All the signs are pointing to troubled times on the horizon. Inflation, recession, and living and energy crises mean that technology companies better start planning for the future now.
That’s because your business will be affected in the coming year. High inflation means less purchases from consumers; 77% say their spending has been impacted by inflation. This could mean less cash flow into your company.
It’s not all bad news. US ecommerce grew 10.8% in the third quarter of this year, and ecommerce sales accounted for 14.5% of the total US.retail sales in the second quarter. This financial data tells us that ecommerce is in a very strong position to weather the coming storm, but businesses must start planning now and watch their cash flows very carefully.
We’ve compiled what are likely to be the top ecommerce trends of 2023.
The omnichannel experience has become popular over the last few years, but next year it will be outright essential. As people return to brick and mortar stores ecommerce retailers need to make sure they aren’t left behind. That means providing a perfect online shopping experience, from checking you out to checkout, and from website to social media. Are you offering a true omnichannel experience?
We’re glued to our phones. 85% of the US population own a smartphone, and that figure increases every year. Companies simply cannot ignore this fact. They need to embrace the mobile experience to hit customers where they are, and that’s usually on their phones. Websites that work perfectly on phone screens, apps, customer service chat, and payout options like Google and Apple all need to be implemented to make purchasing simple and fun.
While it remains to be seen if Meta’s gamble on AR and VR will pay off, incorporating some of this future tech can pay dividends. Showing off your products in a VR or AR space allows your customers a degree of interactivity that can’t be experienced with pictures or video; this might be crucial if you don’t have a physical store.
Leveraging customer data to provide personalized experiences will give brands the edge. In fact, consumers love personalized shopping so much that they are 40% more likely to spend more than planned when they identify the shopping experience to be highly personalized.It’s vital that businesses personalize their content across all their channels and truly get to know their customers.
If you need to streamline complex financial operation transactions through data, then you need Blue Onion. We automate and reconcile your accounting and financial data to make sure you never miss a transaction. Contact us today.
* While we are a team of former accountants, we are not in the business of providing professional services. The information presented is for informational purposes only and is not intended to be a substitute for professional accounting, tax, or legal advice. We recommend that you consult with a qualified accountant, tax advisor, or lawyer who is familiar with the specific needs and nuances of your business.