E-Commerce is constantly evolving and is expected to reach $4.9 trillion by 2023. This ...
E-Commerce is constantly evolving and is expected to reach $4.9 trillion by 2023. This growth is driven by various emerging trends in E-Commerce, including the rise of augmented and virtual reality, the growing popularity of mobile, live and voice shopping, and an increase in social commerce. In this guide, we'll delve into these five E-Commerce trends to give your business an idea of what to look for within this area of expertise in 2023.
Augmented reality (AR) and virtual reality (VR) are expected to reach a global revenue of over $31 billion in 2023 and are two of the most significant emerging trends in E-Commerce the industry has seen in recent years. Both have the potential to revolutionise how the world shops online.
AR and VR can be used to create more engaging and immersive brand experiences, helping to build customer loyalty, reach new markets, and drive sales. For example, AR and VR can allow online shoppers to virtually try on clothes, makeup, and other items before they buy them. This evolution in the 'try before you buy' concept can help shoppers save time and money by avoiding the hassle of returning unwanted items or going to a physical store to try on products.
For example, the Amazon app has a ‘view in your room’ feature. This feature allows users to use their smartphone camera to scan their room, select a product, and move the product to the area of the room to visualise how it would look in their room. Similarly, Nike is another brand that has adopted AR and VR to allow customers to use their ‘Nike Virtual View’ feature to see what their clothes and trainers would look like via a virtual model with the exact measurements and sizes of the user.
In 2023, AR and VR are poised to become increasingly important in the E-Commerce space. As AR and VR technology continues to develop, it's likely we'll see even more innovative ways to use these technologies in E-Commerce. As a result, these emerging technologies have the potential to positively change the way we shop and are sure to have a significant impact on the future of E-Commerce.
Mobile shopping is becoming increasingly popular and is expected to account for a significant number of E-Commerce sales in 2023, with an estimated 56% of all online sales stemming from mobile devices in 2022. When it comes to mobile shopping or M-Commerce, the numbers suggest it has no signs of slowing down. According to Statista, it’s predicted mobile shopping will rise to £105 billion in the UK alone, over double the £50 billion worth of retail sales completed on smartphones in 2019.
As mobile shopping continues to become the smarter way to shop, E-Commerce businesses should ensure their websites and apps are mobile-friendly and offer a great mobile shopping experience. These sites and apps should include an effective user interface that is simple to navigate and optimised for page and app speed to ensure products load before the user starts looking for solutions elsewhere.
Online retailers will also need to allow shoppers to find any helpful information on the products they're looking to buy online, be it through content, FAQs or a live chat on the website or app.
Voice search-assisted online shopping is another one of the rising E-Commerce trends to look for in 2023. With voice shopping, users can use their voice to ask smart devices like their smartphones or speakers like the Amazon Echo and Google Home to search for information or products.
As an emerging E-Commerce trend, voice search shopping is especially convenient when users are busy or have their hands full. To add to the popularity of this trend, Sprout Social's Q1 2023 Pulse survey revealed that 25% of responders said they'd use voice search in 2023 - a 3% increase compared to the previous year.
With the rise in popularity of voice shopping, brands should aim to stay on top of this E-Commerce trend by optimising their websites and apps for voice search.
Here are some ways you can prepare your E-Commerce business to get heard in the emerging world of voice shopping.
Use natural language keywords: When creating content for your website and app, use natural language keywords that people are likely to say when searching for information using their voices.
Structure your content logically: Make use of headings, subheadings, and bullet points to structure your online content in a way that is logical for voice search.
Use clear and concise language: Avoid using technical or jargon terms in your content that people don't tend to say. Instead, use clear and concise language that people understand.
Test your website and app for voice search: Once you've optimised your website and app for voice search, test it to ensure it works properly. You can do this by using a voice search tool, such as Google's Voice Search Simulator.
You'll hear more from voice shopping in the coming years as the technology within this niche continues to become increasingly accurate. Technologies, such as natural language processing, had an annual market size value of over $27 billion in 2022, a number expected to increase at a compound annual growth rate (CAGR) of over 40% between 2023 and 2030.
Social commerce is classed as the buying and selling of goods and services through social media platforms and is a rapidly growing trend in the future of E-Commerce. According to Social Media Today, 87% of online shoppers turn to social media to help influence their buying decisions. At the same time, AppInventiv states that 55% of online shoppers purchase products on their smartphones via social media.
There are many reasons why social commerce is becoming so popular as consumers look for more straightforward ways to buy, and E-Commerce businesses seek new ways to reach new markets and increase sales.
One reason is the popularity of social media platforms like Instagram, Facebook, Twitter and TikTok. In 2023, over 3.6 billion people are expected to use social media, with the market growing at a CAGR of just over 19%, from $193.52 billion in 2022 to $231.1 billion in 2023.
Additionally, E-Commerce businesses can use social media and social ads to engage with their audiences and increase their brand awareness while promoting and selling their products and services. Global spending on social ads is expected to reach over $200 billion in 2023, with the average ROI for social media being $2.80 for every dollar spent; it's a worthwhile investment for E-Commerce brands.
Another reason surrounding social commerce's popularity is its convenience for shoppers. They can browse and purchase products and services without needing to leave the social media platform they're already using, making it easy for shoppers to impulse buy or to buy products that their friends or influencers have recommended to them.
Social commerce is also popular as it allows shoppers to share their purchases with friends and followers, creating a sense of community and excitement around a product or brand.
Live shopping comes in last but not least in our 5 E-Commerce trends for 2023. This type of E-Commerce allows shoppers to interact with online brands and other shoppers in real-time through live video streaming and is essentially the modern alternative to home shopping channels like QVC. Live shopping events can be used to showcase products, answer questions, promote sales and give shoppers a chance to purchase products.
As one of the leading emerging trends in E-Commerce, live shopping is becoming increasingly popular, acting as a more engaging and interactive shopping experience than traditional E-Commerce. Shoppers can ask questions, get advice, and make real-time purchases, helping to build trusted and loyal relationships between online retailers and shoppers.
E-Commerce businesses can also utilise live shopping to promote sales and drive traffic to their websites and apps, with a range of live shopping platforms available for brands to stream their online store to a global market, including the likes of CommentSold, Grip and Amazon, Facebook and Instagram Live. Brands can plan and promote their live shopping events through various channels and use their chosen streaming platform to engage with shoppers, helping to drive sales.
Helping to shape the future of E-Commerce, live shopping will continue to show it wasn't just a flash-in-the-pan innovation of the pandemic. By 2024, the live-streaming E-Commerce market is expected to reach $35 billion in the US alone. Additionally, in the US, by 2026, live shopping could equate to 20% of all E-Commerce sales, according to Statista.
Live shopping will become an increasingly important and viable part of the E-Commerce landscape for years to come. Brands that embrace this type of online selling are likely to see a significant boost in sales and customer satisfaction.
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Ultimately, these 5 E-Commerce trends for 2023 reveal that the future of E-Commerce is promising, and there is a lot to get excited about for businesses and shoppers alike. Of course, these are not the only emerging E-Commerce trends to look out for in the coming years. Check out our ultimate guide to E-Commerce to discover more about what the future of E-Commerce looks like.
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