Since 2020, the eCommerce industry has seen unprecedented growth. In order for brands to continue improving and growing, some adjustments need to be made to accommodate consumer trends and preferences. Check out our top 5 eCommerce recommendations for 2023.
1. Invest in Multi-Channel Branding
The first eCommerce recommendation for 2023 is to invest in multi-channel
branding opportunities. This can include expanding your brand across social
media, email marketing, paid search, brick-and-mortar retail, and more. While many customers still opt for the online shopping experience, companies should look to expand their offerings to reach customers through a variety of channels. With almost ¾ of consumers exploring different buying channels before making a purchase, it is vital that a brand creates a presence across more than just their online storefront. This allows you to connect with potential customers across numerous touchpoints, gain a better understanding of customer behavior, and tailor your brand to your customers’ needs.
2. Consider Social Commerce
Social commerce sales in the United States are expected to grow by 34.4% this year, reaching $53.1 billion. As this is still an emerging market, brands have the opportunity to emerge on social platforms like TikTok and build trust with consumers. Among social media platforms, TikTok is forecasted to gain 9.6 million buyers in 2023, higher than other major social platforms combined, which can be seen in the graph to the left.
eMarketer forecasts that half of social users are expected to make a direct purchase this year, with TikTok buyers surpassing Instagram and reaching parity with Facebook this year. Utilizing social commerce in your marketing plan can help you grow your audience, increase engagement, build customer trust and brand loyalty, and help improve your overall sales and brand visibility.
3. Invest in Green Commerce Initiatives
Developing a more sustainable and eco-friendly brand could be the key to long-term eCommerce success. As of June 2022, 54% of adults surveyed answered that sustainability is important to where they shop for clothing. This trend can be seen most clearly within those who are in Gen Z and Gen Y. 56% of Gen Z and 47% of Gen Y respondents indicated they were willing to spend more on
brands creating sustainable products, shown in the graph above. While these are currently the age groups that have less spending power, over the next several years they will become more prominent buyers in the market. By appealing to their values now, as their spending power increases, they will be more likely to purchase from your sustainable brand.
4. Offer Flexible Payment Options
Payment options including Buy Now, Pay Later (BNPL) have grown in popularity across eCommerce platforms to allow consumers more flexibility when it comes to purchasing their products. As seen in the graph to the left, it is forecasted that almost $100 billion will be borrowed through BNPL options in 2023. Adapting
this technology onto your eCommerce storefronts can help your brand appeal more to younger generations and increase sales overall. In addition to the overall convenience these payment options offer, BNPL allows consumers to purchase products more affordably while avoiding the high interest rates that come with credit cards.
5. Improve Delivery Efficiency & Transparency
Many customers look for speedy and inexpensive shipping costs when purchasing
online. While some companies may not be able to offer the shipping speeds seen on large marketplaces like Amazon, transparency with customers is the key to success. If there is a delay or shipping issue, communicating with the customer and keeping them up-to-date on their order status can help encourage them to be a repeat buyer despite the shipping delay. 69.7% of buyers say that when they are not kept informed on their order status, they are less likely to be a repeat customer. Essentially, communication with the customer is a vital part of maintaining customer satisfaction and developing brand loyalty.
6. BONUS Recommendation: Consider B2B eCommerce Platforms
Now more than ever, businesses are looking to make purchases online upending the traditional model of rep relationships, in-person negotiations, local inventory availability, and limited supplier options. New business-to-business (B2B) marketplaces, platforms that connect buyers with vendors online, are emerging quickly. B2B marketplaces have leveled (improved!) the playing field for sellers, providing advantages in new customer acquisition, global reach, price comparisons, and topline sales volume increases. To be successful in this new digital-first frontier, there are many considerations brands and manufacturers may want to weigh before diving in. For more information on B2B marketplaces, check out our free B2B White Paper!
More About aiCommerce
If you are looking to implement any of these recommendations but are not sure where to start, turn to aiCommerce for help. aiCommerce is a global digital marketing agency with a focus on retail and eCommerce marketplaces. Started by three digital marketing experts, aiCommerce is primed with decades of digital marketing experience and backed by our 90-day grow and know guarantee, we can help your brand grow across eCommerce channels to gain brand awareness and increase sales! Now is the perfect time to utilize our eCommerce experts to help grow your business. Click the button below to qualify for a free listing audit from aiCommerce to jumpstart your eCommerce growth!
