What Are the eCommerce Trends for 2023? We’re Making Our Predictions Now!
The holiday shopping season is upon us, leaving eCommerce store owners busy managing increased revenue and activity. But it’s never too late to look ahead to eCommerce trends for 2023 to ensure your marketing strategy is on point and ready to adjust to changing consumer preferences and needs.
The last few years have shown eCommerce to move far beyond the niche it once occupied. With annual revenues now approaching $1 trillion in the United States alone, online shopping has become the status quo for millions of consumers who appreciate the increased convenience and flexibility compared to visiting a physical store.
That means understanding eCommerce trends for 2023 becomes absolutely vital. It means staying ahead of your competition, ensuring a competitive edge even as the industry continues to grow and evolve. And while we cannot pretend to predict the future, our work with clients and industry knowledge leaves us well-prepared for what 2023 will bring.
Without further ado, these are our top 5 eCommerce trends for 2023, as shared by the developers, designers, and digital experience marketers at Future Holidays.
1. Chatbots Are Here to Stay
Conversational marketing is key, even in a virtual environment. Enter chatbots. These virtual assistants offer live chat options across channels like your website, texting, and social media. The technology is driven by AI to be available 24/7, without constant management by a customer service representative, while still emulating a natural conversation.
Chatbots can significantly enhance your eCommerce marketing because consumers love the convenience they bring. Studies show that 65% of consumers feel comfortable handling a sales-related issue without a human agent. Also, 69% of consumers prefer chatbots over other types of customer support because of their instant responses.
With chatbot use and revenue expected to continue increasing throughout 2023, this is one of the most significant eCommerce trends for 2023 to keep in mind. Integrating a chatbot has the potential to take your marketing and sales effort to the next level, adding convenience and flexibility at scale.
2. Live Shopping Will Begin (And Continue) to Thrive
Live streaming is one of the biggest disruptions in the industry during the COVID-19 pandemic. It is also becoming one of the most significant 2023 eCommerce trends to keep an eye on. Live streaming continues to expand, offering a new and unique way to sell your products to an audience eager to learn more about them.
The concept of eCommerce live streaming is relatively straightforward. Think of it as a way to bring TV shopping into the digital age. Consumers can see a product in action on their favorite social media site, then purchase it immediately. The result is a more immersive, more immediate shopping experience for your customers.
This is still a growing concept. But many are predicting 2023 to be the year it fully breaks through from its current niche. The eCommerce live streaming market is expected to reach $35 billion by 2024, which is triple its 2021 revenue. By 2026, experts predict that up to 20% of all eCommerce revenue will come from live streaming.
3. The Push for eCommerce Subscriptions Is On
The traditional eCommerce business model relies heavily on one-time customers. But research suggests that this might be about to change, which makes what we’re about to discuss one of the most significant 2023 eCommerce trends available.
Subscriptions were one of our trends to follow for 2022, and they’ve only become more significant since. Revenue from eCommerce subscriptions grew nearly 70% between 2021 and 2022. Experts expect it to come close to the $1 trillion mark by 2026.
More than half of consumers already say they subscribe to at least one physical subscription box. They cite convenience, personalization, and value as their most important reason. Jumping on the subscription eCommerce trend for 2023 now can reap potentially huge rewards in the near future.
4. Sustainability and eCommerce Continue to Merge
Remember when “eco-friendly” was just a marketing buzzword? Today, it’s become an opportunity to build a unique value proposition for your online store. Soon, it may just be the new requirement for doing business.
Sustainable eCommerce makes good business sense. Two-thirds of consumers decide on a purchase at least partially based on whether the product is environmentally friendly, and that number rises with younger audiences. Meanwhile, 50% of product growth in CPGs comes from sustainable products; consumers are willing to spend more on products when marketed as such.
Building a more sustainable eCommerce strategy, in other words, is becoming increasingly essential. From more sustainable products to reducing packaging waste and better shipping options, steps taken now can reap significant rewards in 2023 and beyond.
5. Personalization Becomes an Essential Best Practice
We’ve written about personalization before, and for good reason. Every year, the ability to better focus your marketing strategy around your customer becomes more important.
It’s no surprise, then, that one 2022 study revealed that 88% of consumers became more likely to purchase a product online when presented with a personalized experience.
That means turning to customer data not just for insights into your marketing and website performance but also for a better customer experience. More segmented email lists and campaigns, personalized email flows, and customized web content based on a customer’s previous interactions with your business can all make a significant difference in driving your audience toward the purchase.
Preparing Your Website and Marketing for the Top eCommerce Trends for 2023
To industry experts paying close attention, none of the above eCommerce trends for 2023 are likely to be a surprise. They’re all part of the changing industry consumer expectations that come with the maturity of the industry and the disruptions brought about by COVID-19. The key, then, is finding strategic ways to integrate these trends into your own strategy for maximum success.
Fortunately, you’re not on your own. Working with a reliable partner is the key to ensuring that your online store is well-prepared for the future, both in 2023 and beyond. Ready to start? Contact us to start the conversation about future-proofing your website and marketing efforts today.