The Future of E-Commerce and How to Stay Ahead of the Curve
If you’re just starting out or hoping to expand your business, it is essential that you remain abreast of the most up-to-date ecommerce trends. Doing so will enable you to stand out from competitors and provide an exceptional customer experience.
The future of e-commerce is evolving quickly. In this article, we’ll look at five key trends that will shape the industry in 2023.
Omnichannel e-commerce is a sales strategy that emphasizes providing an integrated customer experience across all channels. This allows shoppers to shop from any device, such as their smartphones or in-store kiosks.
Businesses looking to provide an omnichannel experience must offer their customers a consistent, seamless shopping journey. Utilizing resources like live chat, FAQ pages and chatbots that answer customer inquiries throughout their journey can reduce churn and boost brand loyalty by providing answers throughout the customer journey.
Retailers must guarantee their products are delivered to customers promptly. This involves offering various shipping options and offering convenient return policies.
2. Voice and video
Voice and video ecommerce is one of the fastest-growing trends in eCommerce. This enables customers to shop from their phones using virtual assistants like Amazon Alexa or Google Assistant, giving them access to a world of shopping on-the-go that was previously impossible.
It has the potential to boost e-commerce sales by 30%. Furthermore, it makes websites more accessible for blind and low vision individuals.
With more than 250 million people worldwide suffering from some degree of vision loss, it is imperative that e-commerce businesses are inclusive to this segment. Offering audio description for their videos can be an excellent way to ensure their content is more accessible to people who are blind or have low vision.
3. Accessible CX
Accessible CX is a key factor in driving business growth and profitability. Positive customer experiences encourage retention and up-selling, leading to incremental sales as well as greater brand loyalty.
Website accessibility is no longer an afterthought; it’s now at the forefront of customer experience innovation. Think about in-store pick up or ordering online and having items delivered straight to your door – both are accessible experiences.
Inclusion and compliance are both vital objectives that should be pursued together. Companies that prioritize inclusivity tend to score better on the Corporate Equality Index and attract a wider range of users who will remain loyal to companies offering accessibility features. This makes them less likely to switch away for competitors who offer better accessibility options.
4. New payment options
E-commerce retailers should provide their customers with a variety of payment methods to increase conversions and decrease cart abandonment rates. Doing this will boost customer loyalty and decrease cart abandonment rates.
Consumers are demanding faster and simpler ways to make payments online. Digital wallets such as Apple Pay or Google Pay offer customers convenience – they can check out with just a few taps on their device!
Another trend that’s growing in popularity is installment plan options, or “buy now, pay later.” Platforms such as Afterpay and Klarna enable consumers to spread the cost of their purchases over several months without having to pay all at once.
Digital consumer behaviors continue to shift, necessitating the payment technology and services supporting e-commerce to adapt as well. With new payment methods emerging daily, it is imperative for e-commerce businesses to quickly incorporate these innovations into their websites and inform customers about them.
5. The metaverse
The metaverse is a virtual world that gives brands the unique chance to connect with their customers more deeply and meaningfully. Although still in its early stages, businesses of all sizes can take advantage of its capabilities to stay ahead of competitors and create engaging experiences for their clients.
Retailers like IKEA and Pinterest have already implemented metaverse technologies to enable customers to virtually design rooms with furniture from different companies. Walmart also recently joined Zeekit to allow shoppers to try on clothes without leaving home.
Though the metaverse promises a variety of advantages for users, it is still in its early stages and requires further development before becoming an attractive alternative to physical retail. The primary barrier will be interoperability – technology that permits people to move between platforms.