Understanding How eCommerce is Shaping Up in 2023!
E-Commerce is on a growth spurt since the last few years. By 2023, the B2C eCommerce sales is expected to cover 30.6% of all sales in North America and 37.4% of all sales in Asia Pacific! The already-huge sector will continue to grow due to changing shopping behavior of consumers. People are now getting more comfortable shopping from their desktops and Smartphone’s. We tried looking into our crystal ball to predict how eCommerce is going to shape up in the upcoming months of 2015!
Mobile, Mobile & Mobile!
It has been predicted that 7 out of 10 consumers will shop through their mobiles! This looks true due to the way Smartphone’s have changed the way we engage with our daily lives. Consumers now find it convenient to research and buy products from online stores through their Smartphone’s. This is due to the increasing affordability of Smartphone’s and easy accessibility of internet.
The impact of social media on consumers is increasing continuously. Most of the eCommerce brands are active on the social media. This gave rise to the concept of social commerce. The eCommerce sites market and promote their products on social media; people share their posts, discuss about their purchases and write about their product experience. This not only creates brand awareness but also keeps the eCommerce business owners informed about the reactions of their buyers. Social Commerce will continue to be in the trend in the upcoming years too as it helps eCommerce businesses to capture a broad market.
Retailers have now understood that keeping a multichannel approach will help them to deliver better customer experience. By selling online as well as in the physical space, businesses can get more foot traffic. Many eCommerce giants have now opened physical stores to give a consistent look and feel of the actual product to the customers and ensure quick delivery. A multi-channel strategy helps to gain a competitive edge and gives a boost to sales.
Holidays or festive seasons give eCommerce businesses the best opportunity to drive more sales. There is a huge competition between various eCommerce businesses in attracting customers to buy their offerings through various deals & offers. And if a business fails to take the advantage of this lucrative time period, it loses out in the competition.
Same Day Delivery
Same day delivery model is expected to gain popularity in the near future. Immediate fulfillment of order approach has already been adopted by eCommerce giant Amazon within a number of cities in the UK & US. eBay too has started offering the same day services in five major areas in the US.
Content is gradually becoming an important medium of marketing. More number of people are now using internet through their PCs, Laptops, Tablets and Smartphone’s. Responsive websites are being built with interesting content for optimized user experience across devices. Relevant and informative content helps to establish brand recognition. An eCommerce business can build an intuitive and interactive responsive site to attract prospective customers through its eye-capturing content.
The importance of Big Data is growing exponentially and a large number of businesses have realized its need for enhancing their revenues. Big Data is an important means to gather structured as well as unstructured data, to analyze customer information and improve marketing efforts.
ECommerce businesses can gather customers’ data from blog, social media platforms and other sources to understand consumer behavior and serve them in a better way. This directly has a positive impact on their bottom line.
Ecommerce has taken the world by a storm and has tremendous potential of growth. Using the right strategy for your online store in 2023 will help you to increase your conversions. ECommerce businesses that understand the latest market trends will be able to survive while others might face the risk of fading away!
Semaphore Software has expertise in providing high-quality, custom eCommerce solutions; helping online stores to capitalize on opportunities to capture more market share. Our comprehensive eCommerce web development services will help you to get a competitive edge and increase your ROI!