01/31/2023

Posted By: Tripti Rijhwani

Sales & Marketing

Introduction

In the first part of this review, the focus was low-lift and high-impact ways to grow revenue and reach profitably. Dreaming Code's two-part review of key trends for 2023 focuses on user experiences and building more robust and purposeful connections between brands and their audiences. These trends will be paramount to enabling target audiences and customers to interact with brands anywhere, anytime, and on their terms.

AI and automation in eCommerce are now extending beyond chatbots. These technologies personalize the customer experience, optimize pricing and inventory management, and improve customer service. As technology advances, businesses can expect to see more innovative ways to leverage AI to improve their operations and customer experiences.

Omnichannel experiences always get attention, as customers expect seamless, cohesive experiences across different touchpoints. This trend continuously pushes businesses to focus on providing consistent, personalized experiences across online, in-store, and mobile channels.

Finally, a trend that is both purposeful and fresh. Sustainable eCommerce is becoming more important as consumers are more aware of the environmental impact of their purchases, and businesses are looking for ways to reduce their carbon footprint. While a brand may be focused in its regional market, the chain of where products and services come from and eventually end up have implications for a more sustainable future.

These trends will help businesses continuously embrace new ideas to remain competitive in the ever-changing eCommerce landscape. Brands need to be deliberate about their purpose and curate experiences for their customers that will be memorable and valuable. We will dive deeper into these ideas and explain how they can create impact and value for your brand in 2023.

AI and automation will go beyond customer service.

Artificial Intelligence (AI) and automation play a significant role in the e-commerce industry today. Beyond the everyday use of chatbots, these technologies can also be used to personalize the customer experience, optimize pricing and inventory management, and improve customer service. AI-powered recommendation systems, for example, can analyze customer data and browsing history to suggest personalized product recommendations.

In terms of pricing and inventory management, AI can help businesses optimize prices based on real-time market data and demand, track inventory levels, and predict future direction. This allows companies to make data-driven decisions, increasing efficiency, and profitability.

AI-powered image and voice recognition, natural language processing (NLP), and machine learning algorithms are being used to improve product search and make it more accurate, efficient, and genuine.

As technology advances, we can expect to see even more innovative ways businesses leverage AI to improve their operations and customer experiences. Some examples include:

• Automated product categorization and tagging
• Predictive maintenance and logistics optimization
• Fraud detection and prevention

Overall, AI and automation have the potential to revolutionize the e-commerce industry, improving the customer experience, increasing efficiency and profitability for businesses, and making it more convenient for customers to shop online.

Experiences anywhere

Omnichannel experiences are getting attention because customers today expect seamless and cohesive experiences across different touchpoints. Harvard Business Review observed the shopping behaviors of 46,000 consumers and found that around 73% of consumers prefer shopping through multiple channels. Comparatively, 7% of consumers shop online exclusively, and 20% shop merely in-store.

The exponential use of digital channels and the increasing use of smartphones, tablets, and other devices have created more opportunities for customers to interact with brands across different channels. This has led to a shift in customer expectations, as they now expect businesses to provide consistent and personalized experiences across all channels.

Omnichannel means so much today as it allows customers to move between channels, such as online, in-store, and mobile, without interruption. For example, customers who start browsing a website on their computer can continue browsing on their mobile device and then make a purchase in-store. This type of experience is becoming increasingly important as customers expect to be able to engage with brands across different channels and devices. Here is a checklist to help understand omnichannel:

• Businesses need to focus on providing consistent and personalized experiences. This means aligning brand messaging, offers, and promotions across channels and using customer data to personalize the experience for each customer.
• Brands should also focus on providing a seamless and consistent shopping experience across channels, allowing customers to view their order history, track shipments, and make returns across channels.
• Omnichannel experiences also require businesses to have a good view of the customer journey and be able to use the data from each channel to create a holistic customer profile. Companies can use the data to personalize the experience and offer personalized recommendations.

Providing an omnichannel experience can deliver benefits, such as increased customer loyalty, higher conversion rates, and increased revenue. It can also help companies build stronger relationships with their customers by providing a more convenient and satisfying shopping experience.

Mission for sustainability

By 2025, the global eCommerce plastic packaging waste is projected to rise to 4,533 million pounds. Sustainable e-commerce refers to operating an online business environmentally and socially responsibly, and it involves reducing the environmental impact of the company and promoting ethical and fair business practices.

There are several ways to start making your e-commerce business more sustainable in 2023, including:

1. Reducing waste: Implementing sustainable packaging and shipping methods can reduce waste and minimize the environmental impact of your business. This can include using biodegradable or recyclable packaging materials and eco-friendly shipping methods such as electric vehicles.
2. Improving energy efficiency: Implementing energy-efficient practices in your business operations can help to reduce your carbon footprint. This can include using renewable energy sources, implementing energy-saving technologies, and reducing energy consumption in your warehouse and office.
3. Promoting ethical and fair business practices: Ensuring that your products are ethically sourced and produced and that your suppliers adhere to acceptable labor practices is essential to sustainable e-commerce.
4. Supporting sustainable causes: Many customers are looking for businesses that align with their values and support sustainable causes. Consider partnering with organizations working to protect the environment or donate a portion of your profits to sustainable causes.
5. Transparency: Be transparent with your customers about your sustainable practices and efforts to reduce environmental impact. Communicate your values and the steps you are taking to be more sustainable.
6. Continual improvement: Continuously review and improve your sustainability practices, and incorporate feedback from customers and suppliers.

Remember, sustainable e-commerce is a journey that may not happen overnight. It's a process of continuous improvement and learning. Taking small steps can make a big difference in creating a more sustainable and socially responsible business. This does not need a significant investment in real dollars. Still, the impact can be created with a sustained commitment to continuously make more efforts to improve so that employees, customers, and other stakeholders will appreciate and reward your business.

Conclusion

2023 will see brands focus on efficient means to grow their sales and on ways to enhance the connections that a brand has with its customers. The trends we covered represent ideas that a brand can embrace to provide growth and sustainability for its business. By focusing on basics and using technology and data to guide your strategy, brands can achieve very positive outcomes quickly. When all these platforms and trends are used together, eCommerce brands can interact with greater clarity and develop focused strategies to leverage that data to grow existing and new revenue streams.

Dreaming Code helps brands enable a feature-rich eCommerce for their customers using our industry-leading SaaS product. With minimal configuration and access to our solutions consulting team, we package processes, services, and results to enable brands to succeed, all for a straightforward monthly fee. Feel free to contact us to set up a consultation with us today.

To learn more about how we can help your business, schedule an appointment with one of our solution experts today.

To learn more about the Dreaming code eCommerce platform visit: http://dreamingcode.com.