If there’s one clear trend in eCommerce, it’s that the industry is growing fast. Online sales have continued to rise by at least 8 percent in recent years, and experts don’t predict this growth to stop any time soon.
Well, if you want to position your company for a successful 2023 sales report, then you need to stay up to date with the latest eCommerce trends. Here are the most important ones to watch this year!
1. Social Media Commerce Is Rising
One of the most important trends to follow this year is the rise of social media and live commerce. You can now sell directly on platforms including Instagram, targeting your intended audience with unparalleled precision.
Moreover, this is a mutually-beneficial relationship between you and your customers. Now, users can open their social media platforms and find the most relevant items, turning their ideas into purchases.
If you have yet to tap into this growing market, now is the time. While social commerce is still relatively new, it’s growing fast. Experts predict the market to reach $1.3 trillion in 2023, exceeding the $1 trillion mark for the first time.
2. Security Changes
Due to the rise in cyberattacks, eCommerce stores now opt for different security measures to protect their customers, inventory, and general security. One of the most common changes is adding biometric security to user accounts.
As a result, password attacks become less effective without sacrificing efficiency for your users. Since most eCommerce takes place on mobile devices, this is relatively easy for most consumers, as their device can easily scan their fingerprints or face to verify their identity upon purchase.
For additional security, you can choose a two-factor authentication process, asking for a password or email/SMS verification on top of your biometric feature. However, if they’re already signed in, biometrics are an easy and effective additional layer of security.
3. Payments Are Changing
More and more, consumers switch to purchasing goods and services online through their credit cards, wireless payments (i.e. Apple Pay), and other forms of payment. Many consumers have become reliant on certain payment methods and will actively shop with brands that allow their preferred methods.
Consequently, brands need to keep up with these ever-changing trends and offer customers and clients what they want. Essentially, make sure you have the right eCommerce payment processing solutions for your customer base to avoid losing business.
4. Inflation Will Affect eCommerce
Nobody is safe from inflation, and eCommerce will feel the effects. Rising prices now affect most sectors, and chances are that you or your vendors have already raised some prices.
Well, it’s important to stay prepared for rising prices that may affect the industry. Inflation may affect (or continue to affect) shipping costs, inventory, and other relevant industries.
Also, don’t forget about the government’s response to inflation. The Fed has already indicated that it will continue to raise interest rates this year, which may halt or limit industry investments for logistics, inventory, and expansion.
5. New Marketing Channels Are Opening
The eCommerce world is now staking its claims in the metaverse. The metaverse now hosts over 400 million active users, and experts predict rapid growth throughout 2023 and the coming years.
If you’re unfamiliar with the metaverse, you’re not alone. It’s still loosely defined as a “blending” of physical and digital worlds, attempting to give a “real-world” effect to a digital space. Consequently, this is offering brands an exciting series of opportunities to pitch their products or services in a more immersive manner.
Moreover, metaverse marketing is quite beneficial, especially if you have a younger target audience. If you need to reach a Gen Z or Millennial base, consider investing in metaverse marketing this year.
Set Your Business Up For Success
The year is still young, and brands still have time to jump on these trends. Doing so now could make a huge difference in your annual financial reports, but you have to start now. List your goods and services on the right sales channels, accept as many payment options as possible, and position your business for growth this year.
Keep reading our blog for our latest financial tips, and check out our merchant processing services to learn more!
