2023 will continue to see changes in the way people buy, sell, and trade online. Here are 3 big ones.
AI
If you’re an e-commerce business owner, there’s a good chance you’ve heard of artificial intelligence (AI). You may have even considered using AI to help run your business. But what exactly is AI, and how can it help your e-commerce business? Global corporate artificial intelligence (AI) investment from 2015 to 2021 has more than quadrupled from 12.75 to 93.5 billion US dollars in 2021. The e-Commerce industry is seeing radical changes thanks to AI since it is assisting businesses in producing higher-quality content. Every online retailer understands that content is king. The right content, such as detailed product descriptions and high-quality images, may make or break a sale. Still, it can be costly and time-consuming to produce excellent content. AI’s machine learning algorithms enable organizations to produce higher-quality content more quickly and cost-effectively. https://www.forbes.com/sites/theyec/2022/02/15/four-ways-artificial-intelligence-is-transforming-e-commerce/?sh=1fca4756797b
Video Shopping
Video content has fast become a powerful tool for businesses to reach and engage with a global audience. Businesses are incorporating video content into their e-commerce strategy, creating a new trend in e-commerce — video shopping. This trend has been steadily growing in recent years and is projected to become even more popular in 2023. With video shopping, customers get an immersive shopping experience from the comfort of their own homes. Businesses can also increase customer engagement through encouraging user-generated content. Video shopping offers several advantages for both consumers and businesses. Customers can view products in detail and make informed decisions before committing to a purchase. It also allows customers to ask questions about the product and receive answers from knowledgeable sales associates.
More Payment Options
Consumers are quickly adopting new payment methods, with 85% saying they have used at least one emerging payment method, such as biometrics, digital currencies, and QR codes. The most used payment methods are PayPal, Amazon Pay, and Apple Pay. If your eCommerce store targets primarily consumers in SE Asia, you also need to consider Alipay, WeChat Pay, and Line Pay. Another growing payment method is cryptocurrency. While this trend is still new, it’s hard to predict what will happen next. However, several big players, including Microsoft, Starbucks, PayPal, and Tesla, are already accepting cryptocurrency as a payment method.
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