Five E-Commerce Trends in 2023 and How They Will Impact Your Business
The pandemic has rapidly changed how we consume goods and services, and the e-commerce environment is set to grow in exciting new ways in the coming year. This evolution affects not only what we buy and how we buy it but also the speed at which we expect delivery. Here are five trends that online retailers should be aware of as they prepare for the year ahead:
1. M-Commerce
In South Africa, 78.6% of people access online sites via mobile phones, with projections suggesting this number will rise to 90% in the next five years. M-commerce refers to the shift from e-commerce on other devices to increased mobile shopping. This necessitates optimizing websites for mobile-friendly access and ensuring that apps are secure and easy to use. Many apps can be modular, allowing businesses to start with basic features and gradually add functionalities like voice assistance, wish lists, AI, and push notifications as needed.
2. Web Automation and AI
In the online space, customer service and efficiency are critical. Increasingly, companies are using artificial intelligence (AI) to handle the majority of customer queries, escalating more complex concerns to human operators. This approach reduces pressure on staff, allowing them to focus on tasks that require a personal touch and other strategic functions.
3. Progressive Web Apps
Progressive Web Apps (PWAs) enable businesses to sync their apps with their websites without compromising information, layout, or functionality. PWAs load instantly, regardless of a user's internet reliability, and offer a more user-friendly experience. This increased usability encourages higher customer engagement and converts sales more efficiently.
4. Social Media Marketing
Trusted influencers with strong communities continue to impact online consumer spending. A recent survey by GlobalWebIndex (GWI) revealed that 27% of younger consumers use social media to shop around and purchase via apps. Social media allows younger users to engage with brands in an experiential manner, leading more companies to use these platforms to connect with consumers on a personal level.
5. Web 3.0
In the past, only a few large businesses had a strong online presence, but Web 3.0 is changing that landscape. This evolution combines online activities into a vast virtual space, enabling users to navigate more easily. Web 3.0 is decentralizing the online space, allowing individual players to be creative with their virtual businesses and web presence, thereby increasing market share and diversity.
The Bottom Line
These key trends are already in motion, and businesses can start implementing changes to support them now. Doing so will position companies to harness the significant opportunities that e-commerce offers. To find out how Merchant Capital can help you grow your e-commerce business, contact us today.
