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With the U.S. alone exceeding $1 trillion in e-commerce sales in 2022, it’s no surprise that businesses are looking to innovate in the online shopping space. From more eco-friendly packaging options to implementing technology such as augmented reality and artificial intelligence, there are a number of growing trends that entrepreneurs and industry leaders are excited to see take off in the near future.
To share their own insights into the world of e-commerce, 10 members of Young Entrepreneur Council discuss some of the top e-commerce trends or innovations they’re excited about lately, as well as the impact they see those trends having on their businesses or other businesses in the future.
1. The Rise Of Sustainable, Eco-Friendly Packaging
I am excited about the rise of sustainable and eco-friendly packaging in e-commerce. Consumers are increasingly concerned about the environmental impact of their purchases, and businesses are responding by adopting sustainable materials and minimizing packaging waste. By incorporating eco-friendly packaging solutions, other businesses can contribute to a greener future while appealing to environmentally conscious customers. This positive shift not only enhances your brand image, but it also drives long-term growth and success in a competitive market where customers value responsible business practices. – Michelle Aran, Velvet Caviar
2. The Consistent Growth Of Mobile Commerce
I’m really excited about mobile commerce right now. While this isn’t necessarily a brand-new e-commerce trend, all of the numbers continue to grow year over year—with no signs of slowing down in the foreseeable future. I expect this to have the most significant impact on smaller e-commerce shops. They’ll need to put more emphasis on driving mobile sales to compete with the bigger players and massive online marketplaces. – Ian Blair, BuildFire
3. Live ‘Try Before You Buy’ Demos
Lately I have seen many e-commerce sites offering live demos of the products before you buy them. This offers great visuals for the buyers, especially when they are buying a new product or something very expensive. I think soon it will become a trend because buyers want to see the real products. E-commerce businesses can offer this perk to their prime customers, which leads to having more customers on the site. – Piyush Jain, Simpalm
4. One-Click Checkout
One-click checkout is a game-changer because it reduces the number of clicks and pages needed to complete a purchase, which in turn reduces cart abandonment rates and increases conversion rates. I believe this will have a huge impact on businesses in the future, as it improves the overall shopping experience and makes purchasing more seamless and efficient for customers. This will lead to increased customer satisfaction and loyalty, ultimately benefiting businesses in terms of revenue and growth. Furthermore, one-click checkout has the potential to become the industry standard for e-commerce, as it aligns with the increasing trend of simplifying and streamlining the customer journey. – Pratik Chaskar, Spectra
5. Short-Batch Production For Hardware Innovations
A huge e-commerce trend in 2023 is the ability for new hardware innovations to be rapidly designed, prototyped and manufactured in short-batch production. This means that it is easier than ever for anyone with a physical product idea to go from concept to production in a short period of time and at a lower product development expense. New innovators can then leverage a variety of e-commerce strategies to launch their invention ideas to the market rapidly. It used to take years to develop new physical consumer product ideas and take them to market, but now new brands are developing and launching new products in under a year due to the advances in product development and rapid manufacturing. – Kevin Mako, MAKO Design + Invent
6. Increasing Uses For Artificial Intelligence
Like many, we are excited about AI’s use case within our business, primarily for two business functions: customer service and content creation. While AI won’t fully be able to take over both of these functions due to the narrow niche of our business, it will certainly have an “Iron Man” effect, allowing our teams to service more customer inquiries faster with fewer resources. Plus, on the content side, it will serve as an excellent resource for first drafts. – Jeff Cayley, Worldwide Cyclery
7. The Rise Of Augmented Reality
The most striking trend with great potential in my opinion is the rise of augmented reality (AR) in e-commerce. AR allows customers to view and judge products in a highly realistic and interactive way, with innovative features such as virtual try-ons and product customization. This technology is revolutionizing the way that consumers shop online, and early adopters of AR in e-commerce are likely to see an increase in customer engagement, buyer trust and, ultimately, sales. Moreover, this is just the beginning, and I expect many exciting developments as AR develops and integrates with other technologies like virtual reality and 3D web design. So, I believe augmented reality is the next big thing in e-commerce, and applying it effectively will surely offer a major competitive advantage for e-commerce businesses. – Kelly Richardson, Infobrandz
8. Live Shopping Software
Live shopping software is probably the coolest development in the e-commerce sector. Since social media has become such an essential part of people’s shopping behavior, these tools make it super easy for vendors to sell while they are live on multiple platforms and for customers to purchase during the presentation. The software has great potential and encourages engagement between the two parties. – Alexandru Stan, Tekpon
9. Same-Day Delivery Options
I’m thrilled to see same-day delivery options becoming a new norm in the e-commerce world. Offering same-day delivery options not only provides instant gratification to customers, but it also sets businesses apart from their competitors. Plus, with the rise of on-demand services and delivery apps, it’s easier than ever to make this a reality for customers. So if you’re looking to stay ahead of the game, consider adding same-day delivery to your e-commerce arsenal. – Adam Preiser, WPCrafter
10. A Voice-Enabled Shopping Experience
With the emerging popularity of virtual assistants, we are starting to integrate a voice-enabled shopping experience into our new developments. Voice-enabled shopping is a growing e-commerce trend that involves using smart speakers and virtual assistants to make online purchases via voice commands. This trend is expected to increase the convenience and efficiency of online shopping for consumers while presenting new opportunities and challenges for businesses. Companies that embrace this trend and optimize their product listings for voice search are likely to benefit from its continued growth in popularity. According to Google, 27% of people use voice search on mobile devices, making it clear that voice-enabled shopping on our websites will provide us with a competitive advantage. – Kazi Mamun, CANSOFT
