Our top ecommerce trends in 2023 focuses on the ease of purchasing for consumers
It’s 2023, which means an all-new list of the top ecommerce trends we will be seeing this year. Last year was all about the likes of buy now, pay later and the metaverse. Although these will still be topics people are talking about, we are focusing on the slam dunks, the guarantees – the top 5 ecommerce trends in 2023. (Because let’s be honest, if the list is 19 items long, then you’re including everything and not just trends!)
- Mirakl Ads Will Be Changing Your Strategy
- Marketplaces Will Continue To Grow
- Social Commerce Becomes Even More Important
- Focus on Omnichannel Retail
- Second Hand Re-Commerce Showcases Your Sustainability Credentials
Mirakl Ads Will Be Changing Your Strategy
The ecommerce trend that many won’t be talking about but is sure to be big for businesses that give it a go. After all, your company may be enjoying first mover advantage!
Mirakl, the platform that turns leading brands into marketplace, is launching Mirakl Ads in April 2023. Yes, display advertising will be available on the sites that are Mirakl-powered. When looking at the Mirakl customer list, just think of the possibilities – B&Q, Bed Bath & Beyond, Macy’s… Although details are thin on the ground in terms of cost, the company proudly mentions that their ads network will improve Return on Ad Spend (ROAS).
Mirakl Ads will be using proprietary AI that ensures shoppers always see the most relevant adverts at the right time. Advertisers won’t necessarily receive more impressions but they should be seeing higher CTR and sales. This all adds up to an improved shopping experience for customers.
Marketplaces Will Continue To Grow
Ah, marketplaces! No list of top ecommerce trends for 2023 would be complete without mentioning them. Although more focus will probably be on social commerce (see below), marketplaces are big business and growing every year. 2023 will be no different. Ascential research suggests marketplaces will account for 59% of all ecommerce sales by 2027.
Not only will brands be launching their own marketplaces (Boots, Watch & Co.), but current marketplaces will also see growth. The likes of marketplaces such as OnBuy – one of the fastest growing tech-companies in the UK – should continue to improve market share as they open in new countries around the world.
Alongside this, it’s likely that brands that have already become marketplaces continue to report improvements in earnings. B&Q stated that 8% of their sales in August 2022 came from their marketplace. Companies not getting in on hosting their own marketplaces or selling on other marketplaces may be leaving money on the table.
Social Commerce Becomes Even More Important
Of the top ecommerce trends in 2023, this one is perhaps the least surprising. The rise of social commerce will be familiar to anyone on social media - 55% of smartphone owners have purchased a product after seeing it on social media. The likes of TikTok, Instagram and Facebook have offered highly engaging shopping ads for years and the process is continually improving.
Frictionless ecommerce is the name of the game this year with the likes of Instagram Checkout and TikTok Shop streamlining product discovery and removing barriers to purchase. Buy products without ever leaving the app and without needing to input card details. Brilliant! Considering 87% of online shoppers use social media while making shopping decisions, it’s important that purchasing is easy. Google is working on Project Magi to make it possible to buy with Google Pay and never leave the search engine.
Whether the west will see a rise in WhatsApp purchases remains to be seen. Meta launched the first end-to-end shopping experience in WhatsApp with JioMart in India in 2022, and it’s clear the platform is central to the company’s plans for growth.
Focus on Omnichannel Retail
Delivering an excellent customer experience, improving loyalty, is something many businesses are striving to achieve. Omnichannel retail (also known as connected commerce) is the solution to this problem. Brands and retailers need to create online shopping experiences where their customers are choosing to shop, which means combining social media with your online store. Integrate the physical store as well, and make sure everything syncs seamlessly.
An example of this is advertising a product to online shoppers, which is currently available in their local store. No waiting on a delivery and it’s sustainable as well. Perfect!
It's easier said than done but in a world where 22.6% of website traffic are local searches (e.g., ‘near me’), it can be the difference between making a sale or losing one. Moreover, companies need to ensure their phone and emails communications are synced as well. The result is a flawless omnichannel retail experience that shoppers will love.
“The reality today is that rather than simply co-existing, the high street and online retail interact more than ever. In fact, according to our recent market research, 30% of UK shoppers browse online to decide what they’re going to buy from a physical shop.”Kevin Mathers, MD, Retail at Google
Second Hand Re-Commerce Showcases Your Sustainability Credentials
Marketplaces are growing but so too are consumer-to-consumer (C2C) marketplaces, otherwise known as re-commerce. With brands often criticised for fast fashion, more brands are creating their own marketplaces for shoppers to sell to others.
The likes of Boohoo, Shein and Zara are already offering these marketplaces and others are sure to follow. Zara is also offering their customers the ability to get their clothes repaired as consumers start thinking about their own carbon footprint. Furthermore, retailers including Flannels offer the availability of renting outfits rather than buying them.
Although some may accuse these retailers of greenwashing, this trend points to improving the links between large brands and the planet. With more brands likely to follow this year, uniquely this is one ecommerce trend in 2023 that isn’t about improving sales or profits.
Capitalise on the Top 5 Ecommerce Trends in 2023
It’s impossible to guarantee a sale but if nobody is able to see your products, nobody is going to buy them. That’s why ensuring your product data is correct and optimised for success is so important.
At Intelligent Reach, our clients often see an immediate uplift in their key metrics when they use our software. From improving impressions and clicks to a far better ROAS, there’s a reason companies including Marks & Spencer, John Lewis and Fitbit choose us.
Are you interested in improving your sales in 2023? Book a demo of Intelligent Reach today.
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