There’s no denying that competition in the online retail space has been strong over the past several years. The launching and ongoing improvement of online stores have been a lucrative opportunity that many companies have seized.
The revenue from online sales in Europe reached $425 billion in 2020, and it expects to grow from there. According to projections, revenue is expected to increase by $569 billion by 2025. If you haven’t already, it’s about time you opened up an online store for your company.
Developments to expect in the world of online shopping
Even though there are a lot of eCommerce trends to watch out for, these nine will be at the forefront of everyone’s thoughts in 2023:
Omnichannel presence
The popularity of combining multiple channels into one purchase is at an all-time high now. Fifty-six percent of shoppers used their mobile devices to research products while they were physically in the store. Because of this, consumers expect to be able to conduct internet searches while physically studying a product in a store.
In omnichannel retail, it is essential to provide a unified service across all consumer touchpoints. Phone calls, web browsing, mobile device sales, and in-person encounters are all examples of possible touchpoints. A customer’s exposure to your brand before making a purchase could occur across any or all of these channels; all interactions should be uniform.
Mobile commerce
The development of new technologies has led to an increase in mobile commerce. It may come as a surprise to learn that there are already 7.26 billion mobile phone users around the globe. This indicates that 91 percent of people worldwide have access to a mobile phone. Additionally, 7.516 billion people expect to use mobile devices by 2026.
What this means for you as an online merchant is that more and more customers will be able to buy what you’re selling directly from their mobile devices.
By 2024, it is expected that mobile commerce sales will have reached almost €4.5 trillion, accounting for roughly 69.9 percent of all retail eCommerce sales. Since mobile devices now account for over 50% of all internet traffic, your site must mobile-friendly.
Social commerce
Once upon a time, businesses utilized social media to expand their brand’s reach and create new prospects. In recent years, eCommerce blockchain companies have succeeded by offering direct sales through various social media platforms. Consumers are turning to social media apps on their smartphones as a one-stop shop for all their shopping needs.
Social media is getting more and more attention every year. Currently, 59% of the global population is active on at least one social media site; this number is only expected to grow in the coming years. Global revenues via social media platforms do forecast to hit €1 trillion in 2022 and an astounding €2.9 trillion by 2026.
Instagram, Facebook, TikTok, Pinterest, Snapchat, and now Twitter are the most widely used social media sites that support social commerce. Your online store’s sales could boost if you aren’t already utilizing one of these social media networks for social commerce. Be sure to include them in your online store’s plans.
Artificial Intelligence
As the virus spreads, many customers still hesitate to spend in stores. Because of this reluctance, businesses have shifted toward a more digital strategy. Visual commerce has reduced this apprehension about online shopping by enhancing the brand’s aesthetic value to attract more customers. Brands can now give their customers a more natural and exciting visual shopping experience using this technology, allowing for more immersive product interaction.
Because of this, augmented reality (AR) predicts substantial growth in an application for products and services, especially in certain areas like lifestyle and home decor, where customers may get a better feel for the product without having to see it in person. And it does not end here. Ecommerce blockchain is yet another sector that is being incorporated into advanced shopping platforms to make the entire experience more advanced.
Live shopping
What we call “live shopping” occurs when stores showcase their goods in a Livestream, most frequently on a social media site. With this method, shoppers can get instantaneous answers to their inquiries and complete their purchases. Interaction is the lifeblood of live sales.
Live-store purchasing is rapidly gaining in popularity. As of 2027, the global live-streaming market is expected to be worth $237 billion.
Companies can get imaginative with their product launches, customer service, and marketing strategies. Using live shopping can help your e-commerce firm in several ways.
Payment methods
As was previously noted, your eCommerce firm can benefit from a more streamlined checkout process. What we mean, though, is the availability of many payment options and the simplification of the checkout process. Did you aware that a lengthy or confusing payment procedure is a leading cause of abandoned shopping carts? Customers having trouble completing their online purchases are more likely to abandon their carts and look elsewhere for their goods.
In 2021, digital wallets accounted for roughly 50% of all eCommerce payment transactions worldwide. As a result, using a digital wallet to buy something online has surpassed using any other method around the globe. Experts anticipate a 53% rise in this percentage by the year 2025.
Of course, there are other ways to purchase using a digital wallet. Throughout Europe, you can use a wide variety of payment options. What kind of payment options consumers prefer can vary from country to country.
Conclusions Regarding 2023 Online Retail Developments
With so much competition in the e-commerce market today, businesses need to take bold measures to win over clients, such as creating memorable and exciting shopping experiences. New fads will emerge in the e-commerce sector as technology develops in the years to come.
Combining these innovations with current online retail trends could result in a meteoric rise in sales and consumer happiness. With AR, companies will soon be able to provide customers with the most immersive visual shopping experience possible without ever leaving the comfort of their homes.
