What e-commerce trends should online businesses expect in 2023 after more than two years of exponential growth? While consumers are visiting physical stores again, their e-commerce habits have already been formed. By 2026, experts forecast that global retail e-commerce sales would increase from roughly $5 trillion to just over $8 trillion.
So what comes next?
With clients ranging from start-ups to Fortune 500 firms, Auburn Digital Solutions has the unique ability to observe trends across all of its client categories and market areas. Here are some of its digital marketing forecasts for 2023:
- Every day, new brands enter the digital marketplace, and those already there keep growing their online presence. As a result, there is now a race to use more channels, finances, and sophisticated strategies across a variety of multiple media, with a higher chance of experimenting with new channels, creatives, and messaging.
- As marketing budgets rise and data is needed for AI-based monitoring and decision-making, there is a propensity to adopt more technologically complicated tracking solutions that demand more sophisticated integration and data dashboards.
- Businesses that had previously rejected automated messaging are increasingly looking into this potential as chatbots gain popularity. Chatbots can improve customer satisfaction in addition to facilitating sales conversations.
- The pandemic accelerated the digital change, which was detrimental for those who lagged behind their competitors. As a result of accepting these changes and implementing precise tracking, leaders are now able to view data that demonstrates the interconnectedness of all digital channels, which is generating traffic and engagement. Long and complicated sales processes are typical, with multiple touch points across various channels.
- It’s easy to spend money thanks to online advertising. Because they are aware that particular abilities are needed to manage sponsored advertising channels, new clients have joined the company. Additionally, businesses are actively looking for alternatives that provide the chance to experiment and expand their reach.
Experts from Auburn Digital Solutions have identified the top three trends that will shape the landscape over the next year.
Live and social shopping becomes a bigger part of the mix
The trend toward online shopping remains intact. But, digital consumer purchasing will continue to advance swiftly. For instance, livestream shopping is expanding quickly.
Social buying is becoming more common and may be done on a variety of channels, including a brand’s own website, Amazon Live, TikTok Shop/Live, Instagram Live, and Twitch. “Brands should consider their strategy – whether they should use spokespeople, for example.
Do they have good locations from which they can stream? What products would they offer for sale? Following the stream’s completion, how would they use the content?
This pattern shows a change in how brands are in charge. Younger generations find authenticity and trust in other areas than older generations. They generally have faith in influencers and their peers. Peers and influencers will increase when brands cut back on spending and withdraw from the shopping conversation.
Chatbots will become more popular
The use of machine learning and AI-powered technology has given chatbots greater power than ever before. Currently, it is estimated that chatbots can handle up to 68.9 percent of chats from start to finish without any user intervention. For organisations looking to automate particular operations, including customer service and resolving commonly asked questions about sales, this is a huge time-saver.
These chatbots are now a crucial part of how customers make purchases. They can be used to address shipping inquiries or refund requests, and they are a quick and easy way for customers to ask questions regarding the goods. As chatbot technology improves in functionality and accuracy, it may be possible to sell goods and services to customers without having to communicate with them directly.
Chatbots can be applied in a number of contexts. Chatbots will eventually make it simpler for clients to finish their sales experience.
Voice-enabled shopping to do better
Although voice commerce is still a new concept in the e-commerce world, it is expanding quickly. Voice-activated shopping is anticipated to increase in value from roughly $5 billion in 2021 to a staggering $19.4 billion in 2023. In just two years, there has been an increase of almost 400%. Overlooking voice search for eCommerce can mean losing out on the obvious opportunity.
By using recommendations based on user choices, voice search customises the purchasing experiences. For instance, if a consumer orders their daily necessities from AmazonFresh using Alexa, the voice assistant may provide suggestions for products that fit their diet based on the preferences they have specified to the device. Additionally, voice search can make the operation much simpler for the user if an order needs to be repeated.
Besides, it has been difficult for businesses to gather reviews, but with voice search, customers can easily share their opinions. Reviews are made more authentic and significant due to how simple and convenient they are to write, which benefits both the product and its various other clients. Voice assistants ask for specific inquiries and ratings instead of the time-consuming chore of inputting lengthy feedbacks, and without the trouble of needing to log in.
Furthermore, when compared to typing a question, voice search is efficient and speedy. A voice search can process nearly 100 words per minute, compared to the average person’s typing pace of 30 to 35 words per minute. As a result, voice search gives you the ability to interact quickly and get results more quickly, which is an appealing feature for the majority of users. With voice search, you may shop while on the go and even while performing another task, like cooking or operating a vehicle.
It’s critical to keep up with social media trends as we look to the future. It’s important to continually search for new trends because the platforms and technologies we use today might not be available for many years.
— Harsh S. Kedia, CEO and Co-founder, Auburn Digital Solutions.