For SMB owners and entrepreneurs, agility is a major advantage over their bigger, better-funded competitors. As we look ahead to 2023, several emerging eCommerce trends will significantly impact the small business space. Todays SMBs can quickly respond to market trends without setting a lumbering corporate machine in motion. But that ability to change rapidly is dependent to some degree on foresight. If you can see what’s coming next, you can prepare for it and make critical decisions that will better position businesses to ride the cresting wave. Let’s dive right in.
Mobile and Social Commerce
It all starts with mobile commerce, which will remain a critical factor in driving eCommerce sales for businesses of all sizes. For so many of us, the buying process starts and ends on our phones, and the traditional desktop experience is something we only really engage in as part of our jobs. In tandem with mobile, voice commerce will also continue to rise in popularity.
We also expect social commerce to continue driving eCommerce sales and influencing consumer purchasing trends. In many ways, social commerce mirrors how we shop (or used to shop) in the real world, e.g., consulting with friends, perusing storefronts and getting an idea of what’s popular from the behavior and feedback of other shoppers. The ideal eCommerce experience makes it just as convenient for consumers to shop online as in person. That’s a fundamental principle behind the rise of conversational commerce, another behavior that will only grow as companies like Meta invest in it.
Virtually There
The online shopping experience will be further enhanced as AI-enhanced Virtual Reality (VR) and Augmented Reality (AR) take center stage in eCommerce. These technologies will allow SMB customers to virtually try on apparel at home, see products simulated within their own home or office, or experience a product before buying it.
These technologies will, in turn, boost the popularity of “buy online and pick up in-store” options. With the ability to virtually demo any product from the comfort of home with AR and VR technologies, consumers will be less worried about a product not fitting their needs and meeting their expectations, which negates a major incentive of the in-person shopping experience.
VR and AR enable new experiences – such as seeing what furniture will look like in your living room in a matter of seconds – rather than just replicating the in-person experience. It’s a new frontier for eCommerce that entrepreneurs and SMB owners in various industries should be taking full advantage of.
Finding a Niche
Platforms like Facebook Marketplace and Etsy, which empower niche businesses to get discovered and sell online with ease, will continue to provide big opportunities to businesses of all sizes. The global digital economy allows them to reach a much broader target group – and to tailor their marketing efforts to scale with their business at a realistic and sustainable pace.
These trends are paralleled in the creator economy, which continues to grow in the US and beyond. We see companies like Meta, YouTube, TikTok and others focusing on building a platform for creators to monetize, while other SaaS platforms like Hotmart in Brazil and Teachable in the US are growing quickly as this segment explodes.
eCommerce for All
Website accessibility will be more important than ever in 2023; around 12 million people forty years old and above in the US have vision impairment issues. That includes 3 million people who have an impairment even after correction. It is also estimated that the number of people with hearing loss may reach 900 million by 2050. Creating accessible website experiences is essential for eCommerce businesses that want to reach these customers. You can learn more about creating accessible websites in this article.
Small Businesses, Big Dreams
2023 will present significant opportunities for small businesses looking to grow in eCommerce. The aforementioned “buy online and pick up in person” options will be critical for small businesses looking to craft a modern, customer-centric hybrid experience and represent a smart way to update an outdated or stale in-person business model.
No one knows their customers better than a SMB owner whose business thrives based on the strength of their relationships with each of their customers and word-of-mouth. In 2023, it will be essential for small businesses to continue be able to build strong relationships with their customers and communities.
Consumers want to enjoy the ease and smooth functionality of large merchants’ websites, but they also want to support local businesses. Small businesses can empower them to do both by focusing on providing an eCommerce experience that lives up to the standards of their larger competitors while employing a personalized touch that reflects their local or niche focus. One easy way to help them get started on this front is to create a strategy to provide their customers with free shipping. This could be within a specific region or locality or for orders over a certain dollar amount, thus incentivizing customers to fill their carts.
In terms of connecting with customers, small businesses can further leverage platforms such as TikTok, Instagram, and Facebook this year to reach their customers where they are. Small business messaging should be tailored to their particular customer segment in a way that a big company cannot.
It comes back to the agility factor. As we move ahead in 2023, SMBs will want to act quickly on these eCommerce trends to find their most important focus areas and capitalize on emerging tools and technologies before their competition does. Their lightweight, flexible nature will empower them to do so.
That is the most significant eCommerce trend to watch out for this year: small businesses are continuing to grow and thrive in a digital economy with the help of increasingly flexible, powerful, and affordable online tools. To all of us helping small business owners and entrepreneurs pursuing eCommerce success in 2023, here’s to you and their dreams.
