As we all know, online shopping is here to stay. But you may not realize just how huge this market is: per Statista, total e-commerce sales are projected to reach $6.3 trillion in 2023 and grow to $8.1 trillion by 2026. It’s a massive market to tap into! That’s why we want to keep you updated with eight e-commerce trends that will help you stay ahead of the competition and ensure success in the years to come.
1. Artificial Intelligence (AI)
AI is the biggest trend in the world right now. So, of course, it’s a huge trend in e-commerce, particularly when it comes to personalization strategies. Per Business Insider, retailers implementing AI-powered tools for targeted marketing, personalized product recommendations, and customer service have seen 6-10% sales increases. Many AI tools are available online to help you tap into this massive opportunity.
2. Programmatic Advertising
Another key AI trend is programmatic advertising, which uses an algorithm to determine which ads to send to which customers. AI-powered advertising targets customers with the right ads and retargets them if they didn’t purchase. Using programmatic advertising, like Facebook’s Advantage+ Catalog, saves you the time and work of designing digital campaigns manually and increases ROAS (return on ad spend).
3. Social Commerce
As you will read in the Facebook and Instagram articles in this issue, social media e-commerce is a major trend. Selling directly to consumers on social media accounts is becoming easier and more secure. Plus, each platform has many AI-powered ways for customers to discover your products — which can turn into sales if you’re advertising wisely.
4. Social Payments
PayPal has become a vast market for social users to transfer funds using social media. Apple Pay, Google Wallet, and Facebook Payments are all examples of these payment systems, which work like a digital bank account. While this is an increasingly popular way to pay, it’s also prone to hacking, so it’s vital to have secure passwords and systems if you plan to use social payments.
5. Blockchain and Cryptocurrency
This year, more companies will use blockchain-based e-commerce platforms, marketplaces, and inventory management systems. You will also see more cryptocurrency payment systems. This technology provides a more secure, efficient way to conduct transactions and reduces the risk of fraudulent transactions. This can help businesses reduce costs and increase profits.
6. Influencer Marketing
Influencers have a huge presence in e-commerce, particularly those with smaller audiences (often called micro-influencers or nano-influencers). These smaller influencers have a more engaged audience, greater authenticity, and often are more focused on a particular niche (like flowers!). Working with them is also more cost-effective compared to mega-influencers with huge audiences.
7. Content Repurposing
Repurposing content means taking one high-quality piece of content and reusing it somewhere else. An excellent blog post, for example, could be repurposed as infographics, tweets, a YouTube video, or an e-book. This growing trend is a cost-effective way to reach more people across different platforms, increase brand awareness, and attract more customers.
8. Multi-platform Messaging
Along with repurposing content across platforms, another growing trend is having platform-specific messaging. This is done with chatbots, which enable you to follow your prospects as they jump from Facebook to Instagram to TikTok. While this may sound hard to track, many all-in-one messaging platforms exist to make it easy for you to organize all your messaging apps in one place.
How to Benefit from These E-Commerce Trends
You have so many options when it comes to incorporating these e-commerce trends, so to make it easier for you, here are a few ideas:
• Set up your Shops on Facebook or Instagram if you haven’t already done so.
• Choose your best-performing content and work out how to repurpose it across different platforms.
• Research AI tools to personalize your marketing and advertising to find the cost-effective one that will work best for your business.
• Find relevant floral influencers on your social media platforms and contact them to form partnerships.
• Work out which social payment accounts you will accept and get these set up.
• Research how to use chatbots and set them up on each of your social media platforms.
Let us know if you’d like more in-depth information on a particular e-commerce trend. We’d be happy to feature it in an upcoming issue.