Top Trends 2023 - Ecommerce

It's time to get back to the Jingle All The Way era, which stars our favorite Arnold Schwarzenegger as Howard Langston! In this movie, Howard goes to the ends of the earth to buy the action figure of Turbo-Man for his nine-year-old son Jamie. Imagine he is back and this time he is up with his own Ecommerce website, 'Terminator to Turbo Toys' (thank us later for coming up with that hypothetical name), which offers an extensive range of toys. Being a savvy entrepreneur, he knows that to ace this digital era, it is essential to meet the recent Ecommerce trends. So, he does some research and finds himself on our site. He finds out that gaming augmented reality, buy now pay later, voice search and content personalization were the top trends that ruled 2022. Likewise, he comes across the article on the top 5 Ecommerce Trends of 2023!

Now, just like you, he's curious to find out everything about these trends from the statistics to facts to the possible outcomes. So, let's help you and Howard Langston discover the trends that are going to shape the year ahead for Ecommerce brands!
 

Trend 1: The Best Verse Will Be Metaverse

 

If you have watched Jingle All the Way, you may have observed that it taught brands to use multiple forms of media. From print and television ads to PR events, this movie showed us that the more is, the merrier! In the same way, Ecommerce will no longer be about just branding and selling things on your own website or through third-party marketplaces like eBay or Etsy. In fact, Howard will need to focus on building an entire experience for his customers, from browsing products to trying them on and buying them - all while remaining connected with them throughout their journey. The metaverse will be a technology for brands like Terminator to Turbo Toys to create and explore decentralized virtual experiences (AKA extended reality or XR).
   

Trend 2: It Will Be Wise To Use User-Generated Content

 

It's no hidden fact that customers would love to purchase products if they could see a real person using them. For instance, in the movie, Jamie was influenced by other children; all he wanted was to have a Turbo-Man action figure. Quite similar to that is user-generated content (UGC)! It refers to content (videos, images, audio, texts) posted by users on social media or content-sharing platforms. To date, user-generated content is the most popular form of branding on social media platforms but thanks to everyone's favorite #Instagram - Ecommerce websites and online stores also realize its importance. So, it will be a vital trend for Ecommerce businesses that want to promote their product, service, brand or customer experience. #UpbeatWithUserGeneratedContent
   

Trend 3: Subscribing To ‘Subscription Models’ Will Be Essential

Today, more than ever, customers expect a frictionless experience. To achieve this, Ecommerce brands like Terminator to Turbo Toys can adopt subscription models for creating long-term relationships that provide value to the customer on an ongoing basis. Instead of selling products one-off, businesses will need to offer customers the option to subscribe to receive new items automatically every month or quarter. #SacredSubscriptionModels

One of the reports by Statista predicts the digital subscription economy in Ecommerce will reach 687 billion US dollars by 2025. Subscription models will be an increasingly common way to buy products and services online. Research by McKinsey states that 15% of online shoppers have subscribed to an Ecommerce service over the past year. Subscription models will allow your customers to subscribe to products or services they need on a recruiting basis. This model will be as sound as a bell to increase customer lifetime value, offering a personalized experience, convenience and value for money!

TechDogs’ Opinion: Variety is the spice of life, right? So, why not bring some variety to this trend? The next phase of this trend is where brands would experiment with different types of subscription models. You should explore models like access subscription, curation subscription and replenishment subscription. Access subscription will allow your subscribers to purchase access to content and perks (e.g., Netflix, Forbes). In contrast, a curation subscription will allow subscribers to buy regularly scheduled products (such as laundry, grocery supplies and so on). Last but not least, replenishment subscriptions cover recurring delivery of specific products (Amazon's subscribe and save). Long story short, you have a variety at your disposal - all you must do is decide which model will be the best suitable for your products and services.  
 

Trend 4: Ecommerce Will Need A Green Signal Of Green Consumerism

 
In today's world, people are more conscious of the impacts of their consumption patterns on the environment. They are ready to pay a premium for more eco-friendly products. Green consumerism involves selling eco-friendly products online. This gives customers the option to buy products that are better for their health and the environment simultaneously. Therefore, green consumerism is everything you're looking for with bells on.

As per the survey by Statista (2022), 64% of the Gen Z population considered sustainability alongside other factors when choosing brands. This fact emphasizes that consumers, especially millennials, are more interested in sustainable products than ever. They are willing to pay a premium for eco-friendly and ethical products. So why not adopt this trend to attract customers? #StayEverGreenWithGreenConsumerism

TechDogs’ Opinion: While we’ll see a lot of Ecommerce brands tapping into this trend of #GoingGreen - it brings a huge responsibility with it. There’s no denying that it would be wise and tactful to leverage this demand trend to yield greater revenues, it is equally important for businesses to diligently meet the demands of green consumerism. When it comes to green consumerism or sustainable consumerism, you’d have to adopt environmentally-friendly practices across your business process right from business philosophy to product manufacturing and from product packaging to product delivery.

You’d have to source your raw material for eco-friendly vendors and ship your products through green partners. That’s when this trend would not only encourage more consumers to trust you but also you’d end up making a sincere impact on the environment.
 

Trend 5: Nothing Cryptic That Cryptocurrency Will Reshape Ecommerce

 
It is as clear as a bell that Ecommerce has forever changed how we shop. Consumers today expect fast, secure and convenient ways to buy goods online. That's why the intersection of Ecommerce and cryptocurrency has become a hot new trend that is proliferating. Surprisingly, many online stores already accept Bitcoin or other digital currencies payment. However, adopting Ecommerce will go beyond that as several Ecommerce companies will launch the specific goal of integrating blockchain technology into their business model.

“The future of money is a digital currency.” Quotes Bill Gates and how true is that! In fact, brands like PayPal are already leveraging the power of the digital currency. In 2021, PayPal launched Checkout with crypto, which allowed its US customers to pay online retailers using their crypto coins. All the cryptocurrencies can be stored directly within the PayPal digital wallet and were converted to fiat currency at checkout with no additional transaction fees. In a nutshell, cryptocurrency in Ecommerce will revolutionize and streamline the entire online payment process.

TechDogs’ Opinion: The cost of blockchain transactions is surprisingly lower than the transaction cost of traditional Ecommerce. Brands that process through Stripe or Square (global payment solutions in crypto) pay 1% of their profit on cryptocurrency transactions and 3%-5% on traditional Ecommerce transactions. So, welcoming crypto payments in your Ecommerce transactions will be a great way to encash better profit margins. Besides, early implementation of crypto payments will empower you to get ahead of your competitor.

Blockchain technology will help you introduce secure payment methods for your customers. How, you may ask? You see, in blockchain technology, there's no central control that can withdraw funds from your account without your consent. Hence, receiving crypto payments will be a great way to reduce the likelihood of security breaches!
 

It's A Wrap!

Ecommerce is constantly changing and adapting to new trends to stay relevant. As the online shopping market continues to grow, so does the need for businesses to keep up with current Ecommerce trends. If a brand wants its store to thrive and stand out from the rest, it needs to understand what drives customers. 2023 has set the stage for some newer trends and has paved the way for Ecommerce brands like ‘Terminator to Turbo Toys,’ to ring the bells of profits and customer satisfaction. All said and done, it's time to call it a wrap!