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The Future of Commerce: [NEW] Trends to Watch in 2023
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Ecommerce has established itself as an essential part of modern life, allowing consumers to shop from the comfort of their homes while providing businesses access to new platforms for interacting with their audience. But while technology continues to evolve, so is e-commerce. We’ll explore the trends to watch in 2023 that will influence the future of Commerce.
Increased Adoption of AR and VR in Commerce
Technologies such as augmented reality (AR) and virtual reality (VR) have been around for a while, but they are becoming more common in retail.
Customers can visualize goods before purchasing them with AR and VR, which decreases returns considerably and achieves higher customer satisfaction.
Companies such as Ikea and Wayfair are already utilizing AR and VR to enhance their customer experience, and we can assume that more companies will use these technologies in 2023 as they will shape the future of Commerce.
Welcome to the Rise of Voice Commerce
Voice commerce, or the ability to make transactions using voice-activated assistants such as Amazon’s Alexa or Google Assistant, is getting more popular in2023.
Indeed, shoppers enjoy voice commerce because it makes shopping more easy and allows them to make purchases without using their hands.
We can expect voice commerce to become more trendy in 2023 as smart speakers gain in popularity.
The Growth of Social Commerce
Businesses should keep an eye on social commerce in 2023: It refers to the ability to make direct purchases via social media platforms such as Instagram and Facebook.
This way, businesses can reach out to more customers while building brand loyalty. Moreover, customers can shop online without having to leave their favourite social media platforms. As social media becomes more integrated into our daily lives, social commerce is likely to stay.
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The Importance of Sustainability
Sustainability (and Responsible Commerce) is a growing concern for consumers.
That’s why eCommerce businesses should adopt responsible practices and raise awareness about sustainability.
In 2023, we expect more ecommerce businesses to adopt sustainable practices to reduce their environmental impact and carbon footprint. These measures include using eco-friendly packaging, sourcing materials from sustainable sources, or implementing recycling programs.
Businesses should make sure to communicate about any sustainable measure they take.
A greater Emphasis on Personalization
Personalization has been an ongoing trend in ecommerce.
This trend has grown more essential recently as customers crave tailored shopping experiences.
Businesses will keep trying to engage in personalization tools to provide customized experiences to shoppers in 2023.
Personalized product recommendations, targeted advertising campaigns, or tailored customer service are great examples of this strategy.
Use of Artificial Intelligence in Ecommerce
In 2023, from finance to healthcare, companies are relying on AI tools to automate processes, improve decision-making, and/or enhance customer experiences.
Artificial Intelligence (AI) helps improve the shopper experience during the purchase Journey . For example, AI-powered chatbots can provide customers with instant support and assistance.
In 2023, we can expect more businesses to adopt AI technologies to enhance the customer experience and increase efficiency.
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The future of ecommerce is promising and exciting. In 2023, we can expect the adoption of AR and VR acccross various industries, the rise of voice commerce, growth in social commerce, increased importance of sustainability, greater emphasis on personalization, and use of AI in ecommerce. To stay ahead of the curve, ecommerce businesses should embrace these trends and invest in technologies that improve the customer experience. By doing so, they can ensure their success in the years to come.
SOURCE: MTL+ECOMMERCE EXECUTIVE SURVEY- February 2023