With global online retail sales predicted to reach $5.6 trillion in 2023, this is a time to take stock of global e-commerce trends to see how to position your business for success.

The coronavirus pandemic fueled an unprecedented growth rate in the e-commerce industry back in 2020, and the shift towards shopping digitally shows no signs of stopping. In 2023, it is estimated that e-commerce will be responsible for 20.8% of total retail sales worldwide.

So, what does it take to deliver stellar e-commerce in 2023?

From a shift to in-store shopping to financial fears, what are 2023 e-commerce trends?

1) Social Media a.k.a. Social Commerce

The cutting-edge introduction of the buy button on Facebook and Instagram Checkout has revolutionized the effect of social sites in the eCommerce sphere.

It is expected to play a significant role in eCommerce in the coming years as most of these sites allow buyers to buy directly from social media accounts.

Hence, the use of Social Media Platforms for selling and buying products or services that directly connect businesses to consumers is designated as Social Commerce*.*

2) Augmented Reality

The integration of AR technology into buying experiences is rapidly gaining traction: 61% of consumers prefer AR-powered stores, and 40% would pay more for a product they can experience through AR.

The senior director of product management at Google made a statement, “ Shoppers engage with 3D images almost 50% more than static ones. For merchants, we think that this could be a real game-changer for some of the smaller players.”

3) Voice Search

Alexa, Siri, and Ok Google are now the new member of households. All count on voice search technology that manifests the benefits of frictionless online processes. Voice search has also changed the way people purchase products and services.

Significantly advancing in recent years, this technology overrides traditional methods of searching, such as typing a query into a search bar.

The growth of voice search technology intensified with its introduction by large enterprises like Amazon. It unveils many benefits in the eCommerce segment that includes, easy reviewal of products, time efficiency, and a smart shopping experience.

4) Flexible Payments

So far flexible payment methods offer quicker payment cycles for both accounts– payable and receivable. Investing in such software can benefit your business with product data, order automation, customer onboarding, customer segmentation, pricing automation, order negotiation, and approval management.

The most common payment methods to integrate into your eCommerce site:

• Digital wallets (PayPal, Google Pay, Amazon Pay, Mobilepay)

• Cards (Visa, Mastercard, Dankort, Maestro)

• Vouchers (PaySafeCard)

• Online banking

• Buy now pay later (Klarna, Walley, AfterPay & ClearPay)

Want to know about more trends? Click here!

Consider downloading Our eBook on E-commerce in 2023 in case you are looking for a detailed guide.

In this eBook, we’ve covered:

• The eCommerce Industry in 2022

• Understanding customer expectations

• Maintaining performance consistency

• Tips to improve your store reliability & quality

• Everything about the ROPO trend

As you know trends are ever-evolving. Thus, to take your eCommerce model to the next level, following the latest eCommerce trends is vital. To make the best use of it, these trends need the professional support of the right development partner so Connect with us now!