Global Ecommerce Expectations for 2023 !

It is no secret that e-commerce operations have taken the business world by storm. More businesses are moving their products and services online and reaping the benefits of a global market. If you are not already on board the e-commerce train, now is the time to get started. Thanks to advances in technology, there are more opportunities than ever before to reach a wider audience and boost your bottom line.

The online market is becoming more competitive every day, and as a result, retailers are looking for new ways to stand out from the crowd. In this blog, Growth Jockey has summarized what is global e-commerce, its advantages, and the upcoming trends in e-commerce operations that you must keep an eye on.

Why Global E-Commerce?

Global e-commerce refers to the buying and selling of goods and services over the Internet, regardless of national borders. This type of commerce has been growing rapidly in recent years, as more consumers and businesses have been using the Internet to buy and sell products and services. There are several advantages to global e-commerce, including the fact that it allows businesses to reach a much larger audience than they would be able to if they were selling only to local customers. Another advantage of e-commerce operations is that it is convenient for businesses and customers. Customers can shop from the comfort of their own homes, and businesses can operate 24/7 without the need for physical store locations.

However, there are also challenges associated with global e-commerce operations, such as the need to deal with different languages and currencies. Additionally, businesses need to be aware of the different laws and regulations that apply to e-commerce in different countries. Despite the challenges, global e-commerce is a rapidly growing industry that offers a great opportunity for businesses to reach new markets and expand their customer base.

What to Expect in E-Commerce Operations?

The following are the predictions for Marketplace 360 and e-commerce:

Trends and Expectations in E-commerce Operations

Knowing the upcoming trends In e-commerce can help you prepare your business to take advantage of the opportunities ahead and mitigate the damage from potential risks. Hence, Growth Jockey has compiled a list of the top 13 global trends in e-commerce operations.

1. Online Marketplaces: Forbes predicts that marketplace sales will surpass $3.5 trillion by 2024. Marketplaces allow suppliers to work together in a single system that can handle all their business. This makes it easier to reach specific groups and solve specific problems. In the coming years, this model will be more popular. Medium-sized and small businesses might shift away from competing in established marketplaces like Amazon or eBay to focus on niche markets. Niche marketplaces are a great way to satisfy the demands of buyers who are familiar with specific products.

2. Omnichannel Marketing: Many companies will prioritize omnichannel over other channels in the next few years. 32% of brands intend to increase face-to-face interaction by opening pop-up stores or placing products in retail stores. Customers want to be able to switch easily between different platforms and devices when shopping.

According to a recent survey, 69% of customers want a consistent shopping experience across all channels. It is not necessary to provide a tailored shopping experience across a single channel. Retailers must ensure that they provide a consistent experience across all platforms to personalize their products and services.

3. Mobile Shopping: Mobiles have made the shopping experience more convenient and accessible for customers. As per a report, global m-commerce retail sales are anticipated to reach close to $4.5 trillion by 2024, or 69.9% of all retail e-commerce sales. GrowthJockey suggests that it is crucial for businesses to create online stores for mobile-first experiences.

4. Voice Search: Devices like Amazon Alexa and Google Home, and smartphone assistants like Siri and Cortana have changed the way people search online. Everything you need is a voice search away. Think with Google data shows that 72% of smart speaker owners use their speakers at least once a day.

These speakers can be used for shopping lists, grocery orders, home organization, and web searches. If your business wants to take advantage of this technology, Growth Jockey recommends that you should optimize keywords and content related to voice searches on these devices.

5. Social Commerce: As the name implies, social commerce, social e-commerce, or S-commerce makes use of well-known social media sites like Facebook, Instagram, YouTube, and TikTok to advertise and sell products.

According to a report by Statista, social commerce generated over 724 billion U.S. dollars in revenue globally in the year 2022. Revenues in this market sector are anticipated to reach roughly 6.2 trillion dollars in 2030, with a 30.8% compound annual growth rate (CAGR) between 2022 and 2030.

6. Focus on Sustainability: People around the globe are becoming more sensitive toward the environment. Consumers nowadays prefer brands that share their ethical values and are more likely to spend more on environment-friendly goods.

Additionally, customers search for online stores that sell sustainable or fair trade goods, use eco-friendly or minimal packaging, give sustainable shipping choices, or make it simple for customers to recycle or replenish items.

7. Augmented Reality and Artificial Intelligence: Augmented Reality (AR) is an important innovation in e-commerce. Augmented Reality (AR) allows customers to see products before they purchase them. AR uses 3D mapping to enable customers to try on products and increase customers' ability to visualize the product before they purchase it.

E-commerce businesses will have more opportunities to benefit from artificial intelligence (AI) in 2023 and beyond. There are many ways that AI can help online shops, from inventory management to customer support.

8. Personalization: Although e-commerce operations have taken over brick-and-mortar shops, consumers still love to get recommendations from store assistants who know their shopping habits, sizes, and preferences. Online shoppers want the same experience, personalized shopping recommendations, promotions, and content that addresses their needs and interests. More than 50% of online buyers value a personalized experience. According to 74% of marketers, personalization has a strong impact on enhancing customer relationships.

9. Growth of the Subscription Model: Although moving certain services to a subscription model has caused some customers pain and cost businesses support, subscriptions can be a great way for customers to keep coming back for more if they are used well. Many consumers can benefit from convenient, easy-to-use options for accessing frequently used content and products.

10. Live Streaming Shopping Live streaming is becoming more popular. According to live-streaming statistics, the global live-streaming market is expected to reach $247 billion in 2027.

Live shopping offers a unique shopping experience that is truly immersive. It allows customers to see your products live, which can also help improve customer engagement and trust. It can also help personalize the customer experience by allowing them to ask questions.

11. Increased Payment Options: Customers increasingly depend on safe online payment options like PayPal, Apple Pay, Google Pay, and Square. Customers have gained more trust in these secure checkout processes rather than giving their credit card information to each unique website they shop from.

GrowthJockey suggests that giving customers a variety of payment choices at the point of purchase is a terrific way to prevent sales from falling through and boost conversion rates. Customers want a simple, secure, and speedy checkout process. Your business will be more valuable if there are additional ways to pay.

12. Customer Service: Retailers must make customer service a top priority, as it is often the only contact point for buyers with online businesses. Customers want quick help when they have questions about shipping, size selection, or refunds.

This means that customers can find the help they need on their preferred channel, be it phone, social media, or live chat. 87% of consumers will abandon brands that offer poor customer service or spend less.

13. Chatbots: Chatbot technology is rapidly evolving and experts believe they will play an even greater role in online shopping with personalized service and product recommendations. Chatbots are the virtual equivalent of a customer service representative in person.

Virtual assistance is a way to assist customers with product searches, answer frequently asked questions, direct customers to the right page, and minimize potential frustrations. E-commerce never sleeps, so ensure that your customer service is always available.

These trends have revolutionized the operations of e-commerce worldwide**. Businesses from around the world are adopting new technology, advanced means of connecting with customers, and global trends of operation.

Advantages of E-Commerce

In the past, brick-and-mortar stores were the only option for shopping. However, with the rise of e-commerce, shopping online has become a popular and convenient option for many consumers. There are several advantages of shopping online, including the following:

1. Convenience: Shopping online is convenient because you can shop from the comfort of your own home. You don't have to deal with traffic, long lines, or crowded stores.

2. 24/7 Availability: E-commerce stores are open 24 hours a day, 7 days a week. You can shop anytime, anywhere.

3. Wide Selection: Online stores offer a wide selection of products. You're sure to find what you're looking for online.

4. Competitive Prices: With the competition online, prices are often lower than in brick-and-mortar stores.

5. Save Time: Shopping online can save you time. You don't have to travel to the store, and you can shop at your own pace.

These are just a few of the advantages of shopping online. With the convenience, selection, and prices, it's no wonder that e-commerce operations are on the rise.

The Bottom Line

With the advancement in technology, the e-commerce landscape is continuously evolving and getting even more competitive. If you want to stay ahead of others, you must keep a close watch on upcoming trends in e-commerce. If you want to advance your e-commerce operations, GrowthJockey is your go-to tech partner to help you in everything from strategy to execution.

At GrowthJockey, our sole focus is on creating custom solutions that address the unique challenges faced by our clients in the e-commerce industry. We are committed to helping businesses of all sizes, from small-scale enterprises to large corporations, harness the power of technology

Get in touch with us today to level up your e-commerce marketing strategy for 2023 and beyond.