According to the International Monetary Fund, economic growth has slowed from 6,0% in 2021 to 3,2% in 2022. And forecasts for 2023 are still declining. As inflation has risen, people have become more shopping-focused, as businesses continue to improve their marketing strategies to acquire buyers. For this reason, it is important to constantly make improvements to the platforms eCommerce, and follow the trends in the online commerce sector.
So, what are the latest trends in e-commerce?
Artificial intelligence becomes more and more fundamental in the e-commerce sector. Come on chatbot, social campaigns and personalized advertising campaigns based on artificial intelligence. AI technologies have the ability to streamline processes, improve customer experiences, and drive business growth.
THEartificial intelligence it is also having a significant impact in supply chain management. AI-powered tools can help companies forecast demand, optimize inventory, and improve logistics, leading to cost savings and faster delivery times. Additionally, AI-powered systems can help detect fraud, reducing the risk of financial loss for businesses.
Chatbots are rapidly emerging as an e-commerce trend of the year 2023. These AI-powered programs are capable of mimicking human conversation and can be integrated into a variety of platforms, including websites and messaging apps .
One of the most significant benefits of ecommerce chatbots is their ability to provide instant customer service. Chatbots are available 24/24 and can quickly answer frequently asked questions, assist with order entry, and help customers navigate a website. Statistics show that over 7% of conversations chatbots have help shoppers solve the problem. Not only does this improve the customer experience, but it also frees up human customer service representatives to focus on more complex issues.
Chatbots also have the potential to increase sales by providing personalized product recommendations and special offers. They can analyze customer data, such as purchase history and surfing behavior, to make tailored suggestions and offers, which can lead to higher conversion rates.
Chatbots can assist customers in the purchase process by guiding them through checkout and answering any questions.
AI algorithms have the ability to process large amounts of data. So artificial intelligence algorithms can analyze consumer behavior and preferences, making it possible to personalize recommendations, promotions and advertising.
According to a survey conducted by Business Insider Intelligence, AI-powered personalization is projected to generate $800 billion in retail sales by 2023.
Personalized advertising campaigns can take many forms, from personalized email and social media campaigns, to personalized advertisements on search engines and other websites. Companies can use this data to segment their customer base and create different advertisements for different customer groups. This can lead to more successful and effective marketing campaigns, as messages are more likely to be relevant and interesting to the customers who receive them.
Personalization can also be done throughout the customer journey, from creating personalized landing pages to personalized shopping cart experiences, allowing for a more consistent and consistent experience.
AI-powered virtual assistants are becoming increasingly popular for customer service in e-commerce. These assistants can handle a variety of tasks, such as answering frequently asked questions, placing orders, and solving technical problems.
With the ability to understand natural language and provide quick and accurate responses, AI-powered virtual assistants can improve customer satisfaction and loyalty while also freeing up human customer service representatives to handle more complex issues.
Visual representation and videos are essential in e-commerce. Online shoppers cannot physically touch or try on the products. And one of the main tasks of visual representation is to show products in the most realistic and detailed way. This may include:
These technologies can be particularly useful for stores that sell products such as clothing, furniture or home decor, as they allow customers to see the products in a more realistic context and get a better idea of how they will look and fit in the their own homes.
To get a stronger effect, brands use different techniques like design planner or image zoom. It allows customers to have a better understanding of what the product looks like in real life.
Videos are another powerful medium that can be used to showcase products, provide product demos, and share customer reviews and testimonials. According to a study by LiveclickerVideo-based product pages can increase your chances of conversion by up to 80%.
Videos can be used to provide an in-depth look at a product's features and benefits, and can also be used to demonstrate how a product is used in real-life settings. This can be especially useful for businesses that sell products such as electronics, appliances, and other items that may require assembly or installation.
In addition to this, visual means can also help improve the customer experience by creating a more engaging and engaging browsing and shopping experience. This can lead to increased sales and customer retention, as customers are more likely to buy from a company they feel is providing them with the information and tools they need to make an informed decision.
eCommerce is moving more and more towards a sales idea by taking advantage of all market opportunities, and therefore without limiting itself to just the channel of a website. Second Zendesk, 95% of consumers use more than two channels to interact with the brand.
Let's try to think, where is it easier to reach a customer today: on the website or when scrolling through the Instagram feed?
In the first case, customers usually have an inquiry or at least enter your website for some reason. However, if we combine these two channels, there will be a wider reach of customers and therefore more opportunities for conversions.
Secondo ForbesApproximately 52% of ecommerce sites have omnichannel capabilities. Some of them are outdated, others are just gaining popularity.
Social media has grown from platform status to credibility and brand recognition alone. Now they are widely used for selling products and acquiring new customers.
Social commerce is the use of social media channels as a marketplace for selling products and services.
Thanks to their entertainment orientation, shoppers are easier to reach on social media platforms. E-commerce brands, in turn, streamline the buying process so that a visitor can find and buy the desired item in one place.
However, not all social media channels behave the same way. Among the most profitable for eCommerce today are TikTok, Instagram and Facebook. However, that doesn't mean you should sell on all of these platforms, especially if you're not ready to give all your attention and effort to all of them. In fact, marketers suggest picking one or two and tweaking them to perfection. Customers who shop through social media should be offered the same quality service and experience as those who shop on the website.
E-commerce experts say that special attention should be paid to TikTok in 2023. According to research by Insider Intelligence, the number of active buyers on TikTok reached 23,7 million in 2022. By comparison, it had 2021 million in 13,7. While Facebook and Instagram nearly double these figures, TikTok's growth rate promises to outpace these results sooner than one might expect.
During the pandemic, e-commerce brands have worked to improve the browsing experience on their e-commerce sites, trying to elevate the online experience by making it more similar to that of physical stores. And some of them work well, they have been improved. Virtual events for the presentation of new products, which are now so popular, tend to attract even more buyers. Above all, because more people, even from distant areas, have access to the event. However, for businesses selling non-digital products it may be of little use.
In this case, virtual rehearsals and live streaming are the best combination. Customers want to see the products the brand sells AND have the opportunity to try them. It's also a pleasure to feel the vibe of the physical store, explore its design and walk around it as if you were there.
Another trend expected to grow in 2023 is the use of influencers in e-commerce.
Influencer marketing refers to the practice of working with people who have large followings on social media to promote products or services.
By leveraging the influence of these people, companies can reach a wider audience and increase sales. In 2022 influencer marketing on Instagram reached $2,3 billion. It is considered to be particularly effective in industries such as fashion and beauty, but can be used in other diverse industries as well.
More and more companies have already switched to the subscription business model. As reported by McKinsey & Company, 15% of ecommerce shoppers have subscribed to one or more subscription services. Subscriptions allow customers to receive regular deliveries of products or services. That's why they have become increasingly popular in various industries, such as food, beauty and clothing.
One of the key benefits for businesses is the predictability of revenue provided by subscription models. By having a constant stream of recurring payments from customers, businesses can plan their finances and inventory. This is especially useful for small businesses and startups looking to maintain a steady cash flow.
Subscription-based services take the engagement between the business and the customer to a deeper level. It aids understanding of consumer needs, preferences, and even loyalty.
Overall, in 2023, we can expect to see more companies, both established and new, adopt subscription models to build stronger customer relationships and increase revenue predictability.
With the growing number of consumers using smartphones to browse the internet and make purchases, businesses are turning to mobile apps as a means to improve customer experience and boost sales.
The advantages of mobile apps:
In conclusion, the e-commerce sector is constantly evolving and keeping up with the latest trends is essential for companies to remain competitive. Five key trends to watch in the coming years include omnichannel selling, artificial intelligence, subscription business model, visual and video, and mobile apps.
Omnichannel selling, which allows businesses to connect with customers across multiple channels, is becoming increasingly important as consumers expect a seamless shopping experience.
Artificial intelligence is also having a significant impact in e-commerce. By leveraging artificial intelligence, businesses can personalize recommendations, promotions, and advertising, and improve customer service, fraud detection, and supply chain management.
Subscription-based models are growing in popularity as they provide a steady stream of recurring revenue for businesses and convenience for the customer.
Visual representation and videos are essential for product presentations, help make products more accessible and tangible, and could increase customers' chances of conversion.
Finally, mobile apps have become increasingly important as mobile commerce continues to grow. By building mobile apps, businesses can reach customers wherever they are, provide a seamless shopping experience, and increase brand awareness.
To stay ahead of the competition, companies should consider implementing these trends into their operations. In this way, they can improve customer experiences, improve efficiencies and drive growth.
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