The rise of digital commerce has given rise to new ways for e-commerce retailers to improve their business and provide an exceptional customer experience.
This is due to the industry’s constant adaptability to meet new demands and opportunities to create a seamless shopping experience by offering consumers a wide variety of products and services and finding new ways to connect with consumers through digital storefronts.
As a business owner or someone involved, keeping up with market trends is critical to capitalizing on upcoming opportunities and lessening the impact of potential disruptions.
In the last three years, e-commerce has grown significantly, pushing millions more consumers to shop online. In 2023, the e-commerce industry will slowly take over the world as the revenue in the market is predicted to reach 9.02 billion US dollars in 2023.
Here are some of the most significant and disruptive ecommerce trends that could be embraced to improve customer experience while expanding business:
The rise of social commerce
One trend that is expected to gain momentum in 2023 is the use of social media for e-commerce. Many businesses in Nigeria are already using platforms like Facebook and Instagram to sell their products, but this trend is expected to increase in the coming year as social media is a powerful tool for reaching potential customers and building brand awareness.
Companies that take advantage of this trend will be well positioned for success.
The rise of omnichannel
Shoppers are no longer limited to a single device or channel as they research products, compare prices, seamlessly complete a sale across all channels, and switch devices without losing their place in the buying process. According to the National Communication Commission (NCC), 89% of Internet users make purchases online, and another 24% plan to do so in the near future.
This trend has led many eCommerce platforms, such as Jumia, to ensure that their channels can be accessed regardless of platform or channel. As a result, consumers can log into their accounts through the app or website on any device of their choice. This ease of purchase is expected to contribute to an increase in online sales.
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Perfect payment options
Nigeria’s economic policy is gradually shifting towards cashless payment, with the implementation of digital and electronic banking across the country. Also, following the announcement of the new withdrawal limit by the Central Bank of Nigeria, more transactions are expected to be done electronically.
This demand for electronic transactions has attracted payment facilitators from around the world as Nigeria’s fintech and e-commerce industries are bolstered by a rapidly growing young population, expanding consumer power and increased penetration. of smartphones.
This is especially important for small businesses that use payment solution providers to facilitate the payment process for their customers. Payment solution service providers such as JumiaPay can take advantage of these opportunities in the market.
Beyond this, payment solution providers such as JumiaPay would also benefit from offering electricity bill payment, TV subscriptions and airtime/data top-up services to their consumers.
Another important trend in 2023 is the increasing use of artificial intelligence and machine learning in e-commerce. These technologies can help businesses personalize their interactions with customers, improve the accuracy of their recommendations, and make more informed decisions.
Personalizing a customer’s online shopping experience is critical to increasing online sales and reinforcing e-commerce success. Users are growing tired of algorithm-driven interfaces instead of user-generated or user-inspired interfaces and crave tailored and personalized experiences. Customers want to believe that someone is paying attention to them behind a computer screen. It doesn’t have to be anything fancy; It can be as simple as a personalized email, a carefully chosen discount code, or something else.
Overall, the e-commerce industry in Nigeria is expected to experience significant growth in 2023, fueled by increasing smartphone adoption, a growing middle class, and government support. Companies that are able to keep up with these trends and adapt to the changing marketplace will be well positioned for success in the coming year.