The eCommerce sector is continually expanding in terms of technology and progress. With a growing amount of people opting to buy things online, businesses must provide a compelling web experience that persuades customers and assists them in making informed decisions.
We often come across new-age technologies that are reshaping the eCommerce landscape. Early adopters of such technologies experiment with them every day, building a case for their use in the industry.
Consequently, a slew of fascinating new eCommerce technology developments is continuing to emerge. Here are the top eCommerce technology trends that will govern 2023 to assist you in better grasping what will form the fundamental basis of your digital strategy moving ahead.
1) Virtual Personal Assistants
At an exponential pace, the world of eCommerce is evolving towards personalization. With so many consumers connecting with brands, e-commerce enterprises must develop a more personal connection by catering to their specific demands.
Artificial Intelligence, or AI, is a critical component of the customization process, and it will continue to play a crucial role in eCommerce. Brands can utilize AI to understand consumer preferences better and purchasing patterns by exploiting customer data. They will be able to better serve their clients due to this.
2) Virtual and Augmented Reality (AR)
We will witness a better blending of the two as eCommerce moves towards more immersive experiences with the assistance of emerging technologies like AR and AI. Brands will be able to employ technology to provide more tailored shopping experiences due to this integration, which will allow them to transform the way they connect with consumers.
For example, Google’s augmented reality tool employs picture recognition technology to deliver real-time information about items. This new technology will almost certainly be utilized to assist clients in making better purchasing selections.
3) Various Payment Options
Companies must provide all different payment options to establish a successful company. This directly influences their capacity to reach a broader audience and improve the overall convenience of online buying.
As a result, we expect to see more e-commerce enterprises push beyond conventional payment methods like credit cards and net banking. For example, firms are increasingly providing prospective consumers with various payment alternatives, such as PayPal, Alipay, Apple Pay, and others, enabling them to choose their preferred payment method.
Furthermore, digital wallets will become a vital aspect of the eCommerce business in the following years. According to Transparency Market Research, the worldwide mobile wallet market has extended geographically to Europe, Asia Pacific, North America, Latin America, the Middle East, and Africa, and it is still expanding. By 2024, Ewallet technology is anticipated to be worth $3 trillion. By 2023, digital wallets will most certainly be favored over conventional payment methods due to their expanding popularity.
4) Cloud Computing Has Progressed In Recent Years
In the eCommerce business, cloud computing is critical for increasing online transactions’ scalability, flexibility, and speed. Its advantages are no longer confined to B2B activities; it’s increasingly being leveraged to create breakthrough B2C solutions, goods, and services.
Walmart, for example, is using Google Cloud to provide a more simplified consumer experience across mobile devices. Customers will find the whole online purchasing experience more convenient due to this. While we can anticipate this eCommerce technology trend to continue in 2023, we expect even more firms to turn to cloud computing to boost their e-commerce operations.
5) E-commerce Security Is a Priority
Because of the increasing complexity of dangers linked with eCommerce transactions, security has emerged as one of the most pressing issues confronting organizations today.
While some companies use more secure methods such as 3D Secure (3DS), others use blockchain technology to improve consumer verification.
PayPal, for example, teamed with Visa to introduce its token service in 2016, which is a new kind of payment verification that employs a digital code rather than a 16-digit card number. Customers may make online payments without revealing their credit card information. As more people become aware of the technology in the following years, more companies will embrace it.
6) Online Shopping with a Personal Touch
Customers increasingly want ‘genuine’ recommendations over traditional commercials, which is one of the main reasons for the popularity of influencer marketing. Influence marketing is more likely to help companies emotionally connect with their target audience since these commercials are frequently based on assumptions.
One notable example is Amazon’s and Alibaba’s partnership, enabling users to purchase things using voice commands. Customers may, for example, speak to Alexa, “Alexa, reorder toothpaste” or “Alibaba, I need shampoo,” without having to put anything into the search field.
This partnership is projected to flourish, and it will play an essential role in the eCommerce industry’s growth in the following years. Brands will also consider cutting-edge methods like chatbots, which may assist them in providing more customized online buying experiences.
7) The Emergence of AI-enabled eCommerce Solutions
There are a variety of AI-powered solutions available today that can assist firms in creating more personalized online purchasing experiences for their consumers. Intelligent computers have the power to simplify practically all operational processes, from detecting fraud transactions to offering tailored suggestions on product sites.
8) Marketing & Customer Service with a Personal Touch
When it comes to improving customer relationship management, companies are aiming to take a more personal approach. They aim to give all their digital encounters a more personal touch, so they have productive dialogues with consumers on social media.
Furthermore, it is becoming increasingly crucial for businesses to provide timely customer service whenever needed. This will be critical in supporting great online buying experiences and assisting firms in keeping clients for extended periods.
9) The Number of Subscription Ecommerce Solutions Is Growing
In the United States, subscription eCommerce sales topped 24 billion dollars in 2020, and analysts predicted that subscription eCommerce sales would climb in 2021 and subsequent years. The explosive expansion of the Consumer Packaged Goods (CPG) business has resulted in various subscription eCommerce platforms devoted only to this niche. Consequently, one of the e-commerce trends expected for next year is the emergence of subscription eCommerce solutions.
10) The Increasing Number of Website Personalization Solutions
Enhanced website personalization is another significant eCommerce technology development actively reshaping the business. With over 40% of online customers abandoning e-commerce sites without completing a purchase, it’s becoming more critical for online businesses to employ solutions to boost their conversion rates.
Many personalization technologies, such as Adobe Target, Google Optimize, Hyperize, and others, are now available. They assist companies in improving user engagement and boosting total revenue. Enhanced customization solutions can promote greater conversions and customer happiness without sacrificing the customer experience, from leveraging customer data to make more educated business choices to individualized product suggestions. Consequently, by 2023, ‘custom branding’ will be a crucial differentiation for businesses, resulting in increased conversion rates and ROIs.
When it comes to eCommerce technology advancements, the next several years will undoubtedly bring many changes. It’s fascinating to consider how e-commerce technologies will advance in the future years. However, determine which e-commerce trends are worth monitoring and spending time on, so we’ve produced a list of what we believe will emerge as significant players in 2023.
We hope that by using these forecasts, you will be able to anticipate how the eCommerce game will develop in the future and remain ahead of the competition.