Ecommerce growth both in B2C and B2B is not stopping. Merchants drive their business and operations while looking at the "next thing". Kirk W. McLaren wrote an insightful article on Forbes about Ecommerce trends that may change the future of commerce.
Let's explore 6 of these trends to watch for in 2023 and key actions for merchants:
AI-Generated Noise
The rapid proliferation of AI-generated articles and visuals is revolutionizing content marketing. However, it's important to note that the effectiveness of such content is diminishing. To achieve desirable results, it is necessary to develop "that's me" messaging that deeply resonates with your ideal customers. Fine-tune your focus on specific niches to make a lasting impact.
Pricing Pressure
In the open world of Ecommerce, customers have the ability to compare prices easily. This places immense pressure on sellers to avoid commoditization, particularly on platforms like Amazon. To differentiate your products successfully, it is crucial to implement effective strategies. With careful execution, you can achieve value-based pricing, which outperforms traditional marketing-driven pricing.
80/20 Customer Segmentation
To prevent commoditisation, it is essential to identify your customer segments. Focus on what makes the top 20% unique and develop strategies to retain and expand this valuable customer base. This approach will not only bring you more joy in your work but also offer financial freedom through dedicated service to customers who truly appreciate it.
Social Commerce
Major social media platforms such as Facebook, Instagram, and Pinterest are rapidly emerging as significant players in the Ecommerce landscape. With the integration of shopping features within these platforms, such as Instagram's Checkout and Facebook's Marketplace, users can make purchases without leaving the familiar social media environment. This seamless integration is expected to propel social commerce growth in 2023 and beyond.
Customer Experience
Today's consumers crave personalised shopping experiences, and e-commerce retailers are responding by leveraging data analytics and AI to provide tailored product recommendations, targeted advertisements, and personalized email marketing. This trend is expected to continue its upward trajectory in 2023. Retailers will increasingly rely on customer data and predictive analytics to deliver unique and customised shopping experiences.
Augmented Reality (AR) and Virtual Reality (VR)
The advent of AR and VR technologies is reshaping the online shopping experience. By allowing customers to virtually try on clothing or envision how furniture would look in their homes, retailers can offer an engaging and interactive purchasing process. Expect to see increased adoption of AR and VR in 2023 as retailers harness these technologies to enhance customer satisfaction.
