It's no secret that eCommerce constantly evolves, and staying ahead of the curve is essential if you want to remain competitive.
The good news is: Amazon is one of the biggest eCommerce sites and a major player in the industry. Understanding the trends shaping the platform can help your business increase its sales and reach more customers.
To help you stay on top of the game, we've rounded up 10 of the most important eCommerce trends you should consider to succeed on Amazon in the coming year. So without further ado, here are 10 eCommerce trends on Amazon.
Inventory management and forecasting are critical to the success of any e-commerce business. With the help of AI and ML, businesses can make better decisions, save money, and increase customer satisfaction by ensuring that products are always in stock and prices are competitive.
As AI and ML become more advanced in online marketplaces, eCommerce brands can use these technologies to predict demand for their products more accurately and optimize their inventory accordingly. This will help them avoid stockouts and overstocking, which can lead to lost sales.
For example, businesses can use AI and ML algorithms to analyze customer purchase patterns, historical sales data, and other factors to predict product demand. This will help you make more informed decisions about how much inventory to stock and when to reorder.
Additionally, your businesses can use these technologies to adjust prices automatically based on supply and demand, which can help them maximize profits.
Social media is playing an ever-increasing role in the world of e-commerce. According to a recent report by Hootsuite, social media platforms accounted for nearly a quarter of all online sales in 2020. This number is expected to grow even further by the close of 2023.
Social media can promote products and services, offer discounts, and introduce new customers to your e-commerce business. Online shoppers use social media to find new products, compare prices, and get inspired by influencers and peers. Building relationships with customers through social media can increase customer loyalty and drive more eCommerce sales.
Businesses can use data from social media to understand customer behavior, target marketing campaigns more effectively, and optimize their product pages for better conversion rates.
Mobile commerce is becoming a major player in the eCommerce industry, with more and more consumers turning to their smartphones to shop online. According to Oberlo, mobile commerce accounted for a whopping 45.1 percent of all eCommerce sales in the US in 2022. This figure is expected to rise to 51.2 percent by 2023.
ECommerce businesses must optimize their mobile shopping experiences to stay competitive and attract more customers. This includes ensuring their online store is responsive and offers a seamless checkout experience, offering various payment options, and integrating social media platforms.
The growth of mobile commerce presents an incredible opportunity for eCommerce businesses to increase their sales and expand their reach. By taking advantage of this trend and creating a great customer experience, your business will remain competitive in the ever-evolving eCommerce landscape.
The market share of voice commerce is growing rapidly, with estimates suggesting it will be responsible for up to 30% of all eCommerce sales by 2023. This shift is driven by the rise of digital assistants such as Amazon Alexa, Google Assistant, and Apple's Siri.
According to a survey by PwC, more than half (51%) of online shoppers have used voice search in the last three months. Additionally, more than two-thirds (69%) of online shoppers said they would likely use voice search if they could purchase products directly via their digital assistant.
To capitalize on this trend, you will need to optimize your products for voice search, which involves using natural language keywords, short phrases, and conversational sentences. This can help improve the visibility of your products and increase the chances that customers will find them when using a voice assistant.
Live streaming has become one of the most popular eCommerce trends in recent years, as more and more businesses are turning to it to engage with customers.
Live streaming offers a unique customer experience that allows brands to connect with their audiences in real time, creating a sense of trust and loyalty.
By broadcasting live from their online stores or social media platforms, brands can engage with their customers and provide them with product demos, tutorials, and Q&As.
Additionally, leveraging the power of live streaming will allow your business to create more engaging and interactive customer experiences, increase product visibility, and generate sales.
Personalization refers to tailoring products, services, and experiences to customers' needs and preferences. This is becoming an increasingly important trend in e-commerce as customers expect more personalized and relevant experiences.
Personalization is used to create an enhanced customer experience. For example, businesses can use personalized email campaigns and social media posts to reach customers. This can help businesses create a more loyal and engaged customer base, leading to increased sales and customer retention.
Businesses can personalize their offerings using data and analytics to better understand their customers and target specific segments. This can include using customer data such as purchase history, browsing behavior, and demographics to create personalized product recommendations, targeted marketing campaigns, and customized discounts.
Amazon has already begun experimenting with AR and VR. This trend is expected to continue in 2023 and beyond. Businesses can use these technologies to create immersive product experiences for customers and help them visualize how products will look in their homes.
According to a recent study, AR and VR are expected to drive $120 billion in e-commerce sales by 2023. This trend will enable your eCommerce business to give customers a more interactive and immersive shopping experience.
AR and VR technology allows online shoppers to have a realistic shopping experience from their own homes. For example, customers can now virtually "try on" clothes and accessories, get detailed product information and even customize their online shopping experience.
The rise of omnichannel shopping is a trend that refers to integrating online and offline channels to provide customers with a seamless shopping experience. This includes being able to shop online and then pick up the purchase in-store or return an online purchase in-store.
With the increase in mobile shopping and the growing popularity of buy online and pick up in-store (BOPIS) options, customers now expect to be able to shop and purchase products through multiple channels.
To capitalize on this trend, businesses must create a consistent and personalized experience across all touchpoints, such as the website, mobile app, social media, and in-store. This could include using omnichannel marketing strategies and technologies like beacons and geofencing to deliver personalized offers to customers in-store.
The use of influencers to promote products and services has become an important part of the eCommerce trend. Influencer marketing has become essential for eCommerce brands looking to increase sales and reach new customers.
Influencers can reach many people on social media platforms, allowing eCommerce businesses to get their products and services in front of potential online shoppers. Customers are more likely to purchase products that have been recommended by someone they trust and admire.
This can be a great way to increase online shopping and create a loyal customer base. By creating a unique experience through influencers, you can stand out from your competition and create strong customer loyalty.
Content marketing is a strategy that involves creating and distributing valuable, relevant, and consistent content to attract and engage a specific target audience. The goal is to build trust and establish a relationship with the audience, leading to increased sales and customer loyalty.
As e-commerce becomes increasingly competitive, businesses must differentiate themselves by providing valuable information and resources to customers. This can include creating blog posts, video tutorials, social media posts, infographics, and other content that educate customers about products or services.
Another way businesses can use content marketing to sell more on Amazon is by creating product videos or detailed product descriptions highlighting their products' features and benefits. This can help customers make more informed purchase decisions and increase their likelihood of buying.
You can use content marketing to improve your search engine optimization (SEO) by creating high-quality, keyword-rich content that helps them rank higher in search results. This can help increase the visibility of your products and drive more traffic to your listings.
eCommerce is constantly evolving, and businesses must stay on top of the latest trends to succeed.
From the greater use of AI and ML for inventory management and forecasting to the rise of omnichannel shopping, content marketing, and personalization, the key to success on Amazon is to stay ahead of the curve with the right tools and adapt to the changing needs of customers.
Connex Reporting makes it easy to manage and grow your e-commerce business on Amazon and other platforms, so you can focus on what matters, selling more.