We have all seen the digital commerce landscape evolve this year and one thing remained constant- shoppers, whether B2B, B2C, DTC, are increasingly demanding personalized, omnichannel purchasing experiences. Online shoppers expect more, and companies are reacting by putting customer centricity and experience at the heart of their strategy.
As the team at Echidna thinks ahead about what the future of commerce will look like, we consider the next generation of shoppers, identify market opportunities, and look at which trends will help our clients drive growth long-term. Take a listen to this video as our clients and team discuss our approach to take our years of experience and proven practice to empower our clients with the tools to have a successful digital commerce practice, creating a true competitive advantage and disrupting the market.
And while every business is unique, the three trends listed below are leading the way in powering digital commerce forward for 2023.
Marketplaces are driving the next generation of eCommerce at lighting speed going into 2023. Over eCommerce storefronts, marketplaces will continue to take preference in 2023. Both B2B and B2C shoppers favor convenience, which makes marketplaces a preferred choice.
Some brands will choose to partner with current marketplaces such as Walmart, Amazon, or an industry specific option. If your brand goes this route, consider which ones make the most sense for your brand to partner with because not all of them will. And while you don’t own the data, marketplaces like this can offer a large channel for your brand to diversify and grow if done correctly.
However, increasingly many companies are not looking to simply join a marketplace, but build their own as a way to expand their footprint online. This will continue to become a popular strategy for both B2B and B2C in 2023 because of the intrinsic benefits that we don’t see in traditional commerce models.
If you are ready to build your own marketplace, Echidna has found several great technologies now exist to help simplify the process. Aligning with the right marketplace technology will allow you faster time-to-revenue so it is one of the most important decisions you can make to empower your foundation.
Social commerce is more than just product discovery and consideration, but is now the complete shopping journey, including the purchase all within the social platform. Over the past year, more than 70% of people have seen a product advertised on social media and then purchased it directly from their phone, with over half of those people doing it once a month or more.
Social commerce is much more than a transactional relationship between the consumer and brand. Social commerce allows a brand to interact with shoppers in a natural way, bringing a more personalized approach.
The days of “flat” eCommerce experiences are fleeting. Photos and even videos, while helpful, are now just one aspect of online shopping. As digital stores elevate beyond the original functionality of eCommerce, augmented reality (AR) is giving it the push it needs to evolve and shoppers are showing preference to brands that leverage this technology.
Augmented reality has the ability to create immersive shopping experiences both in-store and online which is why it continues to amaze. In fact, TechCrunch called AR the answer to plummeting retail sales during the lockdown. And while the lockdown has subsided, the growth of AR has not. According to Statista, the augmented reality market is valued at $30.7 billion and growing steadily.
No matter the selling model, AR brings numerous benefits. From increased engagement and conversion, AR not only gives users more information than flat/2D images, but can also help a user imagine what the item will look like on them, in their space, or more. This in turn has also been reported to reduce returns. Furthermore, the data generated with AR brings a true 360-degree view of users, illuminating insights on how products are selected, used, and experienced which can be fed back into improving the brand experience and products.
The journey of digital commerce requires a clear vision of the experience you want to create for your customers, partners, and internal teams. Going into 2023, our team continues to be dedicated to serving our client companies in the planning, design, implementation, and continuous innovation of their modern and profitable online commerce business systems.
If you need expertise evaluating which trends and technologies are right for your business, let’s start a conversation today.