Shopify’s Ecommerce Trends Report 2023: Key Takeaways
Shopify has recently shared its report on the e-commerce trends for 2023. This exclusive annual report uses data from millions of Shopify businesses to provide e-commerce businesses with the tools and insights needed to succeed in the ever-changing commerce landscape.
It also provides an overview of projected e-commerce revenues and growth rates from 2017 to 2025, which are expected to reach $5,42B, a 12% growth rate.
So, in this blog, we will dive deep into the insights and key findings of the report to understand how the e-commerce industry will shape up in 2023.
3 Takeaways from the Ecommerce trends report 2023
1. Online shopping growth becomes stable
During the last two years, the e-commerce market has seen a surge of new shoppers, but the growth has cooled off now. But the energy hasn’t completely vanished. Even with the current economic situation, E-commerce success in 2023 is estimated to be 5% higher than prior to the pandemic and will steady in the years to come.
With the e-commerce market growing, brands find themselves competing with global brands.
Brands are seeking to even the e-commerce playing field by making use of social media, whose users are nearly as many as the internet users.
2. Social media is infiltrating commerce
Social media is rapidly reshaping the commerce landscape. The majority of internet users of working age engage with social media every month, while Gen Z uses them more frequently than search engines to research brands.
Social networks are the second most popular method of product discovery, and estimates show that US social commerce sales will double its 2020 sales in 2023, surpassing $56 billion.
Businesses are increasingly turning to social media marketing to drive their growth, as more than 70% of consumers prefer shopping from brands on social media.
Leading brands are leveraging digital platforms to not only advertise but also create deeper connections and memorable experiences with consumers, resulting in increased loyalty and repeat purchases.
3. The rise of the interactive digital landscape
Social media has changed the way brands interact with their customers. The emergence of web3 is taking these interactions to the virtual space, also known as the Metaverse. Connection and integration of services across different channels will be a defining feature of this virtual space, even more so than in recent years.
Currently, the global augmented and mixed reality market is evolving at an impressive 79.2%growth rate, compounded annually.
Moreover, one in three shoppers already uses virtual reality for shopping. Soon, customers will be able to visit virtual stores in the metaverse.
While the direction commerce will take on new technological platforms is still uncertain, brands have a great opportunity to establish themselves as market leaders in the next generation of social commerce.
Summing up, Shopify’s e-commerce trends report reveals that Innovations across social platforms will create the blended connections that brands and consumers desire.
If you are willing to get more insights on e-commerce business, Stay tuned with us. Also, do not forget to install the Shopify Made Easy app to connect your Shopify with Salesforce CRM in real-time, if not already