Ecommerce is a giant industry. Therefore, it’s no surprise that consumers are constantly asking questions about what the future holds for ecommerce.
E-commerce sales are projected to exceed $5.7 trillion globally by 2022, which proves that e-commerce is a lucrative choice for companies.
It’s huge. The great thing is that it’s not an original trend.
Ecommerce is an industry that’s constantly changing. The trends are always evolving to alter how people worldwide purchase goods.
This makes the future of online shopping exciting.
Many significant things will happen in the e-commerce market in the next few years. We’re here to help you know what the future of eCommerce will appear to be.
We’ll go over some of the biggest trends in ecommerce to 2023. We’ll also discuss what we think the most significant changes will be in the next couple of years and examine the reasons why those modifications could occur.
Future of ecommerce online retailers
New channels for marketing will be created. Over the past several years, there have been advances in various areas of e-commerce marketing. This includes a combination of media.
For instance, companies can place ads through social networks and use commerce with the launch of Instagram and TikTok shopping functions.
In addition, as a result of live shopping, which is a part of social commerce, it has begun to gain popularity across the globe. In China, the live-commerce market is predicted to grow to $4.92 billion by 2023. It’s also gaining traction in the US, with 20 percent of consumers saying they’ve participated in live transactions.
Another channel that e-commerce companies are looking at is connected TV ads. It involves putting ads up on popular platforms such as YouTube TV, Roku, and Hulu. The athletic footwear brand Hoka utilized this marketing strategy and has reported a 68 percent increase in visits to its website after its TV advertising campaign.
The physical debate between the physical
We cannot discuss the future of eCommerce without mentioning the constantly growing physical versus online argument.
In general, those in the ecommerce industry are in one of two camps in this discussion.
Some believe it’s only an issue of time until brick-and-mortar shops disappear in favor of a more significant shift toward online shopping. Some think that physical stores are becoming a part of a revival.
Our position? It’s undisputed that the popularity that online stores are experiencing is surpassing sales from brick-and-mortar stores.
However, that doesn’t mean brick-and-mortar stores aren’t beneficial for brands selling online.
Instead of serving as a physical counterpart of websites (which generally have access to much more stock), brick-and-mortar stores appear to be shifting towards offering distinct shopping experiences.
Look at Nike, the company which has already branched out into New York and Shanghai with its new experiential shopping centers and, as they call the locations, “Houses of Innovation.”
In Nike’s physical stores, you can purchase exclusive items, design items using your creativity and take part in fitness-related tests, test the products out by playing games, sign up as an individual shopper, and much more.
These are the kind of experiences you won’t find online. They will go a long way in creating customers to remain loyal.
More users will opt for voice search
In 2022, devices that can be activated by voice are expected to facilitate the processing of $40 billion in transactions. Comparing to the 2017 number of $2 billion in transactions that were made using voice search, which is an enormous leap.
What are the most likely shoppers to make use of voice search? Narvar states that 51 percent of consumers utilize voice search to find products, and 36% of shoppers use voice search to add relevant products to their shopping lists.
To make your site more compatible with voice search in 2023, you should consider enhancing your product pages to accommodate the most common queries. For instance, customers might have questions for their voice assistants, such as “Where can I get Under Armour products at a discount?”
Automation, Automation, Automation
Automation is expected to be an essential aspect of e-commerce. At present, 61% of businesses worldwide utilize automation programs and tools. When the benefits are evident, it is expected that more companies will choose to put money into Automation during the coming year.
For businesses that sell on the internet, Automation ranges from marketing automation to warehousing and beyond. It’s an excellent choice since it lets employees use their time and energy to do more crucial work.
For example, an online company with large warehouses can invest in robotics to become more efficient and accessible personnel to perform more critical tasks related to fulfilling the process.
Supply chain management may benefit from automated software that schedules inventory alerts that trigger reorders in the event of low stock.
The sky is the limit for automated ecommerce. If you investigate, some tools can help you improve your business.
Private label is becoming more widespread
The private label refers to an exclusive product created by one company but sold and packaged under a different brand name. Businesses rely on manufacturers to make items tailored to their customer’s requirements.
What is the reason for this e-commerce trend? Suppose you’re in a specific industry dependent on certain materials not being used or a particular set of standards being achieved. In that case, you know this is the best method to run your company.
For instance, VegexPro provides private label products with certifications such as Organic, HACCP, Kosher, Halal, RAW, Vegan Gluten-Free, and Fair Trade. This is an ideal manufacturer to partner with if you sell gluten-free or vegan items.
If you have an online store that sells dropshipping, or non-branded products, private labeling could be the next best option for your company.
Brands will focus on sustainability
As people become more vocal about the effects of climate change, more businesses will need to develop sustainability strategies. This can be beneficial for companies. Research has shown that climate-first stores saw 5.8 times more expansion, and conversion rates rose by 20%.
There are many ways to show sustainability; the most straightforward method is to use environmentally friendly packaging. Label maker Avery Dennison leverages this tactic to ensure that customers are happy with how they conduct business.
If it’s environmentally friendly packaging or sourcing suppliers who place the environment first, identifying ways to make your business more sustainable is a significant trend in the future.