curious to know what the future of eCommerce looks like?
If so, then you’ve come to the right place!
In this article, we’ll look at the most exciting eCommerce trends you should look out for in 2023. From AI-driven personalization to automated logistics and delivery solutions, we’ll be covering it all.
So, let’s dive right in!
As the eCommerce industry continues to grow, new trends are shaping how businesses interact with their customers and sell their products. Staying up to date with the latest eCommerce trends is essential for any business that wants to remain competitive.
But with so many different trends popping up, it can be difficult to know which ones are worth investing in. So what are the main trends that will shape 2023?
AI-driven Personalization and Automation
AI is becoming more advanced and can now offer personalized experiences to customers. This can assist businesses in understanding their clients better, customizing their products and services to suit their needs, and providing a more enjoyable experience.
According to Narrative Science, 63% of eCommerce firms have implemented AI technology in the form of chatbots (46%), product suggestions (36%), and predictive analytics (29%). Automation in eCommerce can lead to an increase in efficiency by as much as 80% and a decrease in expenses by up to 50%.
Additionally, AI-driven personalization can be used to automate parts of the eCommerce process, such as creating personalized product recommendations, customer classification, and content production. Doing so can save businesses time and money while enhancing the customer experience. According to an Epsilon study, 95% of eCommerce companies consider personalization essential for their future success.
Augmented Reality and Virtual Reality
Augmented Reality (AR) and Virtual Reality (VR) technologies can be utilized to create a more immersive shopping experience for customers by enabling them to virtually try on products or view them in 3D, which can help customers make more informed decisions.
As per ABI Research, the global market for AR and VR in eCommerce is expected to reach $12 billion by 2025, including both hardware and software revenues. The study by Greenlight Insights shows that more than 40% of consumers are willing to pay more for products if they can experience them in AR or VR before buying and 64% of consumers said that they are more likely to make a purchase after experiencing a product in AR or VR.
Also, the National Retail Federation’s survey reported that over 80% of retailers consider AR and VR as important technologies for their businesses, and 55% plan to invest in the technology within the next two years.
Additionally, AR and VR can be used to develop virtual showrooms and interactive product experiences, such as virtual try-on experiences and 3D product demonstrations, which can aid businesses in differentiating themselves and creating more engaging experiences for their customers.
Voice search is becoming more and more prevalent, with this trend set to continue throughout 2023. This technology enables customers to locate products faster and more easily, making it an important component of eCommerce.
According to TechNavio, the global market for voice commerce is forecast to reach $55.68 billion by 2026, mainly due to the increasing use of smart speakers and other voice-controlled devices. A Google Mobile Voice Survey reveals that 41% of US adults use voice search daily, higher in comparison to countries globally, and this is expected to increase as more people become comfortable with the technology and begin using voice assistants for shopping.
As per the survey by the National Retail Federation and Accenture, 69% of people who use voice assistants on their smartphones or other devices have used them to shop and find the experience easy and convenient.
Omnichannel retail is the integration of multiple channels, such as in-store, online, and mobile, to provide customers with a seamless shopping experience. E-commerce experts predict omnichannel and unified shopping experiences will be one of 2023’s hottest consumer trends. This is no surprise, given the steady growth of omnichannel retail strategies in the past few years. Nearly 90% of consumers now expect brands to offer omnichannel experiences across their preferred online and in-store channels and touchpoints.
Catering to consumer demands can pay off for brands in 2023 and the future. Companies that offer robust omnichannel experiences can see a 20% boost in total revenue. Brands using at least three channels in their retail strategies see a 287% higher purchase rate than single-channel brands.
These are just a few of the most exciting eCommerce trends to look out for in 2023. However, the eCommerce industry is in constant evolution with new opportunities to grow and trends that are always shaping up.
By staying up to date with the latest eCommerce trends and technologies, businesses can create more engaging experiences for their customers, save time and money, and stay ahead of the competition.
At Storm5, we work with RetailTech companies wanting to revolutionize their eCommerce strategies. Regardless of the stage of funding you’re currently in, we can help you with your hiring needs. As leaders in eCommerce Recruiting, we take pride in working with the best talent on the market. Don’t hesitate to get in touch in case you’re looking for a growth partner to help you transform your purchasing experience!