At a time when consumer habits are changing beyond recognition, technology is helping to shape the future for eCommerce. Here’s our take on some of the biggest trends set to hit eCommerce in 2023.
Voice search continues to grow in popularity
Nearly one-third of Internet users have used voice search to either shop or look up information about a product, while voice shopping is predicted to grow to $40 billion in 2022. As owners of devices such as Amazon Echo or Alexa are becoming ever more comfortable with speaking their queries, brands must adapt to create voice search strategies.
AI Chatbots are making eCommerce more personal
Chatbots use artificial intelligence to infer customers’ preferences and create a personalized online shopping experience. They’re a computer program that simulates a human conversation and can be useful in answering some of the most commonly asked questions. Business Insider reports that by 2024, consumer retail spend via chatbots will increase to $142 billion USD.
Video continues to rule
Using product videos on eCommerce sites can increase sales and product understanding, so it’s hardly surprising that so many brands have jumped on board. When done well, product videos can educate customers about a product and even encourage them to make a purchase. They’re also easy to share across social media. Video reviews are one of the core features with HelpfulCrowd.
Social media is driving mobile sales
Platforms that enable eCommerce stores to sell directly from their social media channels are increasingly driving sales. A simple click on a social post takes consumers to the product page from which they can make a purchase – simple. As a result of this shift, social commerce sales are expected to reach upwards of 80 billion USD in revenue by 2024.
Actionable content is everywhere
There are several forms of content that can be used effectively by brands. After all, content is king. They include interactive, lifestyle storytelling, stance-taking, and email. It’s crucial whenever possible to ensure that any offers, ads, and promotions are tailored and unique to each customer’s interests.
Augmented and virtual reality are here to stay
Augmented reality (AR) and virtual reality (VR) are helping eCommerce retailers overcome one of their biggest challenges – the fact that customers cannot try on or experience products before they buy them. AR and VR allows customers to view colors of paint within a room of their home or virtually try on products.
This personalized and interactive online shopping experience has led to greater adoption of this technology. The augmented reality market is projected to have 2.4 billion users by 2024. Despite some hesitancy about artificial intelligence in general, it looks set to stay.
Customization makes things personal
Digital and manufacturing technology has made it easier to personalize the entire consumer retail space. Personalizing products helps customers to feel empowered contributors to the product creation process boosting customer satisfaction, loyalty and even profits.
Personalized product recommendations helps to upsell
Personalizing product recommendations by upselling and cross-selling to customers already on your site (or former customers) can really increases the likelihood of them making a purchase. Marketers and business owners recognize the importance of personalization to buyers, with 92% reporting that their customers and prospects expect personalized experiences. In order to make personalized product recommendations, you must leverage the details of users’ previous purchases and on-site searches to recommend relevant products. A platform like HelpfulCrowd can help you make recommendations more easily.
eWallet technology makes customers feel secure
eWallet technology or mobile wallet is a must for any eCommerce store. While digital payments accounted for $3.04 trillion USD in payments in 2017, they’re projected to reach a whopping 6.6 trillion USD in 2021, more than doubling in only four years.
eWallet usage doesn’t just boost sales and conversion rates, it also provides customers with convenience and an increased sense of security. At a time when cybercrime is on the rise, customers are able to process transactions without entering credit card information on websites.
Mobile dominates the online sales landscape
Worldwide mobile retail revenue is expected to reach $3.57 trillion in 2021, up from $2.91 trillion in 2020. Hardly surprising when you consider that 125 million Americans own and use smartphones. Consumers don’t just use mobile to actually make a purchase, but also to research and ask questions about products. Mobile commerce has huge potential but it’s a much more complex task than simply ensuring your website is mobile friendly. Only 12% of consumers find mobile commerce convenient, which means there is significant room for improvement.
