Shopify Commerce Trends 2023
Shopify has released its Shopify Commerce Trends Report and as we find ourselves at the beginning of a new year, we thought it fitting to look forward to what the new year has to bring to the eCommerce world.
The “Future of Commerce” report for 2023 report combines deep data analytics, global surveys of businesses and consumers, as well as expert interviews to project what’s to come this year for eCommerce.
While these are only projections, they give business owners and marketers alike a glimpse at what trends to keep an eye on and stay on top of.
The full report can be found here on Shopify’s Commerce Trends 2023 page.
However, in this blog, we’ll condense the annual report into a brief overview. We’ll pull out key trends, statistics, and tips to help your Shopify commerce business get ahead this year!
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Key Shopify Commerce Trends in 2023
The Shopify Commerce Trends report broke their insights down into the following 5 different categories:
- Supply Chain
- Money
- Marketing
- eCommerce
- Retail
Today, we’ll take an overview look at each of these trend categories to best prepare your business for 2023!
Supply Chain
The COVID-19 pandemic has disrupted global supply chains and caused many brands to rethink their operations and how they source materials and products. Some brands have had to pivot to new products or markets in order to adapt to changing consumer behavior and the challenges posed by the pandemic.
As a result, many brands have had to accelerate their long-term growth plans in order to stay afloat and meet the demands of consumers. This may involve investing in new technologies or adapting to new ways of doing business in order to stay competitive and meet the changing needs of consumers.
Brands should recognize the vulnerability of their own supply chains and prepare for continued disruption — especially as 60% of global consumers expect delivery within two days.
Money
Global trade grew to a record high in 2021, however, it slowed again in 2022 mainly due to the war happening in Ukraine causing inflated prices.
It is not uncommon for businesses to look for ways to cut costs in order to stay profitable, especially during times of economic uncertainty or inflation.
There are several strategies that businesses can use to cut costs, including reducing expenses, increasing efficiency, outsourcing, and automation.
While cost-cutting measures can help businesses stay financially viable, it is important to consider the potential impact on customer loyalty. Customers may become frustrated if they feel that the quality of products or services has declined due to cost-cutting measures. It is important for businesses to find a balance between cost-cutting measures and maintaining customer satisfaction.
Marketing
Unstable markets and the COVID-19 pandemic have led many consumers to try new brands, products, and purchase methods.
However, converting these potential customers can be difficult due to rising customer acquisition costs and declining return on ad spend (ROAS). To overcome these challenges, brands are turning to collaborations with other non-competing brands and influencers as a way to tap into new audiences at a lower cost.
We’ve discussed influencer marketing many times, most recently in our Influencer Marketing Costs & Managing the Brand/Creator Relationship blog. It has become more popular during the COVID-19 pandemic, with many consumers turning to online influencers for product reviews and recommendations. It is expected that influencer marketing will continue to be important for Shopify Commerce businesses in the future.
eCommerce
eCommerce is continuing to grow and is expected to account for one in every five retail sales by the end of 2023.
Social media has also become an important channel for businesses to engage with and sell to customers. According to the Marketing Dive, nine in 10 people buy from brands that they follow on social media, and using social channels for marketing and promotions is considered to be the most important customer acquisition and retention strategy for businesses.
Social commerce, or the use of social media to facilitate sales transactions, has become increasingly popular as it simplifies the process of discovery and conversion for consumers and allows for more personal engagement with brands.
Retail
Many businesses are struggling to retain staff, with 59% of brands attributing their challenges to human resources issues.
Many workers are also considering leaving their jobs in the near future, with half saying that higher pay would persuade them to stay.
However, under current financial pressures, pay raises may be less likely than layoffs. This is leading to changes in the role of retail workers and the role of retail stores, as customers are increasingly expecting retailers to offer a seamless experience across multiple channels. Retailers may need to adapt their in-store experiences in order to meet the changing needs and expectations of consumers.
Conclusion
Shopify commerce is always a hot topic in the marketing world. In the last month alone we’ve discussed the Top 3 Shopify Marketing Apps for 2023, the synergy of Shopify Audiences and Google Ads, as well as announcing that The New Optily Shopify App is Live!
As the Shopify Commerce Trends Report for 2023 says, “The only constant in commerce is change!” That’s why you need to make sure your eCommerce business stays up to date with all Shopify changes by continuing to read our Optily blog!
Optily is the ROAS supercharger for your Shopify Store. We can help you improve your eCommerce advertising across the online advertising world. You can try it out yourself, free for 14 days by downloading our app today!
Happy New Year! 🎆
