We’ve all witnessed such a rapid expansion of online commerce since the pandemic. Although many people are enjoying the ability to visit some of their favorite brick-and-mortar stores(the stores that survived), they’ve also embraced the flexibility and ease of online shopping. And there’s no turning back. After all, global retail e-commerce sites did about $5.2 trillion US dollars in business 2021 and it’s expected to reach $6.3 trillion in 2023!
Here are some trends to consider that can help your online business to thrive in 2023.
1. Mobile Growth
Think about how often you check your phone each day. If you’re like most people, it’s probably a lot more frequently than in the past. In fact, according to Statistica, smartphones represented 73% of retail sales traffic worldwide and generated 63%of online orders in the third quarter of 2022!
2. More Payment Opportunities
New payment options offer consumers greater opportunity to purchase products. For example, Buy Now, Pay Later Market (BNPL) where people split payments over time, could become more attractive for selling high-ticket items. This flexibility can be especially important in situations where people don’t want to use credit cards or where merchants offer BNPL options to consumers.
3. Greater Focus on Increasing Loyalty with Subscription Buyers
When you’ve got a loyal base of subscribers, online selling becomes so much easier! You can offer discounts and make it very convenient to purchase from you. Look for continued growth opportunities in health and wellness products, beauty and personal care, and other sectors where people like the ease of doing business with you and want your products or services.
4. Omnichannel Shopping Is on the Rise
Consumers tend to be receptive to the advantages of omnichannel marketing, with consistent interactions no matter where they access your marketing messages. They like personalization such as recommendations based on their interests and past purchases. This can greatly increase the likelihood of future sales.
5. Cost Controls to Ease the Pain of Inflation
Even during challenging economic times, people are still going to shop. Discounts, loyalty programs, super-saver days, resale shopping, two-for-the price-of-one deals, and other offers help consumers to save money on their purchases. That’s another reason why online businesses will look for even more ways to cut costs while successfully delivering the products and services that consumers demand.
As you look at the challenges and opportunities in 2023, consider how your CRM can help you meet your business objectives. “While most CRMs provide capabilities to help drive online sales, it’s important to consider how much your business can save when you don’t have to pay a monthly charge, set-up fees, and get locked in with long-term contracts,” says Behzad Sharifi, Co-Principal, ResponseCRM. “That’s why we eliminate this expense and burden and simply charge a very low fee per transaction to use our intuitive, cutting-edge, ecommerce ResponseCRM platform with the features to meet business demands now and into the future.”