3 Business Trends to Look Out For in 2023

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Since the start of the pandemic, retail and online shopping have dramatically changed. COVID-19 forced many businesses to adapt by setting up an online store for conducting their business while many did not end up closing down. It’s reported that 20% to 30% of businesses moved online during the peak of the pandemic. This also means that the e-commerce industry has boomed significantly and will only continue to increase.

With an increase in smartphone usage and more digital technologies becoming accessible, 95% of all purchases will be made online by 2040. With the rapid changing and fluctuation of the industry in mind, keeping up with the latest e-commerce trends is vital for any business’s success in the post-COVID era. Here are the 3 major trends that you will begin to see in 2023 and beyond – and trends that will greatly improve business operations and website conversions.

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1.

Sustainability is the New Normal

A current retail trend that will only grow in popularity across the globe is sustainability. Not only does this promote environmentally friendly practices but helps any business partaking in these practices appear trustworthy and reliable. Some sustainability practices include a larger range of alternative meat options (plant-based produce), recycled material for packaging and shipping, and recycled material for clothing. Consumers across the world are becoming more aware and considerate of the impact their purchases have on the environment.

Focusing your business on environmentally-friendly (or “green”) practices will have a significantly positive impact on your business and studies show that consumers are happy to know the store they purchase from is sustainable with durable products. Therefore, consumers are willing to pay more and you’ll be able to increase your product pricing.

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2.

Social Media Shopping

Online platforms like Facebook Marketplace are increasing in popularity for easy shopping every month. Though it’s never made a huge dent in the e-commerce world, the steady increase in purchases is visible. On the other side, Instagram Shopping has grown in popularity over the past few years and many stores that implement Instagram Shopping on their Instagram social media page often showcase better conversions.

As businesses will be selling their products on large social media websites and apps, it’s quite evident that consumers want convenience. As mentioned previously, consumers now have full access to the internet, anytime and anywhere, all from their fingertips (thanks to smartphones).

3.

Artificial Intelligence Will Dominate eCommerce

The use of artificial intelligence in online shopping is greatly transforming the e-commerce industry. First and foremost, artificial intelligence can now predict consumer shopping patterns based on the products and website that shoppers buy from, and when they tend to browse. For example, if a consumer buys from the same grocery with an online purchase, A.I can detect the purchase and send the necessary data needed to the online retailer, which could then result in sending a personalized offer for more products. This means greater conversions.

Some of the most efficient forms of A.I that will become commonplace in the e-commerce industry include; chatbots and other virtual assistants, product recommendations, e-commerce personalization, and inventory management. Artificial intelligence in e-commerce is playing a major role in driving innovative solutions and personalized customer experiences.

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Conclusions

As an e-commerce business, you should be considering how to implement some (if not all) of mentioned artificial intelligence systems into your operations as it is proven to result in better conversions and frequently returning customers – while also making your business operations more manageable. On top of this, integrating your online store onto social media shopping platforms and practicing sustainability is sure to have your business stay competitive and head towards a successful 2023 and beyond.

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