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eCommerce has been a booming industry. Online shopping is changing how people live and interact with goods, employees, and each other. Trends have shown that these eCommerce trends will continue to change the world even more in the coming years.
The e-commerce industry has grown tremendously in recent years. In 2021 alone, global e-commerce sales were estimated to be US$4.9 trillion and are projected to grow to 50% by 2025, reaching US$7.4 trillion.
Although the e-commerce sector is generally believed to be more business-to-consumer (B2C), the global business-to-business (B2B) e-commerce industry is projected to reach US$18.97 trillion (about $58,000 per person in the US) by 2028.
In short, both B2B and B2C e-commerce are experiencing growth, but will your online store be a part of it?
What are the Top Trends in eCommerce?
Many different trends are currently shaping the ecommerce landscape. Some of the most significant ones are listed below:
- Increased use of mobile devices for shopping:More and more people are shopping online and in physical stores using their smartphones and other mobile devices. This trend is driven by the increasing availability of high-speed mobile internet, the growing number of people who own mobile devices, and the improvement of mobile shopping apps and websites.
- The rise of social media commerce:Social media platforms such as Facebook, Twitter, and Instagram play an increasingly key role in ecommerce. Many businesses are using these platforms to promote their products and services, and many consumers use them to research purchases and find deals.
- The growth of global ecommerce:Ecommerce is no longer just a domestic phenomenon; it is now a global one. This is being driven by the increasing number of consumers who have access to the internet and by the fact that more and more businesses are setting up shop online.
- The rise of omnichannel retailing:Omnichannel retailing is a new method of doing business that encompasses all channels through which a customer can interact with a company, including brick-and-mortar stores, online stores, mobile apps, call centers, etc. This trend is driven by the need for businesses to provide a seamless customer experience across all channels.
Trends That Will be Dead By 2023
It is hard to predict the future, but there are certain trends that to be on their way out. Here are some ecommerce trends that will be dead by 2023:
- Physical stores:With online shopping becoming increasingly popular, physical stores are struggling to keep up. Many retailers have already closed their doors, and even more will follow in the next few years.
- Traditional advertising:As consumers become more savvy, they are turning out traditional advertising methods like television commercials and print ads. Instead, they’re turning to word-of-mouth recommendations and online reviews when making purchase decisions.
- One-size-fits-all products:In a world where customization is king, one-size-fits-all products just do not cut it anymore. Consumers want products that are tailored to their specific needs, and they are willing to pay more for them.
- Inflexible return policies:In today’s world of free returns and easy exchanges, inflexible return policies are a thing of the past. Consumers will not tolerate it anymore, and businesses that don’t offer fair return policies will lose out on sales.
- Slow shipping:With Amazon setting the standard for fast shipping, consumers have come to expect it from all online retailers. Businesses that can’t keep up with the pace will be left behind.
Predictions for eCommerce in 2023
In 2023, ecommerce will continue to grow in popularity as a shopping method. More people will shop online for items such as clothing, footwear, and accessories. This growth will be driven by the increasing number of people who are comfortable using the internet and mobile devices to make purchases. In addition, the availability of faster internet connections and more user-friendly online shopping platforms will make it easier for people to shop online.
As ecommerce grows, so will the competition among online retailers. To succeed, retailers will need to offer competitive prices, a wide range of products, and excellent customer service. They will also need to find ways to stand out from the crowd, such as offering unique products or providing a personalized shopping experience.
Finally, security concerns will continue to be significant for both consumers and retailers. Online retailers will need to invest in secure payment systems and work hard to protect customer data. Consumers must be careful about where they enter their personal and financial information when shopping online.
Which Trends are Your Focus?
There are a few different ecommerce trends that we are keeping our eye on:
- The trend of mobile commerce. With more and more people using their smartphones and tablets to shop online, retailers need to have a mobile-friendly website.
- We are also watching the trend of personalization. Consumers expect a personalized shopping experience, and retailers who can provide this will be ahead of the game.
- We are keeping an eye on the trend of voice searches.
Shoppers will begin adopting voice-activated assistants like Amazon Alexa and Google Home as they grow in popularity to conduct product searches and complete transactions. If retailers want to stay ahead of the curve, they must voice search-optimize their websites.
The e-commerce industry is huge, with numerous players and many innovative trends. Stay ahead of your competition by preparing your business for the future. You can increase your revenue and stay competitive by aligning your strategy with emerging trends.
Ecommerce is continuing to grow at an alarming rate. By 2023, ecommerce is projected to make up 22% of all retail sales worldwide. A number of factors, including the increasing popularity of mobile commerce, the rise of social media, and the growing preference for convenience, are driving this growth. As ecommerce continues to evolve, businesses need to keep a close eye on future trends in order to stay ahead of the competition.