New year, new trends for e-commerce! Even though shoppers are heading back to the store to shop in person, the e-commerce industry still shows signs of growth. According to research, the global e-commerce market is expected to grow to 27.15 trillion by 2027, which is a growth rate of over 14.7% from 2020 to 2027.
Even though the industry is growing, the way we shop is constantly changing. Shoppers are no longer stuck at home or shopping online for every necessity. This means e-commerce businesses must revise their marketing strategies and stay ahead of the trends if they want to connect to the modern-day consumer.
Here are six consumer trends to keep on your radar in 2023:
Discounts, Deals, and Promotions
Even though there are signs that inflation is slowing or has finally peaked, tension and anxiety about the economy are still high. This means many individuals plan to tighten their spending throughout 2023 and be more conscious about their shopping habits.
Small businesses can continue to connect with shoppers by offering deals and discounts. Deals and discounts are great tools that can help you drive sales and keep shoppers engaged with your brand, even during times when budgets are tight.
The Power of TikTok
It’s no secret that TikTok is one of the most influential social platforms. This social platform has dramatically changed how consumers discover new products and services – and has literally caused products to sell out in seconds. Studies suggest that over 56% of TikTok users use the platform just to discover new products – which means over half of the users are ready to make a purchase.
As e-commerce, you can capitalize on this potential by utilizing influencers and content creators. If you have a great product and a brand, you can also set up your own account and create your own content. The best part about TiKTok is you won’t need to create content that has a professional look or feel. Keeping things organic, fun, and lighthearted is a great way to blend in on the feed and get your brand noticed by your target audience.
Better Return Policies
Did you know that over 67% of shoppers check the return policy before making an online purchase? Now that shoppers can go in person to buy clothes or make a big purchase – risky return policies aren’t as appealing.
The top return policy frustrations are the fees associated with returns, such as restocking and shipping fees. However, it can be challenging for small businesses or e-commerce to provide free returns.
To keep business coming to your website, you’ll want to offer low-friction return options and update your site to provide a more risk-free shopping experience. The best way to tackle this task is by improving the shopping experience so you can avoid returns overall. Consider updating your size charts, creating an FAQ, or adding reviews on the product pages. These small changes will ensure your loyal customers will shop on your site, regardless of the return policy that’s in place.
Build Your Local Presence
Shoppers are returning to in-store shopping. This means enhancing your local presence can help you keep your brand top of mind with the consumer. But the trust in opening up a brick-and-mortar business doesn’t make sense for all e-commerce companies.
Instead, consider how you can enhance your brand visibility overall. Work on resting content that reflects your brand story and mission. Consider partnering with other retailers or opening up a pop-up shop for a weekend. Think outside of the box and text the waters with different ideas!
Personalization and Segmentation
Customers no longer want to spend countless hours shopping through pages of products to find what they are looking for. They want a personalized shopping experience that is both stress and hassle-free. They want to find exactly what they are looking for with a few clicks of a button. (Which is why retargeting ads work so well!)
Businesses can capitalize on this consumer trend by adding a live chat to their site, creating quizzes to help individuals find what they need, or adding personalized shopping assistance. You can also segment your email marketing to reach a specific audience. This ensures their inbox is filled with content they are interested in purchasing.
Buy Now, Pay Later
Over 64% of consumers have used at least one BNPL service. These are popular shopping options among younger consumers and allow individuals to increase their spending budget without worry.
If you haven’t enabled at least one BNPL tool on your e-commerce, your shoppers might not come back to make a purchase until payday – which means you risk increasing your abandoned cart rate.
Stay Ahead of Consumer Trends With Byte Technology
2023 is the year for you to think outside the box and step outside your comfort zone. If you want to stay relevant in the new year, you’ll need to stay ahead of the consumer trends and look for new ways to market your brand to your shoppers.
If you’re ready to take your e-commerce strategy to the next level, contact us today.