Are you on the lookout for e-commerce trends to keep an eye out for in 2023? This post is for you.
Although the Covid-19 pandemic robbed 114m people of their jobs in 2020, it opened our eyes to the potential e-commerce holds.
Ever since then, e-commerce has been evolving at a speedy pace. For example, studies have shown that global e-commerce sales are expected to hit $6.3 trillion by the end of 2023, and $8.1 trillion by 2026. This makes it one of the fastest-growing industrial sectors. Even though traditional brick-and-mortar stores are back in business, online trading is here to stay.
However, with the growing need for convenience and a constant change in consumer needs, online businesses need to keep up with the latest e-commerce trends to remain relevant.
In this article, we will review some of the top e-commerce trends to keep an eye out for to stay competitive in 2023. We will also review some products that have the potential to become hot sellers this year as well.
E-commerce Trends for 2023
1. Social Commerce
Traditionally, social media was designed to keep us connected with our loved ones. However, that narrative took a big long ago. Social media has now become an excellent avenue to grow your e-commerce business.
According to Smartinsights, 4.76 billion people actively use social media platforms worldwide, making these platforms a vast marketplace for e-commerce.
On top of that, social media has changed our buying habits. Consumers can now shop for their favorite items, thanks to the in-shop feature available on most social media platforms.
Furthermore, web users are increasingly spending more time on social media. In fact, for some people, social media platforms like Facebook and Twitter are the go-to sites for news and the latest updates.
Not to mention TikTok, which is the next big thing in the world of social media. Though the app is more common among Gen Z, millennials and older generations still use it. It even comes with a new shopping ad feature that allows users to sell products directly from the app.
Capitalizing on the power of social media can help you connect with your target audience easily and more effectively.
If you own a Shopify store, Facebook and Instagram allow you to integrate your store into your profile, making it easier to drive organic traffic to your website. And Adoric can help you convert these visitors into paying customers.
Partnering with influencers is another effective way to reach a larger audience.
Influencer marketing will still trend in 2023. The earlier you develop your marketing strategy around it, the better for you.
2. Mobile Commerce
The use of mobile devices over the past decade made a remarkable difference in e-commerce. Mobile e-commerce is fast growing, as a staggering 7.1 billion of the world’s population uses mobile devices, which accounts for about 63% of online shopping orders.
Optimizing your e-commerce website to accommodate your mobile users can give your business the boost it needs to grow.
To optimize your website, you should focus on factors like device size, image quality, user interface, page load time, and the checkout process. Ensure these factors align with the mobile device, be it a smartphone or tablet. All these and more determine how customers respond to your business.
Another vital factor in mobile shopping is the payment option. To increase sales on your online store, provide multiple payment options at the checkout, hence reducing cart abandonment.
3. Video Shopping
A common concern for many e-commerce shoppers is buying products they can’t interact with physically. That is where video shopping comes into play. Video content is an excellent way to appeal to your customers, giving them a glimpse of what they should expect.
Video content is a valuable tool in digital marketing. Businesses now utilize it as one of their core marketing tools. According to reports by Statista, about 4.1B of the world’s population consume video content.
In the past few years, video content has proved itself a valuable marketing strategy. This trend will continue through 2023 and beyond. Businesses can get more customers and increase their revenue by engaging customers with rich video content.
In the image above, Skincare shares a video showing customers how to use their product.
Keep in mind that posting only marketing content will bore your customers, reducing their willingness to patronize you. So, in addition to videos that promote your business, try entertaining your viewers with funny or educative videos. Doing that improves your visibility on Instagram, Facebook, TikTok, LinkedIn, Twitter, and others.
On top of that, as you consistently post video content on these platforms, you can begin to earn money from them. Furthermore, it will help lower product returns.
4. New Payment Options
Another interesting e-commerce trend to look out for in 2023 is the rise of new payment options.
One of the limitations of e-commerce businesses is payment gateways. Many shoppers have abandoned their carts due to tedious checkout processes and the restrictions to traditional payment options.
A 2018 survey in the United States shows that 87% of respondents will abandon their cart if the checkout process is complicated and has limited payment options.
However, in recent times, we have seen a dramatic turnaround in online shopping. It has evolved from the mere use of credit cards to consumers paying for their orders via mobile wallets such as Apple Pay, Alipay, Google Pay, and PayPal.
Online traders need to keep up with this trend, as it has the potential to double by 2025, according to Statista.
In addition to digital payment gateways making headway recently, bitcoin and other types of cryptocurrency like altcoins and NFTs are getting worldwide recognition. And are fast becoming legal tenders for making online purchases.
As the world pushes toward a cashless society, getting on board as early as possible seems like the best line of action.
5. Inflation and Tight Budget
The impact of inflation on the economy is expected to continue in 2023, causing a strain on consumers’ budgets. As the prices of commodities increase, consumers may have to reduce their budget to only fit in necessities.
This could lead to a decrease in revenue for online businesses. Retailers will need to reduce their prices and offer more discounts and budget friendly-products to remain in business.
Additionally, as people shift their priorities to important commodities, the demand for certain products may reduce while others may increase. Businesses can capitalize on the shift to diversify their offer. Search for in-demand products and sell them to your customers. You will find later in this article some products customers are looking for in 2023.
Another way to retain customers as inflation lingers is to create a flexible return policy. Whether you like it or not, your customers will return products they buy from you. A flexible return policy can improve your customer retention rate, which is good for business.
Most consumers prefer brands that can offer them a personalized shopping experience. Because it reflects how valuable they are to these businesses. That is why about 49% of respondents say they will likely become repeat customers after a great personalized experience.
As more customers embrace the idea of personalization, online businesses need to incorporate this rising trend into their business strategy.
You can apply personalization in different ways. For starters, send customized emails or push notifications that speak directly to your customers.
If you wish to take it further, offer them the opportunity to specify what they are looking for. It can be an inscription on an item or a customized design.
The best part is that customers are willing to pay extra to get what they want. Offering customers personalized services is the best way to keep them coming for more.
7. User-generated Content (UGC)
User-generated content is yet another powerful e-commerce trend to look out for. As the name implies, it is content created by users and customers. They can be videos, photos, or reviews.
Using user-generated content as a marketing strategy increases your store’s credibility. Also, it is okay to use both positive and negative reviews. When you display customers’ complaints and the solution, it tells your audience that you care about your customers.
Shoppers love customer-centric businesses. And UGC is the best way to sell your brand to your audience. Since UGC is a powerful marketing tool, that makes it one of the biggest e-commerce trends in 2023.
Fast-Selling Products To Look Out for in 2023
Staying relevant in business goes beyond simply buying and selling but also knowing what to sell. As a Shopify business owner, you probably have several other responsibilities demanding your attention, making it difficult to keep up with trends and consumer needs.
Luckily, we have taken the responsibility off your hands by creating a list of what consumers are looking for in 2023. We have picked some trending industries and products that will sell like wildfire.
Health and Wellness Products
Health and wellness products are great items to sell on Shopify because many people are trying to stay fit and healthy. The industry was valued at $4.47 trillion in 2020. And is expected to reach $6.06 billion in 2023. That is a lot of untapped revenue.
Some interesting products in this niche you should consider include:
- Workout gear
- Caffeine-free coffee
- Fitness equipment
- Gluten-free pasta
Clothing and beauty accessories have been a part of our lives for as long as we can remember. We cannot do without them. From simple everyday outfits to those tailored for specific use like beach wears, gym outfit, winter coat, and summer outfits.
The diversity of fashion items makes the apparel market highly valuable and trendy. The global fashion industry was valued at 1.53 trillion US dollars in 2022 and is estimated to hit 1.74 trillion US dollars by 2023.
Here are some fashion items to look out for in 2023.
- Mini dresses
- Gym wear
- Wide-leg pants
The beauty industry is a fast-growing one that has come to stay. And revenue is estimated to hit $131 billion by 2026. Over the past years, we have seen more people pay attention to their physical appearance and be proactive about looking good.
If you are interested in beauty products, here are some items that will sell in 2023.
- Skincare products
- Hair oils
- Press-on nails
- Makeup products
Smartphone Gadget and Accessories
Smartphones are one of the most widely used devices. Therefore, there is a vast market for gadgets and accessories associated with them. You can sell almost any type of smartphone gadget and accessories on your Shopify to attract more customers. Below are some of the items in high demand.
- Phone cases
- Screen protectors
- Phone straps
- Power banks
Pet lovers are always willing to pay the price to see their pets healthy and comfortable. Take advantage of the available market for pet products to offer shoppers what they need.
Here are some pet products you can sell on your Shopify store.
- Pet food
- Cat bed
- Dog leash
- Pet clothes
- Pet carriers
And many more.
Another trending product that has gained momentum in recent years is digital products. The coming of digital products has brought about so much convenience for the masses. Now people can learn new things from the comfort of their homes.
On top of that, you can sell these products on your Shopify store without breaking the bank. Selling digital products is an excellent way for artists to promote their art to a global audience. However, it is not limited to artists alone.
If you are interested in this category, here are some digital products you can sell on Shopify.
- Non-fungible tokens (NFTs)
- Online courses
- Templates and themes
E-commerce is evolving at a break-neck pace, and so you just have to shape up our ship out. And the best way to shape up is by keeping up with the trends we’ve shared in this post.
Do you want to increase conversion and sales rates on your Shopify store? Say no more. Adoric is the best optimization tool that can help boost your customer retention and sales.
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