Future-Proofing Your E-Commerce Business: Trends and Forecasts for 2023

By admin

  • June 27, 2023,

COVID-19 proved to be a turning point for the e-commerce industry. With physical movements restricted, it made online stores the go-to shopping destination. And while offline retailers have reported an impressive recovery in footfalls and sales in the last couple of years, consumers continue to shop online.

According to a report, the B2C e-commerce market in India is expected to reach $107.3 billion in 2023, growing at 10.75% annually.

But to keep up with the momentum, online stores must understand the rapidly evolving consumers and adopt the latest trends making the biggest impact. Check out 3 e-commerce trends expected to make a splash in 2023-

1. The Era of Synthetic Media

The launch of ChatGPT by OpenAI has opened the floodgates for using synthetic media in online marketing. Synthetic media is any content enabled, generated, or edited by Artificial Intelligence (AI). Several brands have started using such AI tools to generate pictures and articles.

But as AI and synthetic media will go more mainstream in 2023, it is essential for brands and marketers not to lose their voice. Your content should resonate with your target customers and not just be to fill up space on your website or marketing emails.

2.Offer a Seamless Mobile Shopping Experience

Mobile commerce, or m-commerce, is one of the fastest-growing subdivisions of e-commerce. Between 2023-2028, the global mobile commerce market is expected to grow at a CAGR of 33.27%. And with the rapidly growing reach of cheap mobile internet, Indian consumers will play a critical role in the development of m-commerce.

With consumers expecting online retailers to offer on-the-go shopping convenience, having a user-friendly mobile store is an absolute must. If you donโ€™t have one, consider investing in a mobile app or shopping website.

3.Social Commerce and Live Commerce

The digital landscape is a breeding ground for new and innovative marketing channels. For instance, besides running ads on social platforms, brands should also add social commerce to their marketing arsenal. It already has a market size of $2 billion in India and is expected to grow at an impressive CAGR of 50%-60% in the next 5 years. TikTok and Instagram have also launched shopping features.

Another channel worth considering is live commerce. It is the process of promoting and selling products on digital platforms through live streams, generally by collaborating with influencers. Amazon has already launched Amazon Live, where it uses an army of 150+ influencers to sell products through live streams.

Start Leveraging the Latest E-Commerce Trends

The e-commerce industry is moving fast, and early adopters are often the biggest beneficiaries. If you’re working on your marketing plan for 2023, note these 3 e-commerce marketing trends to fulfill the consumers’ expectations and pave the path for consistent growth.

You can also consider working with a leading digital marketing agency specializing in e-commerce marketing to leverage these trends and future-proof your business.

 

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