Our Top Digital & eCommerce Trends & Predictions for 2023
It's about that time of the year. 'Tis the season to publish trends and predictions. Rather than create our own list of predictions and trends we have brought together the best of the best predictions and trends from experts across the globe.
1. The dawn of ‘experience commerce’
Whilst eCommerce sales have grown demonstrably over the past few years, the eCommerce experience still lacks the ability to stimulate the senses quite like a physical store experience can. Livestreaming, extended reality and other immersive technologies are set to move us into an era of experience commerce.
In a recent article published by the Drum – Emma Moore a Product Marketing Manager from Zappar anticipated that in the year ahead:
“we’ll be moving into the immersive commerce and experience commerce space – away from traditional e-commerce. There'll be a lot more exploration into augmented reality (AR), virtual reality (VR) and extended reality (XR); it'll all be about creating experiences and making people have a memorable time with the brand, putting the customer first and removing the product from the centre of the sales solution or offering. It's all about the experiences that retailers add.”
See more here:
https://www.thedrum.com/news/2022/09/22/e-commerce-we-know-it-dead-expert-predictions-2023
2. Re-commerce will accelerate as consumers get thrifty
In 1995 eBay kick started a revolution in the sale of pre-loved / second-hand items but in more recent times the re-sale of items has ballooned. According to Gilles Couvreur, founder of Crosslist “the second-hand retail industry has tripled in value since 2020, worth an estimated $120 billion. With Gen Z driving the industry’s massive growth, there are several trends that will shape the future of second-hand retail in 2023. First, sustainability is playing an important role in driving consumption of second-hand goods, with 40% of shoppers citing this as their main reason for thrift shopping. Second, people are seeking to declutter their wardrobes and homes, but the tough economic times mean they cannot afford to simply donate but try instead to get money back for their goods.”
In 2023 we expect to see an increasing number of brands lean into the opportunities that re-commerce affords as more consumers seek out ways to reduce their environmental footprint and reduce the cost-of-living.
See more here:
https://modernretail.co.uk/ecommerce-trends-2023/
3. The whole industry leans into privacy challenges
COVID was the catalyst for brands to get serious about eCommerce and digital and the swag of data privacy breaches in Australia in 2022 is the catalyst for brands to start to take data privacy seriously. With new legislation pending and breaches exposing the depth of data brands are hoarding, 2023 will see brands walking the data tight rope in a big way. 3rd party cookie deprecation is driving brands to capture more data, but privacy breaches are providing cautionary tales to capture only what is needed and retain only for however long the data is required. The industry will also be re-thinking its approach to data sharing. According to Richard Knott, GM for ANZ at InfoSum:
“New privacy legislation and the inherent new risks mean brands must look closely at exactly how they collaborate on data. They will need a much better idea of where their data is at any moment and who can do exactly what with it. Anywhere that trust is required in the process of data partnerships will be regarded as a point of possible failure. This means data collaboration will have to be managed without moving consumer data out of your environment."
See more here:
Further delays in a cookie-less future
3rd party cookies were first meant to be deprecated by Google in 2022. The deadline was then extended to well into 2023 and then subsequently to 2024. Whilst brands and platforms are breathing a sigh of relief, the delay in deprecation is impacting brand's ability to make the shift and build momentum around the change.
According to InMobi’s Abhay Singhal we could very well see the 3rd party cookie deprecation can kicked down the road once again in 2023. “It is likely Google will once again delay cookie deprecation. The industry has dragged its feet on the cookie-less future and the general response to Google’s Privacy Sandbox has been tepid. It is highly possible that Google will further delay cookie deprecation to 2025 to allow for revenue continuity. At this rate, Privacy Sandbox for Android, which receives more positive reception and less friction, may be implemented in the market ahead of third-party cookie deprecation in Chrome – despite being announced years later.
See more here:
NFTs find a problem to solve
Since a Bored Ape captured the attention of the world, NFTs have continued to evolve and whilst many leading brands have been experimenting, few have leveraged it successfully to create meaningful value beyond a PR stunt.
According to Bernard Marr, however, 2023 will bring us closer to NFTs becoming more usable and practical. Marr suggests “For example, NFT tickets to concerts will potentially give you access to backstage experiences and memorabilia. NFTs might be the keys we use to interact with many of the digital products and services we buy, or they could represent contracts we enter into with other parties. And Forrester agrees, making similar predictions for the year ahead: “The next frontier for NFTs lies in customer loyalty programs. In 2023, smart brands will follow the likes of Louis Vuitton and Starbucks, both of which are using NFTs to enable access to exclusive customer experiences and perks.”
See more here:
https://www.forrester.com/blogs/predictions-2023-metaverse-nfts/
Metaverse interest waning for brands
To the dismay of Zuckerberg and For