April 16, 2024

5 Top eCommerce Trends in 2023

Nadya Bakhur

Researcher, Technical Writer

Ecommerce

Top e-commerce trends
April 16, 2024

5 Top eCommerce Trends in 2023

Nadya Bakhur

Researcher, Technical Writer

Ecommerce

Top e-commerce trends

eCommerce websites and online shopping apps remain the most promising channels to sell goods and services targeted at the general consumer. Against the backdrop of a general decline in retail and shopping mall traffic, the business sees ecommerce as one of the few areas where positive dynamics will continue despite all the shocks.

We have compiled a list of trends that are highly likely to shape the future of ecommerce in 2023.

Stay tuned!

What eCommerce Future Will Look Like: The Numbers Speak for Themselves

The first month of 2023 showed a slow trend in the number of online orders. However, according to preliminary expert forecasts, there is no significant deterioration. The flow of buyers and purchases from offline to online is powerful enough for the ecommerce market to maintain a positive development momentum.

During the pandemic, factors have arisen that will continue to influence the market and its development forecasts for several years, until 2024. Of course, the biggest impact on ecommerce has been the surge in online commerce and changing consumer habits due to COVID-19. During 2019-2022, according to Statista, the influx of digital shoppers worldwide was about 1 billion.

With the rise of smartphone usage and the advent of more digital technologies, by 2040 95% of all purchases are predicted to be made online. With rapid changes and fluctuations in the industry, keeping up with the latest ecommerce trends is vital to the success of any business. Understanding the trends in online shopping in 2023 will help ensure business benefits in unstable times when it is necessary to respond to changes as quickly as possible.

Thanks to the analytics of existing trends, companies can form a business strategy for the coming period, better understand customer needs, behaviour patterns, how the market will develop in the future, and what new ideas and prospects for ecommerce will lead to the creation of innovative products and services.

The experts of our ecommerce development company have selected 5 top trends that will help to improve business operations and conversions in a web store.

Top eCommerce Trends in 2023

E-commerce trends: growing popularity, e-commerce websites becoming full-fledged marketing tools, devlopment of industry-specific marketplaces, creation of on-premise solutions, increased personalization.

Using the trends we have selected, companies can optimize business processes, build an effective strategy and survive in a competitive environment.

eCommerce is on the rise

Online shopping is overtaking traditional retail all over the world. However, offline stores will not disappear at all. Buyers need them to get emotions, tactility and impressions.

It is fair to say that offline shopping is also developing, striving to provide caring service, expanding the range of goods, and providing self-service, personalized offers, and loyalty cards, but still, it is more convenient to compare and choose goods online. And of course, brick-and-mortar stores cannot provide such a huge selection of goods as marketplaces. Therefore, it is more logical for offline businesses to pick up the omnichannel trend, see new opportunities and be sure to be present online to withstand competition and stand on the market.

eCommerce websites become full-fledged marketing tools

Every year, it’s becoming more and more difficult to work in the advertising market: most of the usual tools have already been used, and attracting the consumers’ attention becomes a challenge. So why not use your web store or a marketplace as a full-fledged ecommerce marketing tool? How does it work?

  • On marketplaces, it is possible to evaluate sales conversion and analytics on user attendance, reports on the current range of the site;
  • Increasingly, buyers are looking for products not with the help of search engines, but directly on marketplaces;
  • The media capabilities of marketplaces make it possible to use this marketing channel not only for companies whose products are presented on the marketplace but also for external advertisers.

Development of industry-specific marketplaces

eCommerce analysts predict that by 2024, universal marketplaces will occupy 54% of the market, but the growth rate of their market share will slow down. This may be due to increased competition among sellers on marketplaces, increased commissions, increased costs, delivery times, and return conditions. Also, universal marketplaces mainly focus on promoting products and categories, not brands. Therefore, marketplace development for the needs of a particular industry is the most important trend that affects the overall ecommerce development and the profitability of companies.

Industry-specific marketplaces have undeniable advantages:

  • hey attract buyers with prices without extra margins;
  • increase the confidence of buyers and suppliers;
  • have great functionality that optimizes workflows: product matching, internal and more accurate analytics for forecasting production and supply chains;
  • have additional earning opportunities: you can receive a commission from sales of third-party suppliers who display their assortment on your marketplace. Offer top-ranking services, advertise a supplier, issue loans on the site, etc.

Overall, It is likely that in the coming years, the marketplace will become the leading player in every business segment.

Niche B2B marketplaces are also gaining momentum. According to Gartner forecasts, by 2023, 15% of medium and large e-commerce companies will deploy their marketplaces, and more than 70% of marketplaces will serve B2B clients. Industry marketplaces sell the product better and provide a wide selection in their segment. B2B ecommerce has the advantage of no face-to-face interaction with vendors. 48% of retailers mark it as the main one. The marketplace acts as a guarantor, and companies purchase goods at competitive prices from the suppliers they like.

It is already extremely difficult to fight for market share with the “big players”, like Amazon or Walmart, but now is the best time for specialized and wholesale marketplaces. Discover what to do to start your own marketplace here.

Creation of on-premise solutions for ecommerce

Given the growing popularity of ecommerce businesses worldwide, it’s no surprise that more and more brands today are choosing to go digital with the help of an open source ecommerce platform. What is an ecommerce platform? It is a modern solution including various powerful ecommerce features and the tools you need to design, customize, and effectively manage your online store. In other words, open-source programs and applications can meet all your ecommerce requirements at a fairly low cost.

Magento ecommerce platform is an open-source solution developed by Adobe. It is easy to use, and it offers many necessary features out-of-the-box, including:

  • Reliable and stable structure;
  • Easy customization of the existing features;
  • Catalogue management, shopping cart, billing, search, etc.

NEKLO, as an experienced Magento development company, offers a wide range of services, from customized ecommerce solutions creation to providing Magento extensions and Magento migration and update – contact us and discover how to make your web store more powerful and beneficial!

Personalization and artificial intelligence in ecommerce

The personalization of the online platform is no longer a new trend, but it doesn’t lose its relevance. Personalized shopping experience and functionality help to retain clients and increase their loyalty to your web store.

Personalization is relevant for both custom ecommerce websites and mobile commerce. For example, in mcommerce, personalization improves the quality of customer services through the tools such as push notifications, single window mode, 24/7 availability, smart search, and a personal account on any gadget.

Personalization, one of the most effective ways, is at the heart of AI in ecommerce marketing. Based on specific data collected from each user on the Internet, AI for ecommerce can extract important information about users from generated customer data.

For example, AI-powered tools can analyze customer data from multiple touchpoints (including mobile apps, email campaigns, and websites) to see how they interact online. This information allows ecommerce retailers to make appropriate product recommendations and ensure a consistent user experience across devices.

Conclusion

The behaviour of online shoppers has changed and you should take it into account when creating your custom ecommerce solution. Tracking the trends in online retail will help brands to adapt marketing strategies to new conditions promptly, while NEKLO’s custom ecommerce development services will help to get the utmost out of your web store. Contact us through the form on our website – and let’s discuss your ecommerce project!