Lets face it, The ever-evolving E-commerce industry demands regular strategy redrafting to achieve new benchmarks. The most recent milestone was the pandemic that accelerated growth in online shopping.
By the end of 2022, global E-commerce sales are expected to increase from $4.28 trillion (in 2020) to $5.4 trillion, more than 25%, and a trillion dollars in two years….wow! With an opportunity like this, you cannot afford not to jump on the E-commerce wagon, can you now ?
E-commerce Growth Ideas for 2023
Let me help, Deploy these 5 E-commerce Growth Strategies to make a profit and scale your business in the coming year.
Invest in Artificial Intelligence
Artificial Intelligence is the new electricity and the growth-hacking strategy for E-commerce in 2023.
According to Gartner, Inc.’s 2019 CIO Survey, the number of businesses that adopted AI has grown by 270% in the past four years. The survey called it the Third Era of IT.
AI encompasses multiple sub-fields like chatbots, NLP, image recognition, speech recognition, and machine learning. Together, they enable personalisation of services, automation of sales, and higher quality of customer service. Hence, effectively driving sales.
Add Better Checkout Process
Believe it or not, online businesses lose a lot of sales over payment processing issues. Cart abandonment rates soar when an online seller makes it difficult to pay for an order. So, a growing E-commerce trend and a widely-popular E-commerce growth strategy is to simplify checkout processes with better payment processing options. A gateway that:
· Has fewer checkout steps
· Does not require signing up
· Is transparent about all costs and policies
· Offers multiple payment options
Prioritise Green Consumerism
A continuous rise in sustainability concerns over the last 10 years has created more consumer demand for green products. According to a NielsenIQ study, 66% of global consumers were already willing to pay more for sustainable brands in 2015.
Euromonitor International Voice of the Consumer: Lifestyles Survey 2021 further confirmed that the change in consumer preferences is global and not limited to Western or developed markets.
More Augmented Realities
Scroll-stopping visual content to improve the online buying experience is a game-changing E-commerce business strategy. The idea is to engage customers by informing them about the products and services using immersive AR. Consumers want it and are ready to pay more for it.
Virtual try-ons like “Try Before You Buy” and “See It in Your Space” help customers preview products and experience services in their environment before making the purchase.
The impact? It reduces customer return rates, increases conversion rates, and adds that intangible “something extra” to your brand.
Buy Now, Pay Later
BNPL choices are one of the hottest E-commerce growth ideas. This point-of-sale financing solution has already seen 600% growth and generated $100 billion among Gen Z. It is also gaining popularity among adults who want to avoid credit card fees and like the flexibility. For retailers, it attracts more customers, offers great UX, delivers seamless financing, and proves to be low friction.
BNPL is also a worldwide effective E-commerce marketing strategy. Almost 10% of E-commerce transactions in Australia are paid with BNPL. It was the fastest-growing payment method in 2020 in India and the UK. Analysts estimate that these services will account for 12% of global E-commerce spending on physical goods by 2025.
