Should I consider investing in e-commerce today? It’s already 2023 but we still receive this question from a lot of people. If you also have this question in mind, one thing we can tell you is that running an ecommerce business will provide you with tons of benefits.
To better answer your question, below are a few top trends our experts at Automated Wealth Management (AWM) want you to know before investing in e-commerce. These trends will certainly shape the e-commerce industry in 2023 and the coming years.
1. Hyper-Mobile Industry
According to a recent report, roughly 32% (one-third) of US adults make use of their mobile devices to shop online every week. In 2018 alone, more than half of all online shopping in the US was carried out on mobile devices, such as smartphones.
According to industry experts, 2023 and 2024 will see more buyers (more than three-fourths) using their mobile devices to shop online. If you’re going to be investing in e-commerce, this trend shows that you can always get the best out of your business when you optimize your website for mobile.
2. AR & VR
Today, there are virtually no industries that Virtual Reality (VR) and Augmented Reality (AR) haven’t touched. These technologies are transforming the way industries run their businesses. According to industry experts, marketers are now anticipating using these technologies, including Extended Reality (XR) to improve their e-commerce businesses.
For instance, a lot of customers will soon be able to try their preferred products before purchasing them. This is possible, all thanks to augmented reality. AR will make use of 3D mapping to enable customers to feel and try a product before buying it. This is even possible without the customers getting to see or touch the product physically.
3. Artificial Intelligence
e-commerce management
In 2023 & 2024, artificial intelligence (AI) will help customers and retailers in plenty of ways. In the coming year, AI will be an integral part of every marketplace e-commerce process, including market automation and customer support.
As a seller, AI will become an important tool for you to optimize your supply chains without spending too much. The coming year will also see many retailers using artificial intelligence to address several complex tasks relating to ecommerce. A good example is the use of AI for inventory forecasting.
4. Social Commerce
If you’re very familiar with how social media works, you’ll agree that certain platforms are already adding e-commerce to their services. Some good examples are Facebook, Pinterest, and Instagram. These platforms work by creating marketplaces with the integration of various shopping features. For instance, with the Facebook marketplace, users don’t need to leave the platform to shop and purchase their favorite products.
According to industry experts, the seamless integration of shopping features within various social media platforms will become increasingly popular in 2023. Interestingly, this move is expected to help drive social commerce growth this year and in 2024.
The Future Of E-commerce Is Bright
With the aforementioned trends and many more, there’s no denying that the future of e-commerce is bright. According to industry experts, the global e-commerce market revenue is projected to reach US$7.63bn in 2023. Further predictions reveal that this figure may reach US$11.71bn by 2027 with a CAGR of 11.31%.
With these trends, the question is; what exactly are you still waiting for? There’s no better time to start enjoying the goodies that come with investing in e-commerce than now. If you need help getting started or you need a company that can help manage your e-commerce business, you can always reach out to us at AWM. We have a team of experts who can provide you with a full-scale consultancy & e-commerce management service. This service will certainly help you get started with running your e-commerce business and getting the right results.
