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Online shopping is an ever-growing trend. Whether buying clothes, electronics, or anything in between, online shopping has become the most convenient way to shop. With the convenience of online shopping comes the convenience of online payments. The rise of online payment methods has made online trading a smooth no-problem adventure for consumers and retailers alike. eCommerce is expected to grow at an annualized rate of 12.7% through 2023. This will make eCommerce a $6.2 trillion value industry by 2023, up from $5.2 trillion in 2021, in accordance with Statista research, and accounting for 34% of overworld retail turnovers by 2024.
More people are using the internet for shopping than ever before and trends in the eCommerce industry will persist. The upcoming generation of eCommerce is going to be all about convenience, with mobile devices and wearables playing a huge role in how we shop. It's not just about shopping on the go but also about being able to get the best customer experience. In addition to mobile, the future of eCommerce is also going to be all about personalization, with new technology such as artificial intelligence helping personalize shopping experiences for customers.
2021-2022 eCommerce trends roundup
The eCommerce industry is constantly changing. With new technologies and innovations being introduced, the eCommerce industry is growing at an exponential rate. As a result, there were many new trends emerging in the eCommerce industry, some of which had a lasting impact and others that were only temporary. The following are the current trends in eCommerce that had a lasting impact on the future of online marketing in 2021-2022.
- The augmented reality created a digital experience for consumers.
- The shift to mobile devices continued.
- Influencers continued to rise in popularity.
- Artificial intelligence became more prevalent and integrated into many aspects of eCommerce.
- Customer service shifted to more personalized and up-to-date with social media trends.
- eCommerce companies focused on providing a better experience for shoppers and their customers by providing personalization and customization options.
- Online shopping continued to grow in favor as more people use the internet as their primary source for purchasing goods and services, thus increasing consumer spending on eCommerce.
- Big data provided retailers with an opportunity to deliver customized experiences for their clients by using advanced analytics.
Let’s pay attention to some aspects of emerging eCommerce trends in the global market.
The highly competitive eCommerce landscape
A recent report by Daniela Coppola and the U.S. Census Bureau found that eCommerce sales are expected to grow by about 20.4% by the end of 2022. This means that the eCommerce landscape is getting more competitive and the market is becoming saturated with new eCommerce companies almost due to the influence of Covid-19. With so many companies competing for customers, one must be creative in order to stand out from the crowd as Facebook ads, for example, costs 47% more than a year before. So trying new marketing channels like TikTok, Snapchat, or Pinterest can be a solution.
Cross-border eCommerce growth
Many businesses are reaching their growth limits in the domestic environment. As a result, many are moving abroad to seek more opportunities. The U.S. has been losing 76% of shoppers to countries like China and India, as well as Mexico and Canada. However, there is still plenty of room for growth in the global economy, and this is where businesses need to look for new prospects. The world has become a very small place and it's not just about buying goods from other countries, but also about selling goods from other destinations.
In order to stay competitive, modern international eCommerce trends make companies go global in order to overcome their growth bottlenecks. Companies like Amazon, Alibaba, and Etsy have been opening their doors to international customers with the aim of expanding their global influence. This strategy has been successful for many eCommerce companies as it has allowed them to gain a competitive edge on the market.
Alternative financing popularity increase
In today’s highly-competitive business world, it is necessary for a company to have a broad range of financial instruments that are tailored to their needs. Financial instruments are meant to help businesses grow. There are different types of financial instruments such as cryptocurrency, credit cards, and crypto cards that a company can use online. Most online businesses now choose eCommerce payment trends of a cash injection, such as revenue-based financing (RBF) and inventory financing. These instruments give businesses a number of different ways to raise money for their checkout operations. This offers customers the flexibility to choose the best payment method and bring money to the business owner.
eCommerce Trends for 2023-2024
In the upcoming years, eCommerce omnichannel trends will continue to grow and become a major part of the global economy. Nasdaq assures, that by the year 2040, it’s estimated that 95% of all purchases will be through eCommerce. The rise of eCommerce is expected to bring with it increased competition and change in consumer behavior. There will be more digital natives who are comfortable with technology and are looking for products that are easy to buy and ship.
As technology continues to advance, so does the ease with which people can shop online. According to OptinMonster, 93.5% of global internet users have purchased products online. They will also be looking for more personalized shopping experiences. Retailers will need to be aware of these changes, so they can better tailor their products to fit the needs of their customers. From virtual try-ons to unlimited free shipping, shopping online has never been easier.
AI & ML employing growth
The future of shopping is bright with the increased use of artificial intelligence and machine learning. There is a whole new way to shop and we are finally starting to see the benefits of it. Companies like Amazon are already using these technologies to provide a personalized shopping experience for their customers. When you visit a website like Amazon, the website can tell what you have liked in the past, what you are looking for now, and what you might like in the future. This is a great way to provide a personalized experience that keeps you coming back. That is why 59% of Millennials will go to Amazon first when online shopping, making the giant online retailer one of your biggest competitors.
Further mobile eCommerce growth
Mobile eCommerce trends are continuing to grow as more consumers use smartphones and tablets to shop online. It is not a problem to spend 2 billion on Cyber Monday anymore using mobile devices. This is important because it allows shoppers to do their shopping anywhere, anytime. 40% of all online purchases made during the holiday time are done on smartphones. Online retailers are also able to offer new services and features that were not available before. For example, most online retailers can now offer customers the option to watch a video of how to use a product, read reviews, or even order the product right from their mobile device. This makes mobile commerce an exciting way for retailers to reach their customers.
Use of VR & AR growth
The use of virtual and augmented reality is quickly becoming a new standard in the marketing world. This technology allows consumers to have an immersive experience with products without having to physically purchase the product. Virtual and augmented reality can be used to try on and visualize different clothing items, as well as learn more about the product. The use of this technology is growing quickly and will continue to change the way that consumers interact with brands.
Fast delivery in high demand
As the old saying goes, “time is money”. For the time being, it seems that same-day or one-hour delivery options are becoming more and more popular. Some major retailers, including Walmart and Target, have already implemented this service in select markets. And now Amazon is getting in on the game too—they’re offering one-hour delivery for Prime members in six cities across the US.
Customers are becoming more and more comfortable with the idea of getting their items as quickly as possible. Temando's data found that 80% of shoppers surveyed want same-day shipping, while 61% want their packages even faster—within 1-3 hours of placing an order. This is a good thing for business and will help to keep customers happy.
Social commerce growth
As eCommerce becomes more competitive, social media influencers are becoming more integral to marketing strategies. Influencers, who are also known as brand ambassadors or brand partners, are a valuable asset for eCommerce companies because they have a large following of people who are passionate about the product and will be willing to share their opinion on social media. Influencers are now able to leverage their influence through social media, which has become the largest marketing platform in the world. 25% of US shoppers consult social media before buying a gift for friends and family.
And what is also vital about mobile shopping, is that social commerce sales are set to triple by 2025. Influencers are not just celebrities who are famous for their looks or personal lives, but also people who have a large following on social media. The rise of influencers has created an opportunity for brands to use social media to reach new audiences and gain new customers. For instance, according to Shopify, 85% of orders from social media sites come from Facebook.
Subscription economy increases
The subscription economy has continued to grow, with more and more businesses offering recurring delivery of products such as food, beauty, and clothing. In 2022, the global market for subscription services reached $7.4 billion, an increase of 17% from 2020. It's no surprise that this is one of the growing eCommerce personalization trends, with consumers becoming more comfortable with the idea of paying for a service or product on a recurring basis.
For example, companies like Costco and Target have begun offering memberships that offer members the option of receiving their monthly order on a specific day, or they can choose to receive their order every week. Segmented campaigns to email subscribers drive a 760% increase in revenue. Consumers are demanding more convenience, and businesses are responding with an increasing number of subscription-based offerings.
Use of Blockchain technology growth
In the eCommerce ecosystem, Blockchain technology has been around for a few years, but it has been gaining traction recently. In general, credit cards are the preferred method of online payments, being chosen in 53% of transactions, followed then by digital payment systems (43%), and debit cards (38%), according to Kinsta. Blockchain is the technology that enables transactions of cryptocurrencies like Bitcoin.
In recent years, more and more companies have been turning to the blockchain to create secure and transparent transactions. With this increased use of blockchain technology in eCommerce, it's easy to see why it's on the rise and why it's important for eCommerce companies to implement this technology in their business. Blockchain technology helps to create a more secure and transparent eCommerce marketplace.
Sustainability trend rises
The eCommerce industry is becoming more and more environmentally conscious. More and more companies are focusing on sustainability and environmental responsibility, which is a good thing for the Earth. The increase in focus on sustainability and environmental eCommerce packaging trends is a result of the increased competition in the eCommerce market. As consumers demand companies to be more environmentally friendly, and 66% of consumers are ready to pay more for sustainable products. So, companies are also able to make a larger profit while still making the Earth a better place.
More eCommerce Trends Insights For 2023-2024
As we move into 2023 and 2024, there are some big eCommerce UX trends that will shape how consumers shop. As an eCommerce marketer, you need to be aware of these trends so that your brand can adapt and stay relevant.
But what does that mean for you? Stop using outdated methods if they do not work. 69% of B2B businesses say they expect to stop printing catalogs within 5 years.
For starters, it means that consumers are going to expect more from your brand. That's why it's more important than ever that you stay ahead of the curve and keep innovating your business so that you can meet those expectations.
For example, let's say you sell high-end apparel. In 2022, when the average consumer uses their phone to scan a QR code on a T-shirt they want to buy at a store, they'll expect it to be available for pick-up immediately—no waiting around for an employee to find it or anything like that. You'll need a system in place where customers can order online and pick up their items at their convenience.
Another example would be if you own an eCommerce store selling home goods or furniture. Instead of just selling on Amazon, maybe you want to create an entire ecosystem around your brand where customers can purchase directly from your website but also access exclusive discounts and promotions through social media platforms like Facebook Messenger or WhatsApp (which will become more popular in 2024).
The next trend is the increased importance of voice commerce. Consumers are already starting to use voice assistants like Amazon Alexa or Google Home to buy products online, with half of the smartphone owners using voice search at least once a month. This trend is expected to grow as more people get access to these devices in their homes. Voice commerce will make it easier for consumers who would prefer not to interact with screens while shopping or have difficulty reading small screens on smartphones or tablets. 6 out of 10 American consumers use self-service tools for their issues including websites (24%), mobile apps (14%), voice response systems, and VoIP (13%) or online live chat (12%).
Another important trend is frictionless commerce. It means that consumers can order products online seamlessly without having to fill out forms or enter shipping information each time they purchase something from an eCommerce store.
More consumers seek to soothe with mood-boosting food or drinks
The growing number of consumers seeking to soothe themselves with mood-boosting food or drinks is a result of the brain's need for emotional regulation. The brain constantly works to keep our emotions in check and make sure that we are not too happy, too sad, too angry, or too scared. When we are in an emotional state, our brain will send signals to our body to release hormones that cause us to feel more relaxed or uplifted. This is why certain foods or drinks can have a positive effect on our mood.
When it comes to shopping, especially online adventure, customers need mood regulators to continue checkout. The German study is introspection which suggests that watching awe-inspiring videos decrease self-focus, which can be a good thing because it helps to stop us from simply focusing on negative emotions.
Consumer profiles transform
Consumers are changing.
The way we interact with brands, the products and services we buy, and the way we shop are all shifting rapidly.
To keep up with these changes, companies need to think about how they can make their customer experience more personalized and tailored.
So how do businesses get in on these Gen-Z eCommerce trends? Easy! They start by creating a customer profile.
Regulators
Gen X consumer was born around 1964, making them 45-64 years old today. Many of them grew up during a time when technological advancements were few and far between, and their lives were much less flexible than they are today.
For these consumers, consistency is a survival strategy after years of uncertainty. They don't want to have to adapt their lifestyle; instead, they want to be able to rely on being able to do things in the same way that they always have done them—even if those things are changing drastically around them.
That's why it's so important for brands to provide frictionless commerce options for this group: fast delivery times and seamless ordering processes are essential for helping these consumers maintain a work-life balance while also keeping up with changes in their community.
Connectors
Connectors are the new drivers of commerce.
They're not afraid of the risks that come with this decision—they're embracing them. They're redefining what it means to be an entrepreneur, a leader, and an innovator—and they're more than willing to put in the work required to make their dreams a reality.
Connectors aren't just looking for meaningful work—they're looking for meaningful business relationships as well. They want companies that are owned by communities rather than by one entity, so collective decisions can be made about the future of a business. And they want brands that prioritize transparency over everything else.
Connectors also value small details like labels that include cost per wear, sustainability claims, and authentication labels that show provenance. These types of details matter because they help Connectors feel confident in their purchases and ensure that they are getting what they pay for every time they make a purchase.
That's why we're seeing more and more companies looking at ways to help consumers connect with each other through their products. For example, label maker Avery Dennison has created an app that allows users to customize labels with images and text from Instagram feeds or other social media accounts. This allows them to create the exact label they want while also making it easy for others to find images they like and use them as well.
This trend isn't limited to just labels though; we're seeing it in almost every aspect of commerce right now—from product design to marketing strategies. In fact, one company is even taking this idea so far as to make sure that no one owns their business: They are owned by their community at large.
Memory makers
Memory Makers are a new consumer type who are redefining the family structure and using memory-making to cope with the stress of the lockdown.
Stress can affect our ability to form memories, so the Memory Makers are using their time to make up for lost time and even lost memories. This group is driven by the emotional stress of the past to make up for lost time and even lost memories.
Memory formation is affected by stress, resulting in a loss of memories over time. When it comes to this group, investment in the care economy is key—aging well isn’t about vanity for these consumers; it’s about enjoying their time on earth. They also bank on group savings as part of their strategy.
New sensorialists
The New Sensorialists are the best of both worlds. They want to be in the digital world, but they also want to feel real-life moments. This group is the quintessential hybrid.
So how do you engage with this group? You have to look at two things: meta loyalty rewards and focus on the metaverse.
Meta loyalty rewards are crucial for this type of consumer. As companies move more into direct-to-fan commerce, play-to-earn tips, and digital wallets, you need to capture this crypto audience in order to keep them around. If digital monetization isn’t an option for your brand, there are other ways you can engage with these consumers – like NFTs and in-game sponsorship.
Another way to engage with these consumers is by focusing on the metaverse – haptic technology and smell are just two examples of how companies can bring those virtual experiences into real life.
What To Expect In the Payments Industry: Corytech’s Version
Payments are an inevitable part of our everyday life. Whether it's for a purchase or in the form of a salary, we all make payments. But what does the future hold for payments? Corytech's version of what to expect in the payments industry is that there will be a shift from cash and coins to digital forms of payment such as cards, mobile apps, and internet banking.
Contactless payments adoption increase
Smartphone payments have become a reality with the introduction of contactless payments. In 2023, smartphone retail eCommerce sales are predicted to take up 6% of total retail sales, a hop from 4.1% in 2019. Contactless payment methods, such as tap-to-pay and mobile wallets, are becoming more and more popular. These methods of payment allow you to pay for goods without having to use your card or cash. These payment methods also provide security benefits such as the use of chip and pin technology, which provides extra protection against fraud and identity theft. The more widespread adoption of contactless payment methods will make it easier for consumers to shop and save time at the checkout line.
Biometric authentication growth
With the increased use of biometric authentication, more and more people are using fingerprint and facial recognition technology to verify their identities. These methods are often more secure than passwords, so they are becoming more popular for online payments. Since the technology has become more widespread, companies are also working on ways to make this system more secure. They are researching ways to prevent someone from stealing a person's fingerprint or face, as well as creating systems that can be used in the event that someone does steal it.
Crypto payments adoption growth
More retailers and businesses accept digital currencies, such as Bitcoin and Ethereum, as a form of payment. This is because digital currencies have many advantages over traditional methods of payment, including lower transaction fees, the lack of chargebacks, and no need for third-party intermediaries. However, there are still many countries that have not yet accepted digital currencies as a form of payment. But they have chances to benefit from this opportunity in the nearest future.
Use of online and mobile banking rise
As consumers have become more comfortable with the idea of making payments online and via mobile devices, banks have quickly adapted to meet the demand. Online and mobile banking continues to grow as the preferred methods for consumers to make payments. In fact, according to the Federal Reserve’s 2017 report, the number of online banking users has grown by over 500% in the past decade.
Instant and real-time payments greater use
The use of instant payment systems and real-time payments has increased in recent years. Instant payment systems allow for the transfer of funds from one person to another without the need for an intermediary bank. Real-time payments are a great way to get what you want when you want it. Instant payments allow people to be able to buy or sell things without having to wait for the other person to process the payment. This is a great idea for people who need something now, but it is also a great idea for people who need something in the future.
Multiple payment adoption growth
The number of merchants accepting credit cards and crypto is increasing at a rapid rate. More and more people are using these payment methods because of the convenience and security they offer. The global credit card market is currently worth $1.6 trillion and has a compound annual growth rate of 6%.
It's no surprise that there are more and more merchants and businesses integrating multiple payment options, such as credit cards and crypto. This is leading to a major shift in the way people spend money. Merchants are starting to see the benefits of accepting multiple payment options, as it allows them to reach a larger customer base. It also helps them to reduce the risk of fraud.
eCommerce trends FAQs
What is the fastest-growing eCommerce?
As eCommerce continues to grow, there is a new craze in the industry. Bitcoin. Bitcoin is a digital currency that can be used to buy goods and services online. Its popularity has grown tremendously in the last few years and many people are investing in it because of its potential for growth. Bitcoin is not just for techies and Bitcoin-only websites, because it's also accepted by many big-name retailers such as Amazon, Target, and Walmart.
What are the largest eCommerce markets in Europe?
Europe is the largest eCommerce market in the world. Germany, the United Kingdom, France, and Italy are the top five countries in Europe with the highest eCommerce sales. The top five countries in Europe for eCommerce sales have a combined population of more than 590 million people. With a combined population of more than 590 million people and over $1 trillion in eCommerce sales, Germany, the United Kingdom, France, and Italy are Europe's top eCommerce markets.
What is the key feature of Spanish eCommerce?
The key feature of Spanish eCommerce is cross-border shopping. The country's e-commerce market is currently worth 7.1 billion Euros, which is more than 10% of the total retail market. This is due to the fact that Spanish consumers are more likely to shop online than in stores, as a result of the country's high online penetration. Cross-border shopping means that Spanish consumers can buy from anywhere in the world, which is convenient for those who live in a small town or city and have no access to large shopping centers.
What’s Next?
Businesses can gain a lot of success by watching the latest eCommerce trends and staying on top. In order to stay relevant, companies need to be willing to change with the times and adapt to what is going on in the market. If you want to stay ahead of the competition, you need to keep up with the current eCommerce trends and implement them into your business.
Corytech is a platform that will help any business grow. Corytech is a fully-featured platform that enables companies to accept payments from their customers. It’s a one-stop solution for your business needs. It helps you offer a wide range of payment options, including credit cards and crypto. The platform also allows you to create loyalty programs and offers. Corytech can help any business to implement innovative eCommerce trends in the company. Request a personalized demo version to see how Corytech can help your business.
