Future of eCommerce – Statistics and Trends to Watch Out For in 2023
As soon as you saw this quarter’s sales figures, you realized you were in BIG trouble. While eCommerce sales are booming around the world, yours have declined for the third consecutive quarter. You probably already know that your products, prices, and eCommerce website are all excellent. Why aren’t you getting a lot of new customers, and why do you keep losing your existing ones? What does the future of eCommerce hold for you?
Isn’t now a good time to have some hacks in hand?
Nonetheless, here is an infographic about the future of eCommerce that we’ve created to help you out.
What Is eCommerce?
ECommerce or Electronic Commerce refers to the buying and selling of goods and services through an electronic network – the internet.
Ecommerce operates in a variety of market segments including business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer, and consumer-to-business. It is available on a variety of devices, including computers, laptops, tablets, smartphones, and other smart devices. Ecommerce transactions allow customers to purchase nearly any product or service they can imagine. These include everything from books, music, and plane tickets, to financial services like stock investing and online banking.
E-commerce has helped businesses establish a wider market presence by providing more affordable distribution channels for their products or services. As a result, eCommerce has become extremely competitive, and businesses are following the latest trends to ensure their top position.
So, let’s dive into some amazing Ecommerce statistics that help in understanding the Ecommerce future trends.
Some Important Statistics Around eCommerce
1. eCommerce sales will reach $6.38 trillion by 2024. In comparison, the worldwide sales from eCommerce were $4.28 trillion in 2020.
2. 80% of consumers will buy from a company that offers a personalized experience.
3. Using multiple channels can increase business ROI by 24%.
4. Latin America saw $85 billion in eCommerce sales in 2021, up 25% from $68 billion in 2020.
5. 65% of consumers expect to use digital shopping channels more in the future.
6. In terms of devices that are being used by buyers to access eCommerce stores, Invesp reveals that 33.7% access online stores using smartphones.
eCommerce Industry Examples and Statistics
Some of the big names in the eCommerce industry are getting huge benefits from working in this sector. As a result, the number of sales for online shopping platforms is on the rise. Eventually, they are all optimistic about the industry’s future.
Take a look at some of the industry giants, their e-commerce growth statistics, and what future eCommerce trends they have planned.
Over the past few years, the eCommerce industry has been dominating the market. Among the biggest players, Amazon has been driving the US eCommerce market sales for the most part.
In years to come, no other company would be able to come close – forget about competing – to Amazon. The data from Insider Intelligence indicates that Amazon has maintained its top position in the US eCommerce market by generating 41% sales in 2021 with Walmart Inc. and eBay at 6.6% and 4.2% respectively.
Shopify stores account for most of the eCommerce revenue. Over 3.9 million eCommerce stores or websites are currently running on Shopify, which holds 32% of the US market share, followed by WooCommerce at 22% and Wix at 14%.
So, if you are looking for an eCommerce platform that helps you generate more sales, then Shopify is the right place for you! Not only it has plenty of users, but it is also one of the biggest names in the eCommerce industry.
In the wake of the pandemic, more consumers are switching to online grocery shopping. As a result, a growing number of food companies are moving to e-commerce.
With a change in the consumers’ buying habits during and after the pandemic, Nestle is embracing eCommerce and will make up a quarter of the company’s total revenue by 2025. Moreover, Carrefour SA, a French grocer, announced that it would invest $3.4 billion in digital growth, and Nestle will also invest.
“We’ll continue to enhance our e-commerce offerings and increase our spend in digital marketing,” said Bernard Meunier, head of Nestle’s strategic business units.
eCommerce Trends for 2023
Like any other industry, e-commerce too has been affected by the covid-19 pandemic resulting in the slowdown of industry growth. The industry still managed to reach $4.9 trillion in sales with new delivery methods and other trends to follow.
When we look at e-commerce with new technologies, trends, and predictions, we believe that the industry will see a bigger boom in the future of e-commerce. So, let’s cover some of the key trends that will shape the future of eCommerce.
1. Personalized Experience
The trend of personalization in eCommerce is gaining popularity, and it has become an integral part of the digital sales process.
When it comes to eCommerce, personalization means creating a shopping experience that is specifically tailored to one individual customer, rather than a large group of people.
It has been observed that 43% of consumers prefer companies that personalize their experience.
The most exciting personalization trend for 2022 is the use of product recommendations and AI-driven personalization strategies in e-commerce. Instead of adopting a homogeneous approach, sellers now focus on critical components of a buyer’s journey and provide appropriate products and services based on their preferences.
You can use Outgrow’s no-code product recommendations tool that helps in knowing customer data and past purchase behaviour tailored to their individual preferences and needs.
2. Interactive Content
In a study conducted by the Content Marketing Institute (CMI), 81% of marketers believe that interactive content captures consumers’ attention better than static content. This is why BuzzFeed quizzes are so popular! Furthermore, 96% of users who start BuzzFeed sponsor quizzes finish them.
But what is the secret behind BuzzFeed gaining 40.5 million views on their quiz? The answer is Interactive Content.
Interactive Content is a type of content that lets users engage with the content piece. Interactive content types include quizzes, assessments, surveys or forms, recommendations, calculators, and polls.
You can make use of various interactive content tools to create interactive eCommerce recommendation quizzes based on your audience preferences. Further, it helps in targeting specific audiences in your niche, generating more leads and increasing conversions. Outgrow provides no-code interactive content tools with amazing premade professional templates and layouts that are mobile-friendly and let you incorporate visual elements.
Interactive content not only helps in boosting engagement, but it also helps in knowing more about your audience. So, next time you create a quiz using Outgrow’s quiz builder, ask yourself what you’d like to know about them. You might get some essential insights!
3. Intelligent Chatbots
Did you know that AI-powered chatbots can help businesses reduce customer service costs by 30%? The implementation of such a solution is an excellent way that helps businesses optimize resources and provide high-quality service to their consumers.
Chatbots can be used to answer customers’ queries 24/7, help them find certain products based on their needs, resolve their simple issues, and even helps in placing an order.
You can create interactive chatbots with Outgrow that lets you analyze and segment your visitors’ persona. Further, it helps you find the key patterns by analyzing and segmenting chatbot data by demographics, user responses etc.
With these smart assistants, it will be easier to provide users with a personalized experience. Chatbots help keep users engaged by providing human-like communication and understanding their needs.
4. One-click Ordering
Ecommerce has been on the rise massively in recent years majorly because of the growth of mCommerce or mobile commerce. Modern technology is making it easier for users to shop on their phones, making mobile shopping or mCommerce more popular. As a result, consumer shopping habits have changed, making one-click ordering more efficient.
It’s annoying for a user to re-enter their name, address, and card info every time they want to buy from your website. One-click ordering enables m-commerce apps to store customers’ data in their profiles so they don’t have to re-enter the info manually. Since one-click ordering saves customers’ time, so this m-commerce trend is going to stick around for a long time.
The eCommerce giant Amazon, for example, offers one-click ordering. This feature lets consumers choose a default shipping address and payment method at the time of placing an order.
5. Augmented Reality
The concept of augmented reality (AR) refers to the real-time integration of digital information with the user’s environment. AR lets people place digital content, sound, visual elements, or other sensory stimuli over a real-world environment.
Augmented reality goes beyond gaming. Interactive AR experiences help businesses showcase their products and allow customers to try them on before purchasing.
Using augmented fitting rooms, you can try on various clothing combinations or furniture selections. The advent of augmented reality has revolutionized the shopping experience for customers and changed the whole concept of shopping.
By 2022, the AR app market will reach $15.5 million, so it’s time to start following this trend and stay ahead of your competitors.
With these fascinating e-commerce statistics and future trends, you will be able to grow your business at a rapid pace. Additionally, the eCommerce market share is growing rapidly and every business should take advantage of it. Because any company that doesn’t get on board will be left behind.
So, what are you waiting for? Sign up for Outgrow’s 7-day free trial today! Start creating interactive content pieces to provide a more personalized shopping experience to your users, and of course, boost your revenues!