5 Online Shopping Trends To Watch in 2023
The recent BFCM sales success proved that online shopping is evolving at a rapid pace, and it doesn’t look like it’s going to slow down anytime soon.
Despite the economic turbulence and the global supply chain issues, the outlook for eCommerce looks brighter. Understanding the positive shift and the trends emerging in 2023 will help stores prepare to embrace the new reality and remain successful in business.
So, as we move closer to 2023, here is a quick look at some of the online shopping trends that are expected to remain popular and redefine the eCommerce business in 2023. Here they are!
Trend 1: Online Shopping across borders
According to a post-pandemic report this year, there has been a noticeable increase in cross-border shoppers, with 76% of online buyers making purchases from other countries as opposed to just 69% two years ago. The top three motivations for this shift were found to be lower prices, access to items not available in their home countries, and the discovery of new and exciting products.
This trend will only continue to expand in the coming years, seeing as the limitations to international purchases have been significantly lessened due to the collaborative efforts of stakeholders across the globe.
Shopify Markets is one such platform launched by Shopify to facilitate cross-border selling and manage international markets
Trend 2: Showrooming and webrooming
These two are relatively new terms and denote changing customer behavior.
With Consumer shopping habits rapidly changing, showrooming and webrooming are most likely to be seen in 2023.
Showrooming occurs when customers visit stores to touch and feel products – but then opt to buy them online because of better prices or customer service offers.
Whereas in Webrooming, customers research online and then go to physical stores to look, touch, feel, and buy in-store. Creating an omnichannel commerce experience can play a role in winning customers’ trust in such shopping tendencies. When customers get a consistent and seamless experience across channels, they are more likely to stay loyal to the brand.
Trend 3: Social Commerce
With Customers preferring to do their shopping on social media networks, social commerce is the future of selling and buying products.
The popularity of social media platforms allows businesses to connect and serve their consumers everything they want, right from within the social media platform.
It is predicted that the global social commerce market will experience a growth of 30.8% every year from 2022 to 2030 and by 2030, it is expected to reach a whopping USD 6.2 trillion.
Most of the social media platforms are geared up to offer in-app checkout and buy buttons, along with incorporating social proofs such as reviews, recommendations, likes, comments, and other ways in which people have used the product.
Trend 4: Multiple Payment Options
Over the past couple of years, BNPL (buy now, pay later) has become incredibly popular. As seen in the recent Black Friday and Cyber Monday Sales, customers facing financial instability caused by the ongoing economic downturns mostly choose the BNPL option of payments.
This monthly arrangement of installments is a win-win for both customers and businesses. Brands can convert more customers by providing lower upfront payments, while customers can buy higher-priced items without maxing out their wallets.
Additionally, shoppers will also opt to browse online and pick up their orders in stores within the hour (BOPIS), providing them with a mix of convenience and the traditional brick-and-mortar experience.
Trend 5: Enhanced Personalization will be the key to customer loyalty
Nowadays, shoppers have more options to choose from when shopping online than ever before. As the selection widens, customers become increasingly picky about where they decide to spend their money. Why bother settling for a generic customer experience when other brands provide a highly customized journey before, during, and after purchase?
Personalization has been an up-and-coming trend in the eCommerce industry for quite some time.
However, with more individuals reverting to physical stores, online retailers must present something more than simply convenience or product availability in 2023. In the days of lockdowns and store-side supply issues, this may have been enough.
But in the coming year, companies will need to offer something special that can’t be found in a brick-and-mortar shop. This is where a personalized experience will make the difference
We hope these insights help you stay prepared to remain successful in the coming year. Also. if you haven’t installed the Shopify Made Easy app to connect your Shopify store with Salesforce yet, try it out today!