Digital commerce has completely reshaped over the past two decades, and then accelerated during the...
Top 5 Trends Shaping E-commerce in 2023
While shoppers are returning to brick-and-mortar, their e-commerce habits are set. Experts predict worldwide retail e-commerce sales will soar from about $5 trillion to just over $8 trillion by 2026. To capitalize on this growth, online retailers must double down on many of the trends that took off during the pandemic while keeping an eye on changing consumer expectations and preferences. Here are the top 5 trends that will shape e-commerce in 2023:
2023 is the time when brands must optimize the omnichannel shopping experience. Nearly 75% of buyers use multiple channels before purchasing, and 73% of e-commerce consumers report using various channels during their customer journey. Brands must work to eliminate friction between channels, ensure in-store inventory is reflected in real-time online, and invest in AR and other immersive technologies to create a more natural shopping experience online.
No.2 Mobile Shopping
Mobile devices account for 71% of retail traffic and generate 61% of online shopping orders. Enabling customers to shop via their mobile devices is no longer an exception—it’s an expectation. Brands that want to stay in the game need to embrace this mobile mentality. That means designing mobile-first experiences (not just shrinking your desktop experience to a smaller screen). It also means offering phone-friendly payment options and making mobile checkout a breeze.
No.3 Social Commerce
Consumers rely tremendously on their social feeds for shopping, suggestions, and simple e-commerce sales. Social commerce is critical for brands to reach their target audiences and is expected to account for 20% of global retail e-commerce sales. Whether or not you decide to sell directly through social, don’t skip these channels in your e-commerce strategy.
No.4 Customer Service
Since customer service is often a buyer’s only point of contact with an online business, retailers need to make it a priority. Chatbot technology is advancing fast, and some experts see them playing even bigger roles in the online shopping experience with more personalized service and product recommendations. E-commerce never sleeps, so make sure your customer service is available 24/7.
No.5 Inflation Issue
The impact of inflation on consumer spending will likely last into 2023. Budgets are tight and shoppers are mindful of their purchases. Your two best tools for assuaging their anxieties? Flexible returns and budget-friendly options. Yes, returns can be costly, but shoppers will return products regardless of whether you make it easy. A strict or complicated process won’t stop customers from returning their products, it will stop them from returning to you. Another way to keep bottom lines stable amid financial insecurity is to offer budget-conscious options. Basic subscription packages allow customers to continue engaging when they otherwise may have stopped completely. It also builds goodwill that will build long-term loyalty.
At Langia we have extensive experience in creating a personalized omnichannel experience for the end customer using SAP Commerce. We offer highly specialized experts who can help you remain agile to respond effectively to evolving consumer habits, and enhance the omnichannel customer experience to stay competitive. Our leading SAP Commerce experts, many of whom have a background with SAP or Hybris itself ensure excellent quality in our delivery and have experience from major international end customers and projects. Contact us for more information!