5 Main Trends of The E-commerce Industry in 2023
Since the epidemic, the eCommerce sector has experienced exponential growth in India and worldwide due to the rapid adoption and acceptance of digitalisation across all segments. In the last two years, the worldwide e-commerce market has expanded faster than it did in the previous two decades!
The epidemic has transformed how consumers use or engage in online shopping. However, we can say with confidence that the ideal customer of today is fully informed, has a clear sense of what they want to buy, and has access to a broader range of mediums and channels, exposure and product discoverability.
Here are a few trends to look out for in 2023:
Live streaming: a recent trend in commerce is for brands to generate live streams (i.e., create content where their audience may engage with them live) and include commercial products. Additionally, they do more than merely name those products and include a link in the description. Several video streaming services let users buy those things even during a live stream.
Social media/Influencer marketing: Social media platforms are used for direct product sales in social commerce. Social media sites like TikTok, Facebook, Instagram, Snapchat, Youtube, Shorts, short videos, paid commercials, and influencer marketing influence consumer decisions.
Experiences with VR and AR can alter how internet shoppers perceive the products they plan to purchase: fashion brand Balenciaga recently partnered with Epic Games to launch their Fortnight clothing line. Also, Nike recently launched Nikeland on the Roblox gaming platform, where players can buy virtual Nike gear for their gaming avatars.
Sustainability: The Climate Pledge Fund, an initiative with a $2 billion budget started by Amazon, and over the course of five years, Apple reduced carbon emissions by 40%.
Shopify’s Michael Keenan recently reported, “Two years ago, only 17.8% of sales were made from online purchases. That number is expected to reach 20.8% in 2023, a two percentage point increase in e-commerce market share. Growth is expected to continue, reaching 23% by 2025, which translates to a 5.2 percentage point increase in just five years.”
Conclusion: As online shopping has increased, consumer purchasing habits have changed. Companies may position themselves for success in the fast-evolving world of e-commerce by keeping up with these trends. E-commerce businesses must adapt and innovate to stay ahead of the curve as technology develops and consumer preferences change.