The ecommerce industry has grown leaps and bounds in recent years. And with the COVID push, each and every industry moved to the online market, reshaping the future of ecommerce for good.
Well, with a new year round the corner and digital selling showing no signs of slowing down, it would be interesting to understand, evaluate and implement the latest e-commerce trends.
Wonder how you are going to make the best of these trends and unlock growth this new year and beyond that?
Worry not, we have got your covered.
In this blog we present to you not only the latest ecommerce trends but also bring for you insider tips to help you design your strategies for growth.
Let’s start with some of the trends to understand the state of the ecommerce market better:
- $ 5.5 trillion is the global ecommerce market worth in 2022
- Over 2 billion people across the globe are digital buyers
- 57.5% of worldwide internet users buy something online at least once a week
- 73% of shoppers use a mix of channels before purchasing
- 70% more orders can be placed on ecommerce stores by making checkouts frictionless
- $200 billion is the forecasted market value of ecommerce in India by 2027
Source: Statista, Dash
The e-commerce trends while showing a clear growth path are also underlining the challenges for the retailers. Gone are the days when handheld experiences used to be the top priority for customers. Today buyers want a personalized shopping journey with a mix of fast shipping, ability to shop on the go, interaction with the brand on multiple channels etc.
How well are you equipped to offer the customers exactly what they are looking for is the question here. Wondering if your business is ready to cope up with these trends of ecommerce in 2023? Let’s find out.
Table of Contents
- 7 hottest e-commerce trends that will reshape online selling in 2023
Online selling in 2023 is going to be driven by customer demands and their expectations from the enterprise brands. Yes, the future of ecommerce is how well you can cater to the emotions, desires and needs of your customers.
If your brand can do that, you're gonna be unstoppable!
Here is presenting a list of 7 eCommerce trends that if implemented well will give your brand an edge over your competition in 2023 and much beyond that.
With constant change and technical disruptions in the ecommerce industry, shopping behaviour is changing quite fast as well. Over 90% of customers look for consistent omnichannel interactions and to be unable to provide that makes it tough to thrive in the ecommerce world. With an omnichannel retail strategy at your disposal, you can not only enhance the customer experience but also open up new channels of revenue for your business.
Designed on headless architecture, StoreHippo enables businesses to follow the omnichannel e-commerce trend and meet their buyers on their preferred channels. With StoreHippo ecommerce brands can launch multiple customers touch points using the same API and backend logic. With headless commerce, you can personalise your buyer journeys across channels and also implement strategic marketing on all your channels to sell better.
Such integrated marketing campaigns and a good omnichannel sales strategy can enable your brand to meet the complex demands of modern customers.
$620.97 billion or 42.9% of all ecommerce purchases will be made via a mobile device by 2024, implying that mobile is THE channel to shop online today. Enterprises all over the world have established their presence on mobile phones. The prevalence of m-commerce is however going to grow deeper with increased penetration of smartphones and improved internet speed and penetration. , the future of ecommerce is mobile and the more brands leverage this channel for their customer acquisition and retention, the better it is for their busienss growth.
There are approximately 6.37 billion global smartphone users, presenting immense growth opportunities for ecommerce players. StoreHippo helps brands provide their customers a seamless m commerce experience with its mobile-first approach. The stores powered by StoreHippo are PWA stores that look, feel and work like mobile apps even on entry level devices with poor internet connectivity. You can also quickly build Android or iOS apps right from your dashboard at no additional cost. With m commerce brands can accelerate their growth and collect more customer centric data and insights. Thus making it easy to penetrate to far-off markets and reach customers in regions that were once unexplored.
Sounds like an unheard term? Well, believe it or not, composable commerce has been around us forever. 50% of organizations have already adopted composable commerce to outpace their competitors. Composable or modular commerce focuses on creating a modular, flexible tech infrastructure that you can easily customize and adapt to the ever changing ecommerce trends.
The composable commerce approach is based on choosing the best-of-breed commerce components and combining or 'composing' them together to build tailor-made solutions for specific business needs. For example: If you are willing to add a new accounting software or ERP solution for business, you do not need to make elaborate changes to the codebase. You can quickly integrate with the best solutions/software available in the market, test it and use it. What if it doesn’t suit your business requirements? Easy, pluck it out and plug in a new one.
StoreHippo helps enterprise brands to seamlessly add or edit features and functionality and create personalized customer experiences using its headless solutions. StoreHippo’s MACH architecture also connects all disparate systems and applications and helps brands integrate with the best in breed marketing, accounting, ERP, CRM, logistics and payment providers, analytics tools etc.. This gives enterprises greater flexibility, agility, and creative control when it comes to being ready for the future of ecommerce.
Within the ecommerce realm, hyperlocal ecommerce is going to see a major surge and have a huge impact on the ecommerce industry. The global hyperlocal ecommerce service market stood at $1714.60 billion is 2020 and is expected to reach $5188.60 by 2030, growing at a CAGR of 14.9% from 2021-2023. Sounds intriguing right? Well, the hyperlocal ecosystem provides the enterprises an opportunity to market their products in a targeted manner, increase brand awareness and hence revenue. Are you ready to explore the hyperlocal set up and see your store traffic soar high?
StoreHippo enterprise ecommerce solutions come loaded with a variety of features that help build inherently scalable and easily customizable solutions for your hyperlocal ecommerce marketplaces. You can start your own chain of location-specific sub-stores with the most advanced features from StoreHippo’s multi store ecommerce solutions. Or, you can build a scalable multi vendor marketplace in no time with StoreHippo. Also, StoreHippo offers a comprehensive delivery management system to make your hyperlocal shipments streamlined, faster and error-free. The vendors from your platform can either choose from the pre-integrated delivery partners from StoreHippo or manage their own fleet of carriers and delivery boys for hyperlocal deliveries with a comprehensive delivery management system.
Oh, it’s so important to make the customers feel special. They need to know that they are heard and seen. 80% of the customers like to make a purchase from a brand that provides personalized experiences. Playing on the hottest e-commerce trends - personalization and localization, you can create a special bond with your buyers. When you offer your buyers personalized experiences that are localized to make buying seamless, you are not only perceived as a customer-centric brand, but you also see more frequent sales. Simply put, personalization with a dash of localization brings more loyal customers and hence profits for your business.
However, to be able to offer personalized shopping experiences, you need the right ecommerce platform that makes it easy and convenient for you to analyse your customer behaviour and implement perosnalization accordingly. StoreHippo offers the right analytics tools and reports to understand your customers’ buying patterns and offer extensive personalization to your customers. It is built on decoupled headless architecture that helps you to tweak your backend and frontend to implement multi-level personalizations. You can customize your shipping solutions, digital payments, offer localized shipping, personalize discounts and prices etc with StoreHippo and ready your business for the future of ecommerce.
Did you know that 75% of buyers prefer digital self-service and remote human contact to in-person communication? Wonder why? Well, the simple reason is that self-servicing hugely cuts down on dependency on sales-reps and thus reduces the multiple rounds of negotiations needed during a B2B order process, which is no doubt the future of ecommerce. Also, by automating tasks like shipping, order management, sending follow-up emails or adding buyers to a mailing list etc, enterprise businesses can do away with system delays and inefficiencies, reduce customer grievances and win their happy customers.
StoreHippo ecommerce solutions comes with a host of B2B features like RFQ, differential/multi pricing, customizable forms, tiered pricing, credit management, MOQ (Minimum Order Quantity), tax engine, etc. making it easy for B2B wholesale businesses to automate their processes and introduce self-service on their enterprise B2B website. StoreHippo also offers automated chat support via chatbots, a customer admin panel, delivery tracking, easy cancellations and refunds etc. to help B2B and B2C buyers stay on top of their orders. Such unique features that give more control to the buyers go a long way in winning buyers for a lifetime.
The world is moving fast towards digital payments and well, ecommerce can not work without digital payments being a big part of it right? The modern customers have whole-heartedly embraced this e-commerce trend, and how you are going to adapt this trend on your ecommerce platform is going to be game-changing.
60% of the world population are expected to use mobile wallets by 2025, making now a big time to capitalize on offering local e-wallets and digital payments on your online marketplace. When you offer multiple digital payment methods to your customers, you make buying seamless and push your customers for repetitive orders.
However you need a feature-rich, technology-driven ecommerce software that lets you make your online store ready for the future of ecommerce. With StoreHippo, you can offer your customers their preferred payment gateways so they make an informed choice. StoreHippo offers wallet management features and 60+ domestic and international pre-integrated payment gateways, making the implementation and set-up extremely easy. Also, you can easily customize your checkouts to offer personalized payment options to different buyer groups.
The future of ecommerce is all about new ways of keeping your customers happy. Implementing features that keep your customers satisfied with your brand also enable you to stay ahead of the competition in the online market. All the more reason why you need to diligently follow the e-commerce trends that are going to reshape online selling in 2023.
With StoreHippo ecommerce solutions you can future-proof your business by quickly adapting to a variety of ecommerce trends like hyperlocal ecommerce, multi channel shopping, seamless checkouts, faster delivery etc. When you attune your business to the customers’ expectations, you succeed in staying relevant, proactive, and customer-centric. The unique feature-rich, mobile-ready ecommerce platform helps you stay ahead of time. Sign up now and start your 14-day free trial.