Introduction
Hey friends! It's time for our quarterly look at what's happening in the world of e-commerce. There are so many exciting things going on that will affect how you sell online in 2023. I'll break down the top 12 trends into bite-sized chunks so you can understand them easily. Let's dive in!
Livestream shopping is getting hotter than ever
Have you heard of livestream shopping yet? It's when sellers broadcast live video to show and sell products. Viewers can buy with just a few clicks!
This trend is huge in China and is growing like crazy across Southeast Asia. In 2022, Southeast Asia's livestream industry was worth $35 billion! Companies like Shopee, Lazada and TikTok have all jumped on board.
Livestream shopping offers a fun and engaging way for you to showcase your products. Viewers feel like they're hanging out with you rather than just seeing ads. In 2023, more sellers will be going live to boost sales!
Social commerce is more than just buying on social media
Social media sites like Facebook and Instagram are obviously great places to sell stuff. But social commerce goes way beyond that now.
For example, messaging apps are becoming shopping channels. On WhatsApp, you can connect with sellers and even make purchases without leaving the app!
In China, buyers spent over $242 billion using social commerce in 2021. That's more than double what Americans spent online in total that year!
The social commerce wave is coming. Be ready to sell on any platform where your customers are hanging out. Facebook Shops, TikTok Shop, and more will be big opportunities.
The metaverse will bring virtual stores and products
You may have heard people talking about the “metaverse” - a virtual world where you can shop, play games and more. Major brands are getting ready to open virtual stores there.
In 2021, luxury brand Gucci made an undisclosed “high sum” selling a virtual bag for avatars! Nike bought a virtual shoe company. They see potential in virtual goods.
While it may take a few years to fully develop, get ready for the metaverse. You could sell digital versions of your products before expanding into physical ones. The tech might seem weird at first but will keep improving.
Buy now, pay later use is skyrocketing
Offering pay later options like installment plans is a big trend. Services like Afterpay let shoppers make 4 interest-free payments over 6 weeks.
Buy now, pay later (BNPL) options are popular with younger buyers. They don't like using credit cards with high interest rates. BNPL usage grew 400% from 2020 to 2021!
Offering flexible payments makes it easier for people to say yes to your products. Just make sure to choose legitimate BNPL services that buyers know and trust.
TikTok's not just for dancing anymore
TikTok isn't just for teens dancing and showing funny videos. It has over 1 billion monthly users - and many of them want to shop!
Brands big and small can reach a huge new audience on TikTok. Smart sellers are using it to drive traffic and sales through short videos.
TikTok Shopping launched in 2021, allowing brands to add shoppable product links. You can also go live or promote products in other creative ways.
In 2022, TikTok’s parent company ByteDance made TikTok Shop available to sellers globally. Don’t miss this massive opportunity to engage buyers!
Sustainability is crucial for Gen Z shoppers
Gen Z buyers (age 9-24) care way more about sustainability than past generations. They want eco-friendly and ethically made products.
A 2021 survey found 73% of Gen Z try to buy from sustainable brands. Make sure to highlight any efforts you make around sustainability.
Use eco-friendly packaging and shipping materials when possible. Talk about how you source materials or make manufacturing ethical. Gen Z has big spending power, so branding yourself as sustainable can win sales.
Voice commerce makes buying even easier
Imagine being able to buy something just by saying it out loud! That's voice commerce with smart assistants like Amazon Alexa.
Voice shopping is growing rapidly. It’s expected to exceed $40 billion globally by 2024! Smart displays like Amazon Echo Show also make voice buying more visual.
Optimizing for voice search helps buyers discover your products easily. When listing items say “Buy this ___” instead of just describing it. Make sure your brand name is easy to say correctly too!
Subscriptions are big business
Subscription services have boomed in recent years. Meal kits, beauty boxes, digital services - you name it!
The subscription e-commerce market already tops $479 billion globally. And it's expected to grow 10-15% a year through 2025.
Offering subscriptions or memberships helps you lock in recurring revenue. Consider how you could “box up” your products or services into a monthly offering.
You can even partner with similar brands to create a customized subscription box. The possibilities are endless!
In-Game shopping opens a digital market
Can you believe people are buying digital goods inside video games? It’s true!
In-game purchases like character skins or boosts will top $54 billion globally in 2022. Games like Fortnite and Roblox have in-game stores.
While not every business can break into gaming, it’s a sign of how digital commerce is evolving. As technology improves, keep thinking outside the box of what you can sell.
The need for speed drives quick commerce
Convenience is king these days. Buyers love delivery that’s fast and frictionless.
Quick commerce providers like GoPuff and Jokr promise delivery of everyday items in 30 minutes or less. The global market will likely exceed $300 billion by 2030.
Of course, you probably can’t deliver most products that quickly yet. But buyers do expect fast fulfillment. Make sure your operations and logistics can meet their need for speed.
Online grocery is growing at lightning speed
The online grocery market is booming thanks to COVID-19. Buying food and household supplies online went up 200% in 2020 alone!
Giants like Amazon and Walmart now offer grocery delivery and pickup. But many local stores are following suit.
Consider ways you could enable online ordering for food or other everyday products. Curbside pickup can help smaller businesses get started with e-grocery.
Online marketplaces continue to dominate
Selling on marketplaces like Amazon, Shopify, Shopee, Lazada and more remains essential for most e-commerce brands.
The global marketplaces industry hit $3.4 trillion in 2021 - up from $2.9 trillion in 2020! It will likely exceed $5 trillion by 2025.
As marketplaces expand into new services like fulfillment and delivery, they provide amazing opportunities to scale your business. Focus on optimizing your presence on relevant platforms in your region.
The future of e-commerce looks exciting!
Phew, we covered a lot of ground there! The e-commerce landscape is evolving at lightning speed.
Here are the key takeaways:
- Livestream shopping and social commerce are taking off
- New technologies like the metaverse and voice assistants open unique opportunities
- Speed, convenience and flexibility are critical to boost sales
- Online marketplaces remain extremely important
The future looks bright for sellers ready to adapt to new trends! E-commerce innovation will march on in 2023.
At Lameco, we can help you make the most of these opportunities. Our end-to-end e-commerce solutions empower brands to scale successfully on marketplaces and beyond.
Want to tap into the trends and grow your online sales? Get in touch today to explore how we can help!