Leading ecommerce video platform Videowise teamed with Pipe17 and 29 of their other trusted partners to create a killer industry report, The State of Innovative Commerce 2023. This 113-page tome covers all the very cool stuff that bleeding-edge modern merchants and brands are doing to sell more online.
This free download is a powerful piece of content to help your business grow over the next year.
Be sure to secure your copy today!
Looking for a sneak peek?
No problem. We’re happy to share a bit of what you can find inside this comprehensive report.
Don’t miss Pipe17’s contribution (chapter 4.1) called “Automate Omnichannel Order Operations”. You can find our perspective starting on page 67!
Sneak Peek
Welcome Message
The eCommerce industry is constantly evolving, and this year is no exception. In modern times, having an eCommerce presence is vital for any reputable brand.
This includes everything from online stores to streamlined shopping apps and marketplaces. Online shopping has become an integral part of our daily lives. Merchants are adapting to meet shoppers where they are. In today’s market, shoppers hold the power, and providing a top-notch shopping experience is essential to stand out from the competition. From an easy order process and engaging PDPs to fast delivery, every aspect of the shopping journey impacts the shopper’s decision-making.
This intangible, shopper-centric experience requires significant effort and can be augmented with new eCommerce technological innovations and applications that are transforming the online shopping experience.
But what does the future hold for the eCommerce industry? We spoke with leaders in the industry and identified the most significant eCommerce shopping trends that will shape the industry in the coming months and years.
This report will feature best practices and strategies from top Shopify partners to help brands create exceptional shopping experiences to enhance their shoppers’ journey, with the goal of fostering acquisition and engagement, retention, and ultimately driving more sales.
– Powered by Videowise & Partners
Introduction: A Current Overview of eCommerce Shopping
The retail industry was one of the first to be disrupted by the Internet, leading to the rise of eCommerce as a driver of digital innovation. Despite the perception of a mature market with established rules, digital transformation is still ongoing.
The eCommerce market has transformed from a simple online shopping option to a dynamic ecosystem that encompasses multiple devices and retail concepts. Thanks to startups and the growth of Western and Asian economies, the flow of innovation and cash flow will continue to fuel the evolution of eCommerce.
When comparing the three major eCommerce markets – the US, China and Europe – China was the biggest market in 2023 and will stay in the lead through 2026-2027, dominated by the Electronics and Fashion segments. Despite China’s economic slowdown, the purchasing power has shifted from the U.S. and Europe to China and Southeast Asia. This shift is fueled by the increasing number of consumers gaining access to eCommerce, thanks to their rising purchasing power and use of mobile devices.
However, when looking ahead to the years 2022 to 2027 forecast, it is clear that the U.S. and Europe have a stronger growth rate compared to other regions, such as China and ROW.
(All figures provided courtesy of Videowise)
In 2023, the Chinese market will be valued at an impressive US$1,156.3 billion. With a projected compound annual growth rate (CAGR) of 7.4%, revenues are expected to reach US$1,649.4 billion by 2027.
Meanwhile, the U.S. market generated US$904.9 billion in revenues in 2023. Based on a CAGR of 13.5%, it is projected to surpass US$1,702.9 billion by 2027.
Europe holds the title for the third largest eCommerce market in 2022, with revenues of 662.5 billion. With an annual growth rate of 14.5%, it is expected to reach US$1,304.13 billion by 2027.
The rising adoption of eCommerce as a digital infrastructure is also influenced by various socioeconomic and key market factors.
COVID-like V-shape recovery, recession, and shoppers’ behavior change.
Current outlook: Consumer markets are slowly recovering from the recession caused by the pandemic. While spending on services remains lower than before the crisis, there has been an increase in spending on physical consumer goods.
Fiscal measures have helped stabilize household incomes, leading to many households having extra savings. Lockdown social distancing have also resulted in reduced spending on services outside of the home.
However, this combination of excess savings and limited supply has created inflationary pressures, which were initially expected to decrease as economies reopened.
Potential long-term consequences: The COVID-19 pandemic has disrupted deglobalization pressures that already existed, with countries focusing more on self-reliance and companies adjusting their supply chains. Just like in previous recessions, durable consumer goods and vehicles will be hit harder than consumer staples and services.
Because of inflationary pressures, the government’s ability to stabilize the economy through fiscal measures will be limited compared to the response to the COVID-19 recession.
Lastly, consumers will experience a decrease in their income due to the recession.
Take a Peek at the Full Table of Contents
We are delighted to share a full listing of everything else you can find in this extensive, exhaustive report!
- Introduction – Revolutionizing eCommerce Shopping: Innovation trends
- Create memorable experiences that resonate with shoppers
- Omnichannel shoppable videos
- AI-powered shopping solutions
- UGC marketplace for eCommerce
- The indispensable role of design in eCommerce
- Mobile eCommerce; it’s where your customers are
- The modern loyalty playbook
- Elevate the shopping journey
- Mobile shopping and site speed
- Utilizing simple reviews to earn customers’ trust & boost review submissions
- Unleashing the tech stack to supercharge grow th
- Upgrade subscriber experience through gamification
- Integrated review journeys
- Maximizing eCommerce success with affiliate programs
- Cutting-edge Post-Purchase experience for eCommerce businesses
- Provide effortless purchasing processes, including shipping and returns
- Automate omnichannel order operations
- Reducing your returns with AI-powered scan solution
- Enhancing the Shopify shopping experience: Post-Purchase Success
- Harness personalization to create individualized shopping experiences
- Personalization for intelligent shopping experiences
- Next-gen SMS using AI and personalization
- Pricing up the ultimate Shopify partner tech stack
- Personalized product reviews
- Increase every order on your store
- Subscriptions and retention
- Increase repeat purchases with personalized rewards
- Analyze eCommerce shopping at scale
- AI to help shops learn about shoppers. Analyze the shopping journey to improve customer retention
- Commerce-centric video analytics
- Conclusion
What are you waiting for?
