Experts from Shopify, the world’s leading e-commerce platform, shared how they see the future of e-commerce in 2023.
What to prepare for? How to build interaction with customers and why it is worth planning bigger advertising budgets for the next year.
Will the market grow?
Definitely yes. Despite all the “crisis prophecies” and the decline in overall purchasing power.
Three main trends
Consumers demand personalisation
At the same time, increasingly stringent personal data protection laws are forcing companies to refuse third-party cookies. They have long been blocked by Apple and Firefox. The main “information provider” Google has promised to join them by the end of 2023.
Cookies are used to store personal settings and preferences of the buyer, as well as to identify him or her. This data is used to set up targeted and contextual advertising. The ban on the use of third-party cookies actually means that companies will receive less information about customers and advertising will become less relevant.
What to do? Collect user information directly from potential customers with their consent.
44% of Shopify respondents are willing to provide personal information to receive relevant content and offers. But this only applies if the brand and the user already have a certain level of trust.
Brand building as the basis of marketing strategy
Advertising costs are bringing less and less return: the cost per click is growing out of proportion to the reach. That’s why marketers advise to change the course from short-term, measurable and quick results to long-term priorities. A strong brand is the basis for steady growth.
E-commerce continues to migrate to social media platforms
In 2023, the trend for video content will move to a new level. Users expect more direct and dense communication (not just beautiful videos). Live broadcasts and Live chats are a priority.