6 E-commerce Trends for 2023

Online store owners had good reason to celebrate when the Department of Commerce released its Retail E-Commerce Sales Report. E-commerce sales for the first quarter of 2023 made up an impressive 15.1% of all sales in the U.S. Overall, e-commerce sales are increasing at a faster clip than brick-and-mortar sales. Yearly online sales in the U.S. exceed a trillion dollars. You can nab a larger piece of that pie when you use the following E-commerce trends for 2023.

 

Marketing Trends

An entire generation has grown up around the internet. These shoppers expect more from their online interactions. You can deliver an interactive online shopping experience using the following e-commerce trends to market your online store.

 

1.Product Videos

Product videos will do wonders for your online store. Consider the following statistics from Tipping Point Labs. A product video will make users up to 85% more likely to buy your product. And using product videos for your online store will make your website 53 times more likely to reach the front page of Google search results.

Product videos give viewers in-depth information about your product. They’ll be able to see the product from all angles. And best of all, viewers can see your product in action.

 

2.Live Streaming

Live streaming offers all of the benefits of product videos and more. But while product videos are static informational tools, live streaming gets your audience involved. Customers can ask questions and even buy while you showcase your product in a live video.

Live streaming can occur on social media, your website, or be a special event for only your most loyal fans. The idea behind live streaming is to create a sociable mood and a “get it before it’s gone” atmosphere.

 

3.Augmented Reality

AR online shopping is an e-commerce trend that will blow up online shopping statistics in 2023. After all, it removes one of the most common barriers to online shopping: the inability to “try it on.”

Augmented Reality lets shoppers try your products before they buy. From make-up to clothes to furniture, shoppers can “see” how it looks before you even ship it. It’s a win-win that can reduce the returns online retailers must process.

 

Payment Trends

You’re behind the times if your online store only accepts credit cards. Offering customers multiple ways to pay is an e-commerce trend in 2023 because it can increase sales. Consider adding the following payment options to your online store.

 

4.Digital Wallets

Digital wallets store more than credit card information. A “wallet” in the truest sense, customers can store everything from coupons to gift cards. But the appeal of a digital wallet lies in its security features. Rather than sending credit card information to merchants, digital wallet apps send a one-time use token.

 

5.Buy Now, Pay Later

Online merchants that sell big-ticket items can increase sales by accepting payment from a buy now, pay later service (BNPL). According to The Ascent, about half of consumers have used a BNPL service.

Big retailers like Amazon and Walmart offer their customers ways to buy now and pay later. And several apps and services have popped up to give every online retailer the opportunity to provide their customers BNPL.

 

6.Cryptocurrency

Americans spend more than $1 million with Bitcoin every day. And now that big companies like Microsoft and Starbucks accept cryptocurrency, consumers will expect other retailers to follow suit.  

Cryptocurrency offers several benefits to retailers and consumers alike. First, cryptocurrencies are more secure than credit cards. And unlike credit card companies that may pull their payment if the customer makes a complaint, cryptocurrency payments are irrevocable. Finally, you’ll pay lower fees on sales made with cryptocurrencies.

Still, cryptocurrency has its downside as one of the online shopping trends of 2023. Accepting cryptocurrency will have tax implications for your online business. And the value of cryptocurrency fluctuates. Educate yourself on the pros and cons of cryptocurrency before accepting it as a payment method for your online store.

 

Final Thoughts on Trends for Online Stores in 2023

E-commerce sales are on the rise. Online sales grew 8% in the first quarter of 2023. But most of those sales will go to retailers that embrace these trends for online stores in 2023. Offering the latest shopping experiences and payment options will inspire trust from your customers.

Product videos and live streaming will help you make a human connection on the other end of the virtual landscape. And offering multiple payment options will give customers the peace of mind that their information is safe when they purchase from you. These trends for online stores, along with offering quality products sourced from TVC Mall, will help you take a bigger bite out of the $1 trillion pie that represents yearly online sales.