How to Create a Global Content Marketing Strategy with ConveyThis

How to create a global content marketing strategy with ConveyThis, reaching diverse audiences with culturally relevant and engaging content.
Conveythis demo
Conveythis demo
10 Ecommerce Trends You Need to Know to Thrive in 2024
As the year 2023 draws to a close, the ‘new normal’ continues to be a difficult concept to comprehend. However, when it comes to ecommerce, the ability to stay abreast of changes is essential for any business hoping to have a prosperous future. The past year has been a whirlwind for ecommerce, as the world shifted to digital, and online shopping surged to new heights. In fact, the unstoppable momentum of ecommerce sales is projected to reach an astonishing $8.5 trillion by 2025! This unprecedented growth is a testament to the power of digital transformation. Yet when the cake is so large, everyone desires a portion. With the accessibility of launching an online venture being more accessible, cost-effective, and more lucrative than ever, making your business stand out will be the key to success in the highly competitive ecommerce sector of 2023. The emergence of technology has revolutionized the way consumers shop, making it essential to understand how these ecommerce trends can meet the ever-evolving needs of shoppers. As the online retail space continues to expand, it is vital to consider not only the technological advancements, but also the shifts in consumer behavior, in order to identify the top trends in online shopping. In this article, we’ll explore 10 of the most pivotal ecommerce trends for 2023, as the world continues to adjust to the new normal.

1. Subscription-based ecommerce

Subscription-based ecommerce has experienced a meteoric rise in recent years, with popular D2C brands such as Dollar Shave Club and Blue Apron meal kits embracing the model. This business approach offers consumers the opportunity to receive products or services on a recurring basis in exchange for regular payments. Data from McKinsey reveals that a remarkable 15% of e-commerce consumers have subscribed to at least one product that is delivered to them on a regular basis, often in the form of monthly boxes. Customers are enamored with this model due to its convenience, tailored offerings, and cost-effectiveness. Plus, the thrill of expecting a package of surprises to arrive at your doorstep every month is undeniably alluring! As the subscription model gains traction in 2023, it’s no surprise that beauty products and food are the most popular categories for shoppers. But why are businesses so eager to adopt this service? It could be the convenience it offers or the advantages for their business that make it so appealing. Whatever the reason, subscription-based ecommerce is here to stay. This model brings the benefit of customer retention to businesses, which is a well-known concept in the industry. It is widely accepted that it is more cost-effective and easier to retain existing customers rather than acquire new ones. As the pandemic continues to take its toll, research has revealed that customer loyalty has been severely impacted. To ensure success in the coming year, ecommerce businesses must take advantage of subscription models as a powerful solution to retain customers and mitigate the effects of this issue.

2. Green Consumerism

Green consumerism is a concept that is gaining traction, with 2023 being a year where millennials in particular are increasingly conscious of the environment and sustainability when making purchasing decisions. Not only do 50% of digital consumers indicate that environmental matters sway their buying decisions, but research has revealed that an astounding 43% would switch to a different retailer if they provided a wider selection of sustainable delivery options. In the past, it may have been difficult to source sustainable alternatives, but in 2023, this won’t be the issue. With the growing demand for eco-friendly products, many ecommerce businesses are choosing to prioritize sustainability in their practices. Green consumerism isn’t just about the product itself, but the packaging, carbon footprint, and recycling that come along with it. Even small details such as opting for digital receipts instead of paper slips can have a major impact on how people shop. The ecommerce landscape is poised to be heavily impacted by the rise of green consumerism in 2023, due to the combination of an intense focus on eco-friendly products and the health risks posed by the pandemic. Sustainable businesses will be well-positioned to seize the advantage, no matter their industry. Ecommerce03

3. Shoppable TV

Have you ever been watching a TV show, and thought to yourself, “That shirt is so cool! I wish I could buy it!” Well, your wish is about to come true in 2023! With shoppable TV, you can purchase products seen on your favorite shows in real-time. No more wondering where the main character’s shirt is from – you can now own it for yourself! Last year, NBCUniversal stirred up a flurry of interest when they unveiled their revolutionary shoppable TV ads. These ads featured pop-up QR codes that allowed viewers to immediately purchase the products they saw on their screens. NBCUniversal reported that their shoppable TV ads generated a conversion rate that was nearly 30% higher than the ecommerce industry standard, resulting in a 10% growth rate on social media! The data from Comcast suggests that the average household is devoting an extra workday’s worth of time to TV viewing each week, and this amount may even be higher in 2023 due to the shift in television consumption habits. It is evident that the combination of two pandemic favorites — online shopping and streaming television — will be the ecommerce trend to keep an eye on in 2023. This interactive trend has the potential to make a major impact and will likely be a mainstay in the digital world. Ecommerce

4. Recommerce

The rise of recommerce has been fueled by the millennial generation’s commitment to ethical consumerism. This concept, which involves purchasing pre-owned items, has been embraced by the younger demographic as a way to reduce their environmental footprint. Additionally, the cost savings associated with buying used products has also been a major factor in the success of recommerce. With the growing awareness of the need for sustainable practices, second-hand commerce has quickly become a popular option for shoppers of all ages. The concept of second-hand shopping has been around for a while, but its appeal has been on the rise as attitudes shift. Millennials are increasingly embracing it as a way to be environmentally conscious, in contrast to the generations before them that favored buying new items. Recent studies suggest that the second-hand market is likely to experience a meteoric rise in the next five years, thanks to a newfound effective approach to the concept. The economic crisis has had a serious impact on consumers’ financial situations, leading them to be more cautious with their spending. Experts anticipate that individuals will seek out outlets like thredUP and Rebag to recoup some of their money by purging their wardrobes and opting for more affordable fashion choices. GlobalData predicts a 4% decline in sales of new clothing through 2024 as the resale market continues to expand. This presents a unique opportunity for ecommerce merchants to innovate and capture the attention of conscious shoppers. By creating engaging shopping experiences, merchants can tap into the growing trend of second-hand clothing and make the most of this industry shift. Ecommerce Social

5. Social commerce

Despite the numerous unexpected developments of 2020, one thing that has remained constant is our reliance on social media. But what could be more convenient than having the option to purchase items directly from your go-to social media platform? A noteworthy point regarding social commerce is the potential to draw in customers who had no plan to purchase your product to begin with. This provides a unique opportunity to increase sales. The influence of social media on customers’ buying choices is so powerful that a Deloitte survey discovered individuals who are impacted by social media are four times more likely to splurge on purchases. If you’re looking to stay ahead of the curve in 2023, Instagram has you covered. The platform recently joined forces with Facebook to offer users the ability to shop directly from within the app. The brand made a savvy decision, as research shows that after viewing a product or service on Instagram, an impressive 79% of users search for more information, 37% visit the retail store, and 46% actually make a purchase. This means that users can now progress through the entire buying process without ever having to leave the app. Social media offers a unique opportunity for brands to increase their sales, as well as create brand recognition and foster customer relationships. Studies show that over 70% of marketers have found their social media initiatives to be “very effective” or “somewhat effective” for their business. It’s not difficult to anticipate that social media will remain a powerful instrument for ecommerce merchants in 2023.

6. Voice Commerce

Alexa, what are the latest trends in voice commerce? Smart speakers have been a part of our lives for quite some time. People utilize them for a multitude of reasons, including listening to music, searching for knowledge — and nowadays, even for buying items online. This trend began after Amazon’s smart speaker, “Echo”, was released in 2014. Recent studies suggest that the use of smart speakers for shopping-related activities, such as ordering products, conducting research, or tracking deliveries, is on the rise. In fact, it is estimated that the percentage of US smart speaker owners who engage in these activities will jump from 20% to 55% in the next two years. Voice commerce has become a popular way to shop for items such as homeware, food, and low-cost electronics. However, when it comes to more expensive items, many consumers are hesitant to use voice commerce due to concerns regarding trust, privacy, and passive listening. This was found in a Microsoft study that reported 41% of users have these worries. Businesses that are delving into the world of voice commerce should be cognizant of the fact that consumer privacy is a major concern. To ensure trust and loyalty, it is essential for companies to guarantee that customer data is secure and protected. Time is of the essence for businesses, as a survey of 400 business decision-makers conducted by Adobe revealed that an overwhelming 91% have already made major investments in voice technology, with 94% planning to further invest in the near future.

7. Artificial Intelligence

Had you anticipated that I would neglect to refer to AI in an article about 2023 ecommerce patterns? The utilization of AI in ecommerce will be particularly significant in 2023 as it can make internet shopping feel like an in-person shopping experience, something that is more and more rare in our present lives. Ecommerce businesses are already capitalizing on the capabilities of AI, such as product recommendations, customer assistance, and product visualization. However, it appears that these features will be even more beneficial for online merchants in the upcoming year. AI is revolutionizing the way businesses reach their consumers, providing them with tailored advice on the best channel, time, and price for their products. This data-driven approach to marketing, based on current market trends, allows businesses to target their consumers like never before! AI can revolutionize your personalization endeavors, taking them to unprecedented heights by tracking every step of the online shopping journey. Its potential goes far beyond simply suggesting products. AI is revolutionizing the ecommerce industry, with its ability to customize experiences for customers. By leveraging AI, businesses can create unique messages, adjust product descriptions, and generate relevant marketing content based on visitor history. It’s no surprise that AI is one of the most sought-after trends for 2023! As artificial intelligence continues to revolutionize the ecommerce industry, merchants are not missing out on this remarkable opportunity. Global E-commerce Society predicts that by 2024, ecommerce companies will have invested an astonishing 7.3 billion in AI. Are you ready to join them?

8. BTC Payments

Payment is a critical component of the customer experience, and the more payment options you offer, the higher the likelihood of successful conversion. Bitcoin has recently gained traction as a payment option as more people are using it to make online purchases. Customers and business owners are increasingly turning to Bitcoin as a payment method for a variety of reasons. Its security, convenience, and speed of transactions make it a popular choice for those looking for an efficient and secure way to pay. Additionally, the decentralized nature of the currency provides customers with greater control over their funds, allowing them to make payments with confidence. Ensuring a smooth, uninterrupted shopping experience for e-commerce customers is dependent on a variety of elements. Recent research indicates that the majority of Bitcoin users are between the ages of 25 and 44, and mainly male. However, it’s predicted that this demographic will expand significantly in 2023. Consequently, online stores that accept Bitcoin payments may be able to appeal to a more diverse range of customers, leading to fewer abandoned shopping carts.

9. Progressive Web Apps (PWA)

As 2023 approaches, the ecommerce industry is seeing a major shift that will cause a transformation in the way customers interact with services. Progressive web apps are taking the place of traditional apps, providing customers with a smoother, more app-like experience that will become more commonplace in the coming year. Have you ever pondered the possibility of using an app instead? Could it be the answer to your questions? Developing a native mobile app for an ecommerce business can be a costly and time-intensive process. Furthermore, it can be a jarring experience for customers who are ready to complete their purchase and are instead asked to download an app. Rather than simply relying on traditional methods, investing in a Progressive Web App (PWA) is an effective approach to enhance the customer experience and reduce bounce rates — particularly for smaller businesses. The user experience is enhanced by certain qualities of a PWA, making it stand out from the crowd. These features are designed to provide an interactive and engaging experience, with a high level of perplexity and burstiness. Investing in mobile in 2023 is a no-brainer, as mcommerce is expected to account for 54% of total digital sales globally.

10. Cross-border ecommerce and localization

The ecommerce landscape is changing and expanding with the rise of two of our favorite concepts: cross-border ecommerce and localization. As the world continues to shrink, more businesses are taking advantage of the global opportunities that exist in the ecommerce realm, and 2023 is no exception. With no boundaries in sight, the future of ecommerce looks brighter than ever. Cross-border ecommerce experienced an impressive surge in 2020, with sales rising 21% between January and June compared to the same period the previous year. This growth was indicative of the tremendous expansion of ecommerce as a whole. Cross-border ecommerce can be a lucrative venture for merchants, but merely translating a website is not enough to ensure success. Taking the extra step of localizing content is essential for connecting with international customers and achieving global domination. Localization involves customizing a product, service, or offering to a particular market to ensure it is understood and feels familiar to the target demographic. This process of tailoring a product to a specific market, in order to make it more accessible and relatable, is known as localization. In addition to translation, it encompasses aspects such as:  Your content should be crafted with the intention of making your target audience feel as though it was created exclusively for them. This effort will be rewarded, as posts tailored to a local market can experience up to six times more engagement than those intended for a global audience. Are you looking to become a part of the lucrative and ever-growing world of international ecommerce? Then take a look at the video linked below to get you on your way!

Leave a comment

Your email address will not be published. Required fields are marked *