DTC eCommerce brands experienced a boom in the past years. Unfortunately, the landscape has changed. Changes in the market dynamics, rising customer acquisition costs, and intense competition have created significant challenges for leaders seeking to grow revenue and scale their businesses.
Here is a list of 10 trends to keep an eye on in order to maintain your competitive advantage according to Olivier Lindberg in a recent article for Shopify’s blog.
One of the most significant trends highlighted in the article is the continued growth of mobile commerce. With mobile devices becoming more ubiquitous, consumers are increasingly comfortable making purchases on their smartphones and tablets. This trend is expected to continue, with mobile commerce projected to account for 72.9% of all e-commerce sales by 2023. This means that businesses need to prioritize mobile optimization and ensure that their websites and online stores are easy to navigate on smaller screens.
Artificial intelligence (AI) and Machine Learning (ML) are also expected to play an increasingly important role in commerce. By leveraging AI-powered tools for content generation, personalization, and customer engagement, Shopify businesses can provide more personalized customer service and streamline the shopping experience for customers. 84% of eCommerce businesses are either actively working on adopting AI solutions into their business or have it as a top priority, according to Statista.
Another trend to watch is the importance of personalization and data-driven marketing. Consumers today expect personalized experiences, and they’re willing to share their data in order to get them. By leveraging data and analytics, businesses can deliver tailored marketing messages and product recommendations that resonate with individual customers. This can help build stronger relationships with customers and increase customer loyalty.
Consistent Shopping Experience
Another trend highlighted in the article is the importance of a seamless and integrated shopping experience across all channels. Consumers expect to be able to shop in-store, online, and via social media and voice assistants, and they expect a consistent experience across all of these channels. Businesses need to ensure that their sales and marketing efforts are integrated across all channels and that customers can easily transition between them.
Social commerce is also becoming increasingly popular, with social media platforms like Instagram and Facebook providing new opportunities for businesses to connect with customers and drive sales. With features like Instagram Shopping and Facebook Marketplace, consumers can browse and purchase products directly from their social media feeds. Businesses should consider incorporating social commerce into their overall sales strategy and leveraging influencers and user-generated content to drive sales.
Influencer marketing has become a popular trend for Shopify store owners to promote their products and reach new audiences. With the rise of social media platforms, businesses are partnering with influencers to showcase their products and services to their followers. The key to successful influencer marketing for Shopify stores is finding the right influencers who align with their brand and target audience. Shopify store owners are also leveraging user-generated content to promote their products through influencer partnerships. By tapping into the power of influencer marketing, Shopify store owners can increase brand awareness, drive sales, and build a loyal customer base.
Another emerging trend is the increasing popularity of voice assistants like Alexa and Google Assistant. As voice recognition technology improves, more consumers are turning to voice assistants to help them with everyday tasks – including shopping. By 2023, it’s expected that 8% of all e-commerce sales will be made through voice assistants. Businesses should consider optimizing their online stores for voice search and exploring opportunities to integrate with popular voice assistants.
New payment methods are also emerging, with cryptocurrency and other digital payment methods gaining popularity, particularly among younger consumers. Businesses should be prepared to accept these alternative forms of payment and educate themselves on the benefits and risks associated with them.
Subscription services are also growing in popularity, particularly in industries like beauty and wellness. By offering subscription-based services, businesses can build recurring revenue streams and deepen customer relationships.
Finally, the article highlights the importance of sustainability and ethical practices in commerce. Consumers are increasingly concerned about the environmental and social impact of the products they buy, and businesses that prioritize sustainability and ethical practices can differentiate themselves in the marketplace and appeal to conscious consumers.