2022 has been another banner year for ecommerce.
2021 was no surprise. After a tough 2020, it only made sense that digital purchasing would carry over as customers found their footing in a changing consumer world.
According to data from Morgan Stanley, 2022 continued this upward trajectory, with ecommerce sales now accounting for 22% of all global purchases.
To stay competitive, brands need to move with the market and embrace emerging trends. That’s why we’re back with the 2023 analysis of trends in ecommerce — here’s a look at five to watch next year.
The Viral Viewing Evolution
Viral videos offer more than entertainment. They’re also a potentially valuable marketing tool if brands can strike while the iron is hot.
Consider cosmetics brand e.l.f., which stands for “eyes, lips, face.” The company struck social gold with its “Eyes, Lips, Face” challenge on TikTok.
Not only did the challenge help educate consumers about the brand’s name, but it also resulted in millions of user-generated videos, along with non-paid celebrity interactions, including those from stars such as Reese Witherspoon and Lizzo, according to Movers+Shakers.
What Your Brand Can Do
Viral videos are trend-based and time-sensitive by nature. Strike too early and you won’t get any traction — but get on board too late and you’ll seem like an imitator.
To make the most of viral videos, dedicate time and resources to watching social trends and seeing where they could dovetail with your brand’s message. And if you see a potential overlap, get on it ASAP.
The Crypto Payment Potential
While cryptocurrency continues to struggle with market volatility, the concept itself is here to stay.
According to Deloitte’s “Merchant Adoption of Digital Currency Payments Survey,” nearly 75% of retailers say they plan to accept cryptocurrency or stablecoin payments within the next two years.
Companies should start investing in solutions that will allow them to accept cryptocurrency as payment for ecommerce purchases.
What Your Brand Can Do
Start making preparations now to allow for crypto payments. This doesn’t mean going all-in on every crypto option — since some will likely vanish over the next year — but it does mean working with providers capable of implementing crypto payment options for checkouts so your brand is ready when this market goes mainstream.
The Cross-Border Benefit
With pandemic pressures fundamentally altering the form of supply and logistics chains, consumers’ willingness to think outside their own borders has naturally broadened.
For example, FLOW’s “Cross-Border E-Commerce Consumer Report 2021” says 76% of customers made a cross-border purchase last year.
In 2023, this trend will continue as consumer expectations expand. Now familiar with a world where they can order anything on-demand, customers don’t want to be deterred by geographic restrictions.
What Your Brand Can Do
Support for cross-border ecommerce comes from two places: ecommerce platforms that include options for currency conversion and support for multiple languages and logistics providers capable of navigating inter-border requirements to deliver products on time.
To succeed in growing global markets, invest in both.
The Sustainability Solution
More and more consumers are considering sustainability to be an important purchasing factor.
According to Business Wire, 85% of global consumers have taken sustainability into account when shopping in the last five years.
This preference creates an opportunity for brands. If they can create sustainable products and packaging — and make consumers aware of their efforts — they can drive ecommerce success in 2023.
What Your Brand Can Do
Your brand’s first step is finding sustainable alternatives. This approach might mean a shift to cardboard or paper packaging over Styrofoam and plastic. While this may come with an increased cost, it also sets the stage for sales success.
To capitalize on this shift, however, it’s just as important for your brand to actively promote its sustainable initiatives on social media sites, company blogs, and in any marketing or sales efforts.
The Shoppable Video Value
According to data from Google, 60% of shoppers say that online videos have given them “ideas or inspiration for their purchase.”
The challenge is converting this interest into action. To help bridge the gap, many brands are now turning to shoppable videos — marketing media that includes links to product pages or even “add to cart” options that help turn product interest into active purchasing.
This approach represents the next step in sales evolution by ensuring that no matter how or when prospective customers interact with your brand, they can easily make a purchase.
What Your Brand Can Do
Making shoppable videos means leveraging video creation platforms that support this approach. Thankfully, there are now a host of free and for-pay options online that can help your brand get started with shoppable videos.
Build a few trial ads to discover what works and what doesn’t, then build out your shoppable video strategy based on the results.
Taking on 2023 Trends in Ecommerce
With 2023 just around the corner, brands should take the time to consider new trends in ecommerce and adapt sales strategies to match.
The market shows no signs of slowing down, making this a make-or-break scenario for sales. Brands that embrace new approaches will succeed. Those that don’t will be left behind.
.svg)