By 2022, e-commerce revenues have grown by 25.3% in Spain alone, according to CNMC data. We can say that ecommerce continues its unstoppable path to become the preferred shopping method. In this article we will see what are the ecommerce trends for next year.
The average spend per purchase is €69, according to IAB's E-commerce 2022 Study.
These are the five sectors that registered the most purchases: restaurants, gaming, fashion, department stores and travel.
1. Key decision makers: online trust, price and delivery times.
1.1. Online trust
Cybersecurity continues to be one of the main concerns of buyers. It makes sense when you consider that cybercrime is growing at the same rate as online transactions. That's why it is absolutely crucial to invest in creating a secure, reliable website with a robust payment platform.
Offering the user their favorite payment method is another essential factor to facilitate conversion.
A Paypal report states that 46% of respondents consider it essential to be able to choose how to pay. And what are these preferences? Fundamentally, encrypted methods such as Paypal (32%), debit card (25%) and credit card (18%).
1.2. Price and offers
61% of consumers wait for special campaigns such as sales, Black Friday or Cyber Monday to make big purchases, according to a report by IAB Spain.
This is why planning more aggressive campaigns and preparing to deal with periods of amplified turnover is extremely important. It is also important to know how to take advantage of these times to combine other commercial strategies (e.g. cross-selling, subscriptions, etc.).
1.3. Delivery times and quick-commerce
Customer expectations regarding delivery times are becoming increasingly ambitious.
The best example of this is quick-commerce. This business model is based on fast home deliveries, in increasingly shorter periods of time (between 15 minutes and two hours). This trend became established during the pandemic, after having demonstrated its full potential with food delivery.
Fast delivery is achieved through logistics warehouses located in strategic locations that are often supplied by local businesses, which is a great opportunity for local businesses and small companies.
The speed of deliveries will continue to be an added value for any ecommerce.
The acceptable waiting period is 3.2 days, although an increasing percentage of users expect to receive their order in less than 24 hours (IAB Spain Ecommerce 2022 Study).
Giants like Amazon Prime change the rules of the game and pose a logistical challenge for other players.
However, the most important thing is that the delivery conditions (price/time) are clear before the start of the purchase process and of course, that they are met.
Studies show that the application of shipping costs is often the main factor why a user chooses one ecommerce or another.
2. Previous experience with the website and the brand
Offering a good user experience from start to finish is essential to achieve recurrence. We are talking about customer retention, a key part of any company's business strategy.
To achieve this, from the moment the user comes into contact with the universe of our brand, whatever the channel, the experience must be optimal: fluid, without interruptions, making it easier for them to find and acquire what they are looking for quickly.
Therefore, we must analyze each phase of the customer journey and not forget the customer once the transaction has been completed. For example, data reveals that it is essential to keep the customer updated on the status of their order (via email or SMS).
The analysis of after-sales behavior and user satisfaction is very important. In this sense, the customer's opinion will provide us with very valuable information to improve our service. What can we improve? Why didn't they buy again? Have we maintained contact? Have we correctly categorized the customer in the sales funnel? Have we activated the right levers to take them to the next level?
3. To know the factors of purchase abandonment
If, after striving to offer a superlative experience, we fail in the conversion phase, all the effort will have been in vain. The user will leave, and probably for good.
What are these brakes? Those that appear in the last part of the funnel:
- Very limited payment options. As we saw before, if among the payment options is not the user's favorite, it is very likely that he/she will abandon.
- Information about the shipping cost in the last step. We have already seen that many cart abandonments occur precisely because the shipping cost was higher than expected.
- Communication failures in the payment platform. Processes interrupted by technical failures or too long.
- Non-responsive website or bad UX experience. For example, a website not adapted to different device sizes, poor product categorization, not having a search engine or excess of elements that interfere with navigation.
4. Build loyalty and incentive programs
Programming incentives is one of the best strategies for customer retention. We already know that capturing a customer is much more costly than re-selling him. And we're not just talking about financial incentives.
There are multiple loyalty strategies, from discounts and offers, free shipping, points cards, member get member (or "bring a friend") programs, cross-selling, gamification and a long etcetera.
Marketing automation tools are the most effective tools for establishing customer journeys and phase-specific inbound campaigns.
5. Omnichannel experience
The ominican experience remains a key enabler of customer satisfaction. Delivering a seamless, unified experience across multiple platforms or channels could increase total revenue by as much as 20% by 2025, according to the Gartner Magic Quadrant 2022 Report.
6. Live shopping
Live shopping is a trend that, while not new (its driving force was Aliexpress through Taobao Live in 2016), is growing as influencers become more and more prominent.
This is a streaming sales strategy through social networks such as Instagram, TikTok or YouTube.
It is estimated that the likelihood of purchase after viewing these online videos increases by up to 64%.
Selecting the right influencers or brand ambassadors, meticulously preparing the script and the transmission is fundamental to carry out this type of strategy. The language must also match the brand values. And of course, be prepared to interact with the community, maximize the diffusion in different channels and measure the impact.
7. Corporate responsibility and sustainability
Concern for the environment and sustainability is on the rise. Adopting eco-friendly policies helps to reinforce brand image. We are talking about recyclable packaging, electric delivery vehicles or environmental certificates, among other initiatives.
Of course, it will be essential to draw a line of communication where these values are well reflected and connect with the values of the target.
8. Recommerce or resale
Buyer behavior has changed. More and more users are interested in reducing their CO2 footprint.
The crisis and increased environmental awareness, among other factors, have caused the second-hand trade to soar. This may not seem very relevant or promising for an ecommerce of new products, but as always, you have to know how to read consumer trends.
Many companies have taken advantage of this trend by offering their customers the opportunity to join a recycling cycle. For example, Vodafone offers a discount to users who hand in their old handset. H&M was also one of the pioneers in offering discount vouchers in exchange for handing in used clothing.
9. Ecommerce in the metaverse
Of course, we cannot close this review of the outlook for ecommerce in 2023 without mentioning the metaverse.
Several studies predict an annual growth of more than 40% in the metaverse until 2030.
More and more brands are exploring the possibilities of the metaverse and offering new user experiences. From buying clothes for their digital avatars, to physical products through live shopping, gaming, virtual galleries, events... The metaverse offers options to present the product and the brand in a completely innovative way to ultra-digital consumers.
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