Top 10 eCommerce trends you need to know for 2023

Discover the top 10 eCommerce trends for 2023 and set your business up for success.

1. Mobile Shopping

Mobile shopping, also known as MCommerce, is a practice that refers to the purchase of products or services via a mobile device, such as a smartphone or tablet. This can be done through mobile websites or mobile apps and allows customers to shop anywhere, anytime.

It is a form of online shopping that has become increasingly popular in recent years due to the convenience and ease of use of mobile devices, as well as the widespread availability of high-speed mobile internet.

By 2023 it is estimated that 8% of online purchases will be made via a mobile device and by 2025 this number will rise to 10%.

Make sure your website is optimized for mobile shopping if you don't want to miss out on a big chunk of sales this year. It is also a good time to consider investing in the development of a mobile app to facilitate customer usability.

4. Flexibility and variety of payment options

The evolution of eCommerce is going hand in hand with the development of different means of payment. From traditional cash, we have moved on to other technologies that allow online payment, such as credit and debit cards, mobile payment or eWallets.

Likewise, eCommerce is also opting for other forms of financing outside the banking circuit. One of these is known as Buy Now, Pay Later (BNPL), which is becoming increasingly fashionable. Until now, this option was reserved for large purchases by certain retailers, but the aim is for it to be used for any purchase, regardless of the amount.

In fact, according to the "Commerce and Payment Trends Report 2022", prepared by Global Payments, up to 65% of merchants were offering BNPL as a means of payment in 2022. In the future, this possibility will be a must, rather than a merely added value, but it is clear that 2023 may be the year of its definitive consolidation.

5. Commitment to sustainability

Sustainability, far from being an added value for companies, has become a necessity, and eCommerce businesses have not been an exception to this new reality. Consumers are increasingly aware of environmental care and ethical and social responsibility, which has an impact on their consumption decisions.

Sustainable eCommerce is based on analysing each and every one of the waste and polluting emissions generated by the production process, as well as its consumption of energy, water and other resources. And not only as marketers but throughout the entire value chain.

How can you make your eCommerce business more ethically sustainable?

Pivoting your business model towards a more sustainable model and knowing how to communicate it to users will make a big difference. We know it is not an easy task but it is time to start taking small steps towards making your business sustainable.

Some suggestions:

Offset carbon emissions. When pollution is unavoidable, you can take small actions that can help reduce the impact of your shop's carbon footprint on the environment. For example, donating part of the proceeds to a carbon footprint charity, incorporating a "click & collect" system to reduce shipping pollution, or other projects that you can involve customers in.
Host your data on data servers that run on renewable energy. You may never have thought about this, but opting for a more sustainable data server can save up to 84% in carbon emissions.

6. Increased use of voice assistants for shopping (Voice Shopping)

Voice assistants, such as Amazon Alexa and Google Home, allow users to make purchases through voice commands, rather than having to manually navigate a website or eCommerce app. This can be especially useful for people who have difficulty using a keyboard or touchscreen.

In addition, these assistants can provide a more natural and conversational shopping experience, as users can talk to the voice assistant as if they were talking to a person. Some voice assistants, such as Amazon Alexa, can store information about the user's previous purchases and preferences to facilitate future purchases.

How can you take advantage of this trend for your eCommerce?

Incorporate long-tail keywords in your web content and products. When consumer search for items via voice assistants, they tend to use more complex expressions. For example: "white trainers size 8" instead of what would be a more usual typed search such as "trainers".
Answer the most frequently asked questions. Keep in mind that most voice searches come in the form of a question. If you make sure you cover the most frequently asked questions either directly on product pages, or by dedicating a blog post to them, you'll have a better chance of these types of users finding your shop.

7. Emergence of subscription-based models

The emergence of subscription models in eCommerce has become increasingly popular. These models offer customers the possibility to subscribe to a service or product and receive it on a regular basis, rather than having to buy it each time. This has several advantages for both customers and sellers.

For customers, subscription models can offer greater convenience, as they do not have to worry about remembering to buy a product on a regular basis. They can also save them money in the long run, as many services offer discounts to subscribers.

For vendors, subscription models can provide greater cash flow stability, as subscribers pay regularly for a product or service. They can also help marketers improve their relationships with customers because subscribing to a service or product tends to make them more loyal.

8. Growth of cross-border eCommerce

Cross-border eCommerce refers to commercial transactions that take place over the internet between buyers and sellers in different countries. With the increase in global connectivity and the ease of access to eCommerce platforms, more and more people are buying and selling products and services internationally.

This type of eCommerce has experienced significant growth in recent years, driven by factors such as increased confidence in online shopping, the availability of international shipping options and the lowering of trade barriers.

According to an eMarketer study, cross-border eCommerce will reach $1.4 trillion by 2022, with annual growth of 17%. This represents a significant increase compared to the $786 billion in cross-border online sales recorded just five years earlier.

Starting to operate in other markets is not an easy challenge. There are numerous social, logistical and economic barriers.

RITMO can help you manage your international payments and trade like a local in different countries from a single multi-currency account. This allows you to pay and collect in the local currency without having to open a bank account in the country.

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