7 eCommerce Trends You Need to Know in 2023
Daniel Budai
Founder of Budai Media, THE ecommerce growth marketing agency. | $101M+ generated for our clients. | Learn more 👇👇
Hey Budai Nation,
The e-commerce industry has been growing by leaps and bounds for many years now, and it appears that we are not even halfway reaching the saturation point.
Every new year comes with great trends and opportunities to grow. Today, I will be sharing how 2023 will fare for the e-commerce industry.
Speed and convenience are the keywords for 2023.
Here are the top 7 e-commerce trends you need to learn about in 2023:
1. Acquisition Cost Is Increasing
Merchants are spending more and gaining less now.
The average Facebook Ads CPM fluctuated from $11.2 in 2017 to $14.9 in 2021.
In 2023, e-commerce owners definitely need to optimize their ads harder for better ROI.
2. Email and Retention Marketing Is Stronger Than Ever
From the start of the pandemic in March 2020 until September 2021, email marketing integrations were among the most popular apps globally, according to internal Shopify data.
Email and text continue to be two of the most powerful and cost-effective ways to nurture customer relationships.
3. Brand Values Have Become More Important
52% of the shoppers are more likely to purchase from a company with shared values and 53% of brands have created products in 2022 that align with their values.
Be consistent.
If you take an ethical stance on social or environmental issues, demonstrate how those values run through your brand, from the top of the business to your customer service representatives.
For example,
Pai Skincare rebranded the website to bring its values to the forefront—highlighting clean, organic ingredients (accredited by Cruelty Free International , The Vegan Society , and the COSMOS Natural Certification) on product pages, as well as a commitment to sustainability. Every component of product development and packaging was recently reviewed to improve the company’s carbon footprint or recyclability.
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Patagonia , a brand that actively campaigns for environmental causes, spreads its values through every facet of the company: Its "Worn Wear" program encourages consumers to buy and sell used items, and its "Drive-Less" program rewards employees for reducing emissions on their commute to work.
4. Personalization Is Harder Now, But Still Important
In November 2021, China’s Personal Information Protection Law came into effect. And only a few months before, Brazil began issuing penalties to violators of the country’s General Data Protection Law. California’s Consumer Privacy Act put data transparency into state law immediately before the pandemic, and The European Union’s General Data Protection Regulation (GDPR) has cost some businesses dearly in fines since its institution in 2018.
Apple , Firefox, and Brave already automatically block third-party cookies.
Brands are turning to first-party data to fill the void third-party cookies will leave. This is the data a brand collects directly from their customer, with their customer’s consent.
5. Better Customer Experience Always Wins
67% of consumers check the return policy before buying. If it's difficult, it won't stop them from asking for a refund but it will stop them to buy from you. So,
6. Short Format Video Are Still Gaining Popularity
60 seconds or less vertical videos work especially well for UGC. It is also the most effective and has the highest ROI.
41% of consumers spend more time watching videos online than TV shows in the US. User-generated content is the new TV show!
7. Time To Focus More On Push Notifications
An average consumer spends 4 hours a day on their phones and 81% of Shopify traffic comes from mobile.
A minimum of 30x ROI can be expected from push notifications.
Hope this helps. 🙂
Feel free to share your thoughts in the comments section below.
If you are interested in learning how our retention marketing services help your e-commerce business, feel free to book a free consultation here.