eCommerce trends for 2023: what can you do to make your business stand out
With the holiday season in full swing, it can be hard to figure out what ideas and trends you need to focus on to boost your eCommerce efforts next year. Here’s the good news: we’ve done the groundwork for you! Here are the 8 biggest trends for 2023 that will influence the future of eCommerce.
1. New trend: Voice shopping
As major online retailers like Amazon and Alibaba already offer voice shopping, the use of smart voice for eCommerce will continue to rise. Among respondents to a Statista survey in the United Kingdom this year, 46 percent said they use Amazon’s Alexa. Google’s voice assistant is used least among all respondents, with Siri coming in second at 26%.
2. Longstanding trend: Mobile commerce growth
As more and more consumers shop and buy products using mobile devices like phones and tablets, mobile commerce has grown exponentially. It’s predicted that mobile commerce retail revenues will surpass 100 billion pounds by 2024. Online sellers should focus on providing a great mobile experience for their mobile customers by adopting a mobile-first approach for their eCommerce site.
3. New Trend: Increased AI presence
There’s no doubt AI will have a big impact on eCommerce in 2023, and it will be used for everything from personalisation to customer service to fraud prevention to forecasting, order tracking, and after-sales.
This trend will help businesses manage fraud without impacting customer experience. To mitigate fraudulent payments in real-time, businesses should choose payment providers who offer out-of-the-box solutions.
Omnichannel marketing means engaging with customers through multiple channels, such as your online store, physically in-store, and by phone. Customers who shop across multiple channels have a 30% higher lifetime value, which shows how important it is to catch their attention on the platform they prefer to spend their time. You can use this trend to personalise interactions to customer preferences, which boosts customer loyalty and sales.
5. New Trend: Web 3.0
In 2020, the eCommerce industry welcomed Web 3.0. It’s a new version of the World Wide Web that’s decentralised, open, and has more utility for users. With Web 3.0, users can interact with digital currencies like Bitcoin, Ethereum, Tether, USD Coin, Binance Coin, and virtual wallets. The modern-age technology enhances their shopping experience and gives them a whole new shopping environment.
6. Longstanding trend: Better payment processing
It’s common for eCommerce businesses to lose sales over payment processing issues. Online sellers who make it hard to pay for orders experience high cart abandonment rates. Therefore, simplifying the eCommerce checkout process is a must. There should be fewer steps on the checkout pages, no compulsion to create an account, availability of guest checkout, transparency with all costs and policies, and multiple payment options.
7. New Trend: Augmented Reality (AR)
With AR, consumers are able to explore products that may not be physically available to them. 34% of customers are already using AR while shopping. In addition, 47% use it online and in stores. Online retailers can take advantage of this trend by creating Web AR applications that trigger through QR codes on their product pages. In this way, the consumer can see the product in their own environment.
8. Longstanding trend: Fraud prevention
According to a new study, convenient payment methods are driving up fraud losses for eCommerce merchants in 2023. It’s predicted that merchants will lose $48 billion to fraud – up 16 percent from $41 billion this year. In spite of the fact that stolen data is still the biggest threat to eCommerce fraud, BNPL and digital wallets are giving bad actors new attack vectors that are pushing fraud to even higher levels. The importance of partnering with a payment gateway that offers real-time fraud management and mitigation has never been greater.
In 2023, make eCommerce work for you
Now that you know the top 8 eCommerce trends for 2023, get planning and start putting them into practice. Depending on your retail business, some of these trends might fit more, while others less. All in all, a smooth checkout and payment process are essential to designing an online shopping experience that buyers love.
TRU Connect supports over 180 currencies, so you can engage with customers on their terms. Our forward-looking and cutting-edge features, like advanced AI-powered fraud protection hosted payment pages and the ability to accept credit, debit, mobile, and a wide range of alternative payment types and currencies will give you an edge over your competitors.
Security is our top priority at Trust Payments and we strive to ensure that all data is kept secure at all times. We keep all customer data safe with AES256 encryption, SSL Certificates, and a minimum of TLS1.2 between your website and our datacentres.
Our systems are scanned quarterly using the Qualys PCI Platform, an independent Qualified Security Assessor (QSA) and approved vendors – Omnicybersecurity (UK) & Forgenix (US) – to ensure compliance with the security requirements of the card schemes.
We follow a number of rigorous security procedures on a daily basis including, but not limited to, continuous monitoring of our perimeter, dark web monitoring, and internal checks to ensure that CIA triad is maintained at all times.
Trust Payments Ltd 2023
Trust Payments Ltd, No.1 Royal Exchange, London, EC3V 3DG. A company registered in England and Wales with Company Number 11976895.
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