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Did you know that there are more than 26 million e-commerce websites in the world? Not only this but more and more e-commerce sites are created every day. This implies that with the growing fondness for online shopping, the competition between e-commerce development companies is also growing by leaps and bounds.
If the enormous competition makes you feel anxious, the only way to future-proof your online business and get rid of all the worries is by matching strides with e-commerce technological advancements. Every now and then a new technology is born which abruptly shakes the world of online business. It is only by persistently upgrading your e-commerce company in congruence with these latest technological trends that you can get crowned with thriving success.
Here are some cutting-edge e-commerce technologies to eye on in 2023.
10 Top E-commerce Technology Trends in 2023
1. Livestream Commerce
Today, livestream commerce has emerged as one of the most spectacular e-commerce technology trends. It enables brands to seamlessly sell their products to online audiences in real time similar to how TV shopping channels do.
If we go by the statistics, livestream commerce contributed to whopping sales of approximately $200 billion in China and $ 11 billion in the US in 2020. Seems incredible, doesn’t it? Every now and then, the audience wants something new to stir their curiosity, and right now, live streaming is serving the purpose for them.
If we look at the business side of things, livestream commerce is potent for driving faster sales, incredible product education, enhancing customer reach, boosting consumer loyalty, and escalating profits. Who doesn’t want to reap all these benefits for their e-commerce company?
As we move forward in the spiral of time, livestream commerce is gradually spreading its wingspan. According to experts, its fondness is only going to enhance further in the times to come. So, if you aspire to gain enduring success for your online store, you can’t overlook livestream commerce at any cost.
2. Social Commerce
As the name suggests, social commerce involves employing various social media channels such as Facebook, Twitter, and Instagram to sell products and services online. According to statistics, 4.95 billion people currently use social media platforms throughout the globe, and this number is expected to climb to 5.85 billion by 2027.
In light of these numbers, it is clear that today, social commerce can give you wider access to audiences worldwide as compared to any other platform. As of now, there are 10.7 million social commerce buyers only in the US. Besides, research also suggests that social media is the source of discovering new brands and products for approximately 64% of the users in the US.
If you envision your e-commerce company exploring new horizons of success, social commerce can unarguably serve as the first stepping stone toward fulfilling your vision. However, while creating a social commerce strategy do not forget to choose target audience-centric social media platforms.
3. Buy Now, Pay Later (BNPL)
Buy Now, Pay Later (BNPL) is one of the rising e-commerce technology trends. It gives customers the freedom to make purchases, and then pay for them later over a period of time. Given the rising costs of living, not everyone can afford to pay for the desired products and services in one go.
Under such circumstances, BNPL acts as a source of delight for them as it enables them to buy the desired stuff in return for just an initial down payment. Another advantage of BNPL is that it offers these short-term loans at a 0% interest rate, which makes it a golden ticket for customers.
As of now, more than half of the consumers are using BNPL services due to the convenience it renders. PayPal’s Pay in 4, Klarna, Afterpay, Affirm, and QuadPay are some popular BNPL options customers can access today. By not integrating your e-commerce store with BNPL you run the risk of losing your precious customers to your competitors who do. So, it’s high time you start considering this online shopping technology trend if you haven’t done it already.
4. Buy Online, Pick-Up in Store (BOPIS) or Click and Collect
Buy Online, Pick-Up in Store is a new e-commerce trend that has become the talk of the town. It integrates online shopping and in-store shopping to provide customers with a middle ground that gives them the experience of both worlds.
They can explore a whole range of products in a hassle-free manner sitting in the comfort of their homes, buying or reserving a product online, and then picking it up from the store. There are several factors why numerous consumers are inclined towards BOPIS, such as avoiding shipping costs and not having to wait for product delivery.
When it comes to businesses, the benefits of BOPIS include fast fulfillment of orders, financial savings due to reduction in costs associated with shipping, and increased probability of impulse buying when customers visit the store.
5. Mobile Commerce
Did you know that more than 50% of all online purchases during the 2022 holiday season were made through a smartphone? Seems intriguing, doesn’t it?
The ubiquity of smartphones has made it possible for people to access online shopping websites anytime and from anywhere. Besides, more people possess smartphones than desktop computers and laptops. According to experts, there will be approximately 7.7 billion smartphone users in the world by 2027.
Given that, if your e-commerce site isn’t mobile-compatible you may risk losing a precious bank of customers. So, mobile commerce is unarguably one of the e-commerce technology trends you should have your eye on in 2023.
6. Personalization with AI
Research suggests that 80% of customers are more inclined to buy products and services from an e-commerce store that offers personalized experiences. From this revelation, you can sense the pulse of today’s customers which throbs with personalization.
Hence, phenomenal personalization with Artificial Intelligence (AI) is the need of the hour for any business aspiring to outperform its competitors today. AI can analyze customer data, understand their preferences, derive valuable insights into their shopping behavior, and tailor experiences accordingly. If you have ever found yourself amazed by personalized Instagram suggestions or YouTube watch recommendations, you have already experienced the magic of AI.
When it comes to the benefits your business can reap by investing in this leading e-commerce technology trend, the list is enormous. Enhanced customer experience, increased revenue, reduction in churn rates, better brand reputation, and word-of-mouth marketing are some elements on the list.
7. AI-assisted content creation
According to the current scenario, content is the invisible thread that possesses the potential to link your company to the customer’s hearts. After all, we are always surrounded by content. Whether it’s a search engine or a social media platform, all it’s delivering us is content.
This has made content marketing an indispensable part of any business strategy. If you or your content creation team has ever suffered from a creativity block, AI-assisted content creation can prove to be a boon for you. It is one of the most fabulous e-commerce technology trends you can come across in 2023.
Cutting-edge AI tools like Chat GPT have taken AI content generation to a whole new dimension. It is a top-notch chatbot that can answer any question you ask in a conversational way. It has the potential to pull you out of the deepest creativity blocks by offering incredible ideas based on the data it has been trained on.
Besides, other phenomenal AI tools can also automatically generate captions for your social media posts, provide audio descriptions of visual content, simplify your content, and suggest grammatical corrections.
8. Headless Commerce
Headless Commerce is a phenomenal technology that has been creating a buzz for some time now. According to a survey, 57% of business leaders plan to switch to headless commerce in the next two years.
This ingenious technology decouples your e-commerce site’s frontend from the backend, which makes it capable of delivering content to any frontend framework. The biggest possible implication of this development is that consumers are no longer bound to access your site from smartphones, desktop computers, laptops, or tablets.
They can also use Internet Of Things (IoT) powered gadgets like smart speakers and fitness devices to purchase products and services. Imagine, how many new e-commerce sales possibilities will open for you if you make headless commerce your indispensable companion.
9. Voice Search
We, human beings, have a tendency to move towards maximum comfort and minimize effort. Gone are the days when people would type to search for things on the internet. Today, a majority of people are using voice search as it is more convenient.
Sensing the pulse of consumers, some e-commerce companies have already integrated voice search into their online shopping sites. It has been associated with phenomenal benefits such as an enhanced e-commerce sales, customer experience, overall market reputation, and customer loyalty. Given that, voice search might be the precursor to your online business’ next big evolution. So, what are you waiting for?
10. Augmented Reality (AR) and Virtual Reality (VR)
Augmented Reality and Virtual Reality have captivated the hearts of online businesses and customers alike. These phenomenal technologies provide online shoppers the dreamy powers to try on clothing virtually and visualize how the things they are planning to buy will look in their homes.
Wayfair, a US-based e-commerce company that deals in furniture has its AR and VR apps for customers to analyze how furniture will adorn their home or office. Such virtual trial features not only leave audiences awe-struck but also encourage them to visit the particular e-commerce site over and over again.
By leveraging the power of these cutting-edge technologies you can unarguably take your e-commerce business to a whole new dimension of success.
Let’s Wrap Up
In the words of Bill Gates, “We’re changing the world with technology”, and we all know how true this statement is. Technology has revolutionized all spheres of our lives, and business is no exception. With the rise of e-commerce, the world of business underwent an irreversible change. Not only that, novel technological advancements are further introducing new irreversible changes in e-commerce every day.
Consistently upgrading your online business in line with the latest advancements in technology is the key to staying ahead of your competitors and drenching in the rain of enduring success. If you need any kind of assistance in your endeavors, LN Webworks, a leading Web development company can beacon you in the right direction. Contact us Today.