Technology innovation is fast and what drives it now can be seen behind us in the future. For us living in Silicon Valley, life undoubtedly goes by at a rapid speed. We in the center of the tech world are aware of the simple fact that if you stop at the point of death, and you’re gone.
This is specially evident when it comes to the retail and e-commerce area. Companies that take a break to celebrate their achievements or take a short breath often see their competitors and customers pass by.
This is why, at this season, fellow executives and I work to ensure that our businesses and our partners stay a step ahead of the curve by cleaning the crystal ball and placing our reputations in the balance to predict the trends and technologies that are likely to emerge, expand and change our industries. As we begin another year filled with enthusiasm and optimism, Here are three eCommerce predictions that will create waves in 2023. Three others may slip beneath the surface.
The New Hot
Generative AI is causing every tech enthusiast to get geeky in the present using models like Stable Diffusion and ChatGPT, reimagining the kind of content that AI-curated content could appear to be. In the coming year, we can expect this technology to make an enormous leap forward, with more efficient and practical apps for the retail industry, like customer support, pre-sales, and even advertising and marketing.
Most brands have numerous pieces of content available in various formats, including digital, print, and mobile. The technology could lower the barriers by automating how content is edited across these media to reach the correct people (i.e., changing an advertisement printed on paper into a short-form video or transposing creative content into different languages so that global consumers can access it).
But beware, Beware: Generative AI isn’t without warnings about creating offensive or not content on brand. This is the reason why the technology isn’t plug-and-play. I recently attended an event that is a hit in the tech world in which we debated for hours the generative AI concept being used as “co-pilots.” This means the technology will act as our wingman and help us accomplish tasks faster and more efficiently. However, humans will remain in the cockpit, providing control, direction, and content approval.
More Shopping Tools for Customized Shopping
Every consumer wants to have a more customized online shopping experience. This is likely to remain the same by 2023. Expect the rise of versatile tools and content to create more effective and enjoyable shopping experiences. This includes:
Integration of saving programs (coupons and sale prices) into the shopping experience, rather than looking for them on the internet or using third-party discounters or other apps.
Size estimation tools allow customers to choose products based on their specific body types or measurements. This helps reduce costs and the hassle of returning by finding the perfect size the first time.
* Relevant content that has been carefully designed to appeal to particular demographics, for example, short-form videos for younger consumers and more conventional content for older consumers.
* More readily accessible privacy Sandboxes for retailers with data-driven insight that can be highly effective for brands to control budgets, track specific strategies, and get clear about consumer behavior and what’s practical.
Environment, Social, and Governance (ESG) and Sustainable Shopping
ESG and sustainability-related initiatives have been hot subjects for brands in recent years and will only increase in 2023 as we fight against even more conflicting and politically charged headwinds. Whether promoting minority-owned businesses and products or introducing greater transparency on specific products’ carbon emissions/footprints, brands will inspire shoppers and resonate with their values and convictions regarding environmental and social impact.
I already hear the responses, but we’ll begin to witness the potential for Livestream shopping fade this year. Candidly, I’m torn. There needs to be more consistency between consumers and retailers. The retailers love it and are always knocking at the door to offer us the content we need for our Livestream Shopping platform. But it needs to be connected with the consumers.
There was a lot of promise in how effective it was in Asian markets, but the enthusiasm hasn’t yet been reflected in customers in the United States. It’s one percent of the feature. While there are certain niche areas that Livestream shopping that can be beneficial, our data shows many retailers that the cost of time and energy it takes to create may be less than the effort.
3-D Product Catalogue
Remember that time last year in which the world of the metaverse seemed to be the only thing everyone could discuss, a digital paradise where anything could be feasible? Perhaps that’s still in the future, but the speed of metaverse transformation has been slower than initially planned. In turn, it has slowed other metaverse developments like 3D-ifying catalogs for products.
There are excellent ways of changing static images into interactive 3D images. It will eventually take place. It could increase conversions, but the demand has yet to be there, and the adoption needs to be swifter. As we begin to see the appearance of new tools that can make it easier to transform, perhaps 1 percent of all current catalogs of consumer products include a 3D version.
Although it’s in an experimental phase, one-click checkouts are expected to be something other than a breakthrough year. Consumers prefer to avoid searching for products via social networks and buying directly through those channels. Most shoppers prefer to visit an independent vendor website or a reputable seller. I’m assuming that the needle won’t be moved much as we go throughout the year.
This year will be exciting for consumers and retailers alike, with new features and tools that can create a more flexible, seamless online shopping experience. We’re excited to be a part of it. Only time will determine if these predictions are worth the price or just fool’s gold.