Ecommerce Trends for 2023

As we enter the final quarter of 2022, we’ve taken a look at how 2022 has shaped up for ecommerce so that we can project what we expect to see as ecommerce trends for 2023. These trends are items to consider for your business, especially as you work to set your ecommerce budget for 2023.

Cross-sells and Up-sells to Combat Out of Stocks and Discounts

We will see continued product availability and pricing challenges - right now across online retailers, 16% of products are out of stock and 26% of products are on sale. The ability to up-sell to a higher profit margin product or cross-sell to an in-stock product are ecommerce table stakes, and for the few ecommerce websites that don’t have or utilize these features, 2023 will be the year they deploy and fully utilize them.

Refurbished Products

To combat pricing and supply chain challenges, refurbished products are becoming more popular - the electronics industry leads the way here, where refurbished products make up almost 20% of the product assortment being offered across all electronics products online. Where it makes sense, look to see other industries begin to offer refurbished products in 2023.

Live-streaming & Affiliate Marketing

Livestreaming will become bigger - IDC predicts that by the end of next year 40% of retailers will have integrated livestreaming capabilities into their commerce platforms so that they can offer themed live streams to their viewers. Building on live streaming, affiliate marketing will continue to grow - while only 11% of online retailers currently utilize affiliate marketing, it currently drives 16% of ecommerce sales. This new increase in affiliate marketing won’t look like the affiliate marketing of the 2010’s, however - we’ll see more of an emphasis on affiliate marketing channels tied to established live streaming personalities and brands.

Diversified Verticals, Channels and Price Points

In a response to inflation and the threat of a recession, we’ll see more online shops diversifying into other verticals, other channels, other audiences. We’ll especially see shifts to a different price point whose customers might be impact differently by inflation and a recession.

Physical and Digital Automation

Ecommerce brands will continue to increase both physical and digital automation to combat a difficult hiring environment. Look for simplified workflows for customer service representatives by updating or integrating systems and increasing automation and workflow simplification in the warehouse.

The year of the metaverse?

2023 is the year of the metaverse - or not. The term metaverse is the new ‘omnichannel’ in the sense that we will be hearing this term for the next decade, and in a few years it might be applicable to a majority of merchants - but it’s not there yet. For some brands that engage with gamers, technologists and consumers that are chasing the bleeding edge of the web, 2023 may be the year to deploy a presence in the metaverse, but for most of us we’ll simply be watching what those brands do and looking to see how the metaverse matures over the next few years to determine if it’s a fit for us or not.

These are just a few ecommerce trends for 2023 that we see coming - what are some of the trends you expect to see?