The ecommerce industry has come a long way in the recent past, and online sales account for a major portion of overall retail sales. Thanks to ecommerce supply chain solutions and other technologies, businesses are ready to take on any challenge and meet any kind of customer demand proactively.
As we head into 2023, businesses need to stay current on the latest industry trends and technologies to remain competitive. In this article, we'll look at some of the emerging trends and technologies poised to shape the ecommerce landscape in the coming year.
Trend 1: Increased adoption of AR and VR technology
Augmented reality (AR) and virtual reality (VR) technology are becoming increasingly popular in the ecommerce industry. AR allows users to overlay digital information in the real world, while VR creates a fully immersive digital experience. Both technologies have a wide range of potential applications in ecommerce, from product visualization to virtual try-on to in-store experiences.
One example of a company using AR in their ecommerce platform is Ikea, which allows customers to use their app to see how furniture would look in their home before making a purchase.
Another example is Sephora, which uses a virtual try-on feature in its app to allow customers to see how makeup will look on them before buying. These types of features enhance the customer experience and increase conversion rates. As more businesses begin to adopt AR and VR technology, we expect to see an increase in these technologies in ecommerce. This will likely lead to a more immersive consumer shopping experience and increased business sales.
Trend 2: Growth of social commerce
Social commerce, or the use of social media platforms for sales and marketing, has significantly increased in recent years. Platforms like Facebook, Instagram, and TikTok are being used by businesses to connect with customers, promote products, and even sell directly on the platform.
As the use of social media continues to grow, we can expect social commerce to become an even more important part of the ecommerce landscape. Businesses that leverage these platforms effectively will be better positioned to reach and connect with customers, leading to increased sales and growth.
Trend 3: Expansion of voice commerce
Voice commerce, or the use of voice assistants like Amazon Alexa or Google Assistant to make purchases, is also on the rise. Many businesses are now integrating voice assistants into their ecommerce platforms to make shopping and making purchases easier for customers. For example, Walmart, the largest retailer in the world, allows customers to shop using voice commands on Google Assistant.
Many companies also integrate voice-enabled shopping into their mobile apps, such as Starbucks, which allows customers to order and pay for their coffee using voice commands. As voice assistants become more prevalent in homes and mobile devices, we can expect voice commerce to continue growing. This will likely lead to an increase in the convenience and ease of shopping for consumers and an increase in sales for businesses.
Trend 4: Contactless Payments
Contactless payments, such as Apple Pay and Google Wallet, allow customers to make payments without physically swiping or inserting a credit card. This technology has become increasingly popular in recent years, particularly after the COVID-19 pandemic, as it allows for a more hygienic and efficient payment process.
Many businesses are now implementing contactless payment options, such as McDonald's and Starbucks, which have added them to their mobile apps and in-store terminals. Major retailers like Walmart and Target also offer contactless payments through their mobile payment apps. Contactless payments provide consumers with a more convenient and efficient way to purchase.
They also offer an added layer of security, as contactless payments do not require sharing personal information like credit card numbers. Offering contactless payments can also increase sales and customer satisfaction for businesses.
The ecommerce industry is constantly evolving, and businesses need to stay ahead of the curve to remain competitive. The trends and technologies discussed in this article, including increased adoption of AR and VR, growth of social commerce, expansion of voice commerce, and the emergence of contactless payments, are all poised to shape the ecommerce landscape in 2023 and beyond.
As a business owner, staying informed about these trends and considering how they might impact your business is important. By staying ahead of the curve, you can better position yourself to take advantage of new opportunities and continue to grow your business.
If you have an ecommerce business that still implements manual processes and struggles with productivity, you can take a head start by implementing an inventory management software like Luminous. It eliminates many of the traditional and manual processes that may be hurting your efficiency and profitability.
In conclusion, 2023 is an exciting year for ecommerce, with many new trends and technologies emerging. Businesses that stay ahead of the curve will be better positioned to take advantage of these new opportunities and continue to grow in the coming year.