2022 is soon coming to a close, and marketers are scrambling to adopt the latest eCommerce trends. Read our top 10 eCommerce software trends to look out for in 2023.
As 2022 enters its latter half, eCommerce software trends in 2023 are now a hot topic. The eCommerce field is constantly evolving, and so is the software that helps facilitate it. With constant upgrades, businesses must stay on top of the innovations to remain competitive.
Experts have predicted 2022 as the year when eCommerce platforms reach higher grounds, covering everything from integration to payment solutions. Predictions like the continued popularization of chatbots and the ever-growing acceptance of mobile payments have passed in recent years. Now, it’s time to know what to expect in 2023, so you can prepare for the upcoming trends in eCommerce. Read our infographic to help you stay in the loop.
10 Ecommerce Software Trends in 2023 to Keep an Eye On
1. Mobile shopping to be the dominant channel for retail
Ecommerce software trends in 2023 will include mobile shopping, which has grown significantly in recent years. Customers worldwide plan to use their smartphones or tablets when buying goods and services online. As mobile shopping increases, online businesses also adopt the mobile-first strategy.
This prevalence of mobile commerce (mCommerce) can thus transform consumers’ purchasing behaviors while establishing itself as a significant business channel. In fact, estimates show that by 2025, 44.2% of retail eCommerce sales in the U.S. – valued at $728.28 billion – will be through mobile.
2. The rise of voice shopping
The availability of voice assistants in shopping would be crucial, as it could enhance the effectiveness of the checkout process.
Voice commerce uses voice recognition technology advancements and interface apps like Alexa, Google Assistant, and Siri to communicate a customer’s voice to the processing bot and receive responses, creating an instantly engaging experience.
And with the steady application of voice shopping assistants, the transaction value of this emerging retail model will reach $19.4 billion in 2023, up from $4.6 billion in 2021.
However, some retailers may face challenges in cases where voice assistant-enabled devices cannot present contextual information to users without a screen. In that case, research advises creating omnichannel retail strategies, where companies offer more product details and seamlessly manage various interactions with shoppers from one platform to another.
3. Continued utilization of omnichannel chatbots
Tech giants are spending billions of dollars on developing conversational bot technology. According to Gartner, chatbots will be the primary customer service channel for nearly one-quarter of organizations by 2027.
The good news is that despite having mixed feelings about chatbots in general, 80% of those who have engaged with one believe the experience was generally pleasant, with 14% of respondents describing their chatbot encounters as “extremely positive.” Given their favorable response, you can anticipate that more firms will include chatbots in their platforms.
As one of the eCommerce software trends in 2023, marketers will use conversational chatbots on social media and eCommerce sites. This scenario is possible thanks to chatbots’ ability to collect valuable, relevant data, which companies utilize to curate better solutions for consumer queries and problems.
4. Intensified location-based marketing
Location-based marketing is a direct marketing tactic that uses a device’s location to notify its owner about a marketing message or promotion from a nearby company. These messages typically reach mobile devices via SMS and contain details regarding a local company’s offer or a purchasing incentive, like a coupon code for a discount.
According to Factual, nearly 90% of marketers that use location data consider this marketing approach effective for their campaigns, boosting their customer base, sales, and engagement by 84% to 86%.
More and more organizations recognize this powerful technique, which is why spending on location-targeted mobile advertising will increase in the next six years and surpass $32 billion by the end of 2023. This number is a marked increase from 2018 figures, which amounted to $21.4 billion.
5. Growth of livestream shopping
Livestream shopping is the combination of social commerce and livestreaming. Here, influencers and corporations highlight goods and services by utilizing their social capital. Customers can buy the featured products during the broadcast and communicate with the brand and other viewers via chat.
The experience is comparable to going to a store and having a store representative answer your queries. According to Coresight Research, eCommerce live streaming may generate $25 billion in U.S. sales by 2023, making this an excellent opportunity to explore.
6. Augmented reality to help shoppers in their purchase decisions
While online shopping is convenient, it has one glaring problem: you cannot physically inspect the item before purchasing it. Because of this, consumers might have more reservations about buying your product. Virtual and augmented reality can bridge this gap, providing customers with a 360-degree view of any item or environment, making purchasing decisions easier.
Retail TouchPoints estimates the value of augmented and virtual reality to increase from just $1 billion in 2018 to $7 billion by 2023, making this a viable and worthy investment for your company.
7. Experimentation with shoppable video ads
One of the anticipated trends in eCommerce is interactive video marketing, with over 40% of marketers using it. This new eCommerce trend consists of clickable, interactive elements in the form of product tag overlays or calls to action. Once clicked, the ads will direct viewers to a landing page with additional information about the featured product.
Shoppable ads will advance video marketing innovation, boost engagement, and improve your return on investment. Interactive ads also offer organizations more detailed data than typical video advertisements in views, shares, and likes—not to mention potentially increasing conversion rates.
8. AI’s and ML’s more significant roles in eCommerce
Ecommerce trends in 2023 will also include artificial intelligence (AI) and machine learning (ML). As far as IT teams are concerned, top-priority infrastructure projects will comprise AI.
Cloud-based AI will grow 5X by 2023, making it one of the most popular cloud services. That means businesses must periodically improve their AI models to ensure success in this department. For one, IT teams must standardize their data pipelines or fuse ML models with streaming data sources to make real-time consumer preferences and behavior predictions. Companies could then use these insights to inform their marketing strategies.
9. Flexibility of headless commerce
Future eCommerce solutions lean toward the so-called headless commerce. This framework separates the front-end—the layer that customers interact with—and the back-end that runs the internal operations and commerce functionality.
Since the front-end acts as the “head,” the back-end becomes “headless,” meaning it’s a content-only data source. Think content management system (CMS). A headless CMS can deliver content anywhere without a default delivery system because it can communicate with the front-end using application programming interfaces (APIs).
Today, more companies are integrating headless commerce into their platforms. In 2020–2021 alone, headless commerce players raised over $1.65 billion as capital for this technology. And by 2023, the prices of B2C digital commerce platforms may decline by 30% due to more extensive implementations of headless commerce.
10. Crypto payments’ wider acceptance
Ecommerce platforms now accept payments in over 20 cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. Shoppers can see the price in cryptocurrency and pay from their cryptocurrency wallets at checkout.
Shopify’s report on the growing customer desire for digital payments means companies should include cryptocurrency in the mix. In fact, 40% of eCommerce shoppers plan to use cryptocurrencies as payment alternatives.
2023 is just around the corner, and marketers are eager to get ahead of the competition by studying and integrating these eCommerce software trends 2023. These trends have the potential to offer better brand experiences and more seamless consumer journeys.
Remember, the future of buying is personalized. That makes social commerce, augmented reality, livestream shopping, and conversational commerce beneficial for businesses and consumers.
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