3 Business Trends to Watch out for in 2023
Sustainability is the new normal
Shopping on social networks
Artificial intelligence will dominate e-commerce
Since the beginning of the pandemic, retail and online shopping has changed dramatically. COVID-19 forced many businesses to adapt by setting up an online store to run their business, while many ended up closing down.
It has been reported that 20% to 30% of businesses went online during the peak of the pandemic. This implies that e-commerce has had a major growth and will only grow further.
With the increase in smartphone use and more digital technologies becoming available, 95% of all purchases will be made online by 2040.
With the rapid changes and fluctuations of the industry in mind, keeping up with the latest e-commerce trends is vital to the success of any business in the post-Covid era.
These are the top 3 trends you’ll start seeing in 2023 and beyond – and trends that will greatly improve business and website conversions.
1. Sustainability is the new normal
A current retail trend that will only grow in popularity around the world is sustainability. This not only promotes environmentally friendly practices but helps any business that engages in these practices appear trustworthy and reliable.
Some sustainability practices include a greater range of alternative meat options (plant-based products), recycled packaging and shipping, and recycled clothing.
Consumers around the world are becoming more aware and careful about the impact of their purchases on the environment.
Shifting your business towards environmentally-friendly (or “green”) practices will have a significant positive impact on your business, and studies show that consumers are happy to know that the store they shop at is sustainable with sustainable products.
Therefore, consumers are willing to pay more, and you will be able to increase the price of the product.
2. Shopping on social networks
Online platforms like Facebook Marketplace are becoming more and more popular every month for easy shopping. Although it never made a big dent in the world of e-commerce, a steady increase in purchases is visible.
On the other hand, Instagram Shopping has grown in popularity over the past few years and many stores that implement Instagram Shopping on their Instagram social media pages often see better conversions.
As companies will sell their products on major websites and social media applications, it is quite obvious that consumers want convenience. As mentioned before, consumers now have complete access to the Internet, anytime, anywhere, all at their fingertips (thanks to smartphones).
3. Artificial intelligence will dominate e-commerce
The use of artificial intelligence in online shopping is greatly changing the e-commerce industry. First and foremost, AI can now predict consumer buying patterns based on the products and sites customers buy from and when they tend to browse.
For example, if a consumer buys from the same store via an online purchase, AI can detect the purchase and send the necessary data to the online retailer, which could then result in a personalized offer being sent for multiple products. This means higher conversions.
Some of the most effective forms of AI that will become commonplace in the e-commerce industry include; chatbots and other virtual assistants, product recommendations, e-commerce personalization, and inventory management.
Artificial intelligence in e-commerce plays a major role in driving innovative solutions and personalized customer experiences.
As an e-commerce business, you should be thinking about implementing some (if not all) of the AI as mentioned earlier systems into your business as they are proven to result in better conversions and frequent returns – while making your business operations more manageable.
On top of that, integrating your online store with social media shopping platforms and practicing sustainability will surely keep your business competitive and heading toward success in 2023 and beyond.