Preparing for the Future: 9 Ecommerce Trends to Keep Your Eye on in 2023

The ecommerce industry has been rapidly growing in recent years, particularly due to the COVID-19 pandemic that pushed more consumers towards online shopping. This trend is expected to continue, with global retail ecommerce sales forecast to rise from $5 trillion to over $8 trillion by 2026.

As more businesses venture into the ecommerce space, it's important for online retailers to keep up with changing customer expectations and anticipate upcoming trends. Being aware of these trends can help businesses prepare for new opportunities, mitigate potential risks, and position themselves for success in 2023. Here are nine of the top ecommerce trends that industry experts are predicting for the coming year.

1.    Omnichannel Is Essential In 2023, shoppers will not be limited by a single device or channel. They expect to be able to research products, compare prices, and complete purchases seamlessly across channels. In-store experiences like the Apple store, where consumers can interact with products but order online for home delivery, as well as "Buy Online Pay In Store" (BOPIS) options are also becoming more popular. Voice shopping and voice search are growing, especially for homewares, groceries, and low-cost electronics.

2.   Social Commerce Is Growing Social media is increasingly being used as a platform for discovering new products and completing sales. With the rise of features like Shoppable Instagram, social commerce sales are projected to grow from $992 billion in 2022 to $2.9 trillion by 2026. Generation Z uses TikTok more than Google for product recommendations, and a growing number of people are buying directly from TikTok.

3.    Customer Service Needs To Meet New Standards Customers expect fast responses to their queries and want to use familiar channels like WhatsApp, Instagram, and Facebook Messenger. More ecommerce businesses are adopting chatbots to provide 24/7 customer support. Customers are also looking for flexible return policies, with 67% of shoppers saying they check the policy before making a purchase. Full visibility into the order is also important, including the ability to track delivery progress and receive updates on arrival times.

4.    Augmented Reality Meets Ecommerce Many shoppers want to ensure they will love the product when it arrives. To address this, some ecommerce brands are adopting augmented reality to create immersive interactions that let people "try on" clothing, glasses, or makeup before placing an order. IKEA even has an app that lets users see how furniture will look in their home.

5.    Payment Options Are Increasing Shoppers want to be able to pay seamlessly on any device, using digital wallets like Apple Pay and Google Pay, and often even cryptocurrencies. Online sellers need to be able to accept a range of payment methods, including flexible Buy Now Pay Later (BNPL) options like Klarna. Ensuring customer payment information is safe from hackers is also essential, and payment acceptance solutions like Payoneer Checkout can help.

6.    Sustainability Is A Priority In 2023, consumers are more willing to pay more for eco-friendly products and seek out ethical brands that align with their values. Shoppers look for online businesses that sell sustainable or fair trade products, provide green and/or minimal packaging, offer sustainable shipping options, and/or make it easy for them to recycle or refill items.

7.    Personalization Is Key While ecommerce has replaced traditional brick-and-mortar stores, customers still want the personalized shopping experience they receive in-store. By leveraging data and analytics, businesses can provide tailored shopping suggestions, promotions, and content that address customers by name and understand their preferences.

8. Mobile Shopping Is More Popular Than Ever Mobile shopping is expected to be bigger than ever in 2023, with global m-commerce retail sales projected to reach close to $4.5 trillion, accounting for 69.9% of total retail ecommerce sales. To capitalize on this trend, businesses must design their online stores for mobile-first experiences and integrate phone-friendly payment options like Apple Pay or Google Pay to provide a seamless shopping experience.

The ecommerce industry is constantly evolving, and businesses must be ready to adapt to stay ahead of the competition. To succeed in 2023, businesses must be omnichannel, leverage social commerce, offer excellent customer service, adopt augmented reality, accept a range of payment options, prioritize sustainability, offer second-hand sales, personalize the shopping experience, optimize for mobile, and prioritize cybersecurity. By keeping up with these trends and making the necessary adjustments to their ecommerce strategies, businesses can enjoy success in the growing ecommerce market. Payment solutions like Payoneer Checkout can help businesses stay ahead by providing secure, frictionless payments through a variety of payment methods. With these trends in mind, ecommerce businesses can set themselves up for a successful and profitable 2023.