There is no doubt that during the past few years, competition has been fierce in online retail. Creating and maintaining online storefronts has proven to be a lucrative potential for many businesses.
Europe anticipates its online sales income to increase from its $425 billion level in 2020. Based on predictions, revenue is anticipated to rise by $569 billion by 2025. It's high time your business launched an internet store if you haven't already.
What changes might we anticipate in the realm of internet shopping?
Even though there are many eCommerce trends to be on the lookout for, these six will dominate everyone's attention in 2023:
- Omnichannel presence
- Mobile commerce
- Social commerce
- Artificial Intelligence (AI)
- Live shopping
- Payment methods
Combining several channels into a single buy is currently very common. While at the store, 56% of customers utilize their mobile devices to explore products. Customers now anticipate being able to perform internet searches while physically inspecting a product at a store.
A cohesive service must offer across all consumer touchpoints in omnichannel shopping. A few instances of possible touchpoints are phone calls, web surfing, mobile device purchases, and face-to-face interactions. A customer may use any or all of these channels to communicate with your brand before purchasing; these interactions should be consistent.
Mobile commerce is on the rise as a result of the advancement of new technology. The fact that there are already 7.26 billion mobile phone users worldwide may be a surprise. It shows that mobile phones are available to 91% of people worldwide. Furthermore, 7.516 billion individuals anticipate using mobile devices by 2026.
As an online retailer, many customers can purchase your products directly from their mobile devices.
Nearly 4.5 trillion euros in mobile commerce purchases are anticipated to have been made by 2024, making up roughly 69.9% of all retail eCommerce sales. Your website must be mobile-friendly since mobile devices currently generate more than 50% of all internet traffic.
Businesses once used social media to increase their brand's visibility and attract new customers. Direct sales through social media channels have helped eCommerce blockchain startups prosper in recent years. Customers increasingly use smartphone social media apps as a one-stop shop for all their shopping requirements.
Every year, social media receives more and more attention. Currently, 59% of the world's population uses social media, and this percentage is only projected to rise in the upcoming years. Social media platforms are expected to generate €1 trillion in global revenue in 2022 and an incredible €2.9 trillion by 2026.
The most popular social media platforms that enable social commerce include Instagram, Facebook, TikTok, Pinterest, Snapchat, and—as of recently—Twitter. Your online store's sales may increase if you aren't already using one of these social media networks for social commerce. Make sure to factor these into your preparations for your online store.
Artificial Intelligence (AI)
Many shoppers still hesitate to spend money in stores as the virus spreads. Businesses have changed toward a more digital strategy due to this resistance. This fear of online shopping has been lessened through visual commerce, which increases a brand's aesthetic value to draw in more people. With this technology, brands can now provide their customers with a more authentic and thrilling visual shopping experience, enabling more in-depth product interaction. As a result, augmented reality (AR) is expected to significantly increase its use for goods and services, particularly in niches like lifestyle and home décor, where customers may obtain a better sense of the product without seeing it.
When shops display their products in a Livestream, most usually on a social media platform, we refer to this as "live shopping." With this approach, customers may make their transactions and receive prompt responses to their questions. Live purchases basis on interaction.
Live-store shopping is becoming more and more popular. The market for live streaming is anticipated to reach $237 billion by 2027.
Businesses may be creative with their product releases, customer support, and marketing initiatives. Your e-commerce business can benefit from live shopping in several ways.
As mentioned, a more efficient checkout procedure will help your eCommerce business. But we mean the accessibility of a wide range of payment alternatives and streamlining the checkout procedure. Did you know that a drawn-out or complicated payment process is a major reason people leave their shopping carts empty? Customers are more inclined to abandon shopping carts and hunt for products elsewhere if they have problems finishing their online purchases.
Over 50% of all eCommerce payment transactions globally were made in 2021 using digital wallets. As a result, utilizing a digital wallet to make an online purchase has become more popular than using any other method. By 2025, experts predict that this percentage will have increased by 53%.
Of course, using a digital wallet for purchases can be done in numerous ways. You have access to a wide range of payment methods across Europe. Consumer preferences for particular payment methods can differ from nation to nation.
Conclusions for Online Retail Developments in 2023
Businesses need to take aggressive actions to win over customers in the current e-commerce market because there is so much competition, such as generating memorable and interesting shopping experiences. As technology advances in the upcoming years, new fads will appear in the e-commerce industry.
A sharp increase in sales and customer satisfaction could achieved by fusing these technologies with current online shopping trends. Businesses will soon be able to give customers the most immersive visual shopping experience conceivable without ever having to leave the comfort of their homes thanks to augmented reality (AR).