Trends to Follow in Global E-Commerce in 2023
Global e-commerce, one of the most functional and popular trade dynamics of today, is the sale of products and services by a company beyond the borders of its own country. These products and services find buyers in non-local markets online.
So, “What are the advantages of international e-commerce?” let’s take a look at that.
• International trade expands faster and easier in foreign markets.
• The harmony between the product and the market is more evident.
• B2B sales cycles are shorter.
• International presence is created more quickly.
The throne of the USA and the UK, which are the first countries that come to mind when it comes to foreign market and international trade, is shaking and it can be said that China is pushing the summit in this regard.
The global e-commerce market was projected to total US$5.7 in 2022. It is not difficult to predict that this figure will grow exponentially in the coming years. E-commerce, which is an extremely advantageous and profitable option for online retailers, is expected to increase by 2 points to 20.8% in 2023.
Growth is predicted to reach 23% by 2025. This means a 5.2 point increase in 5 years.
6 Most Influential Global E-Commerce Trends
If you are an entrepreneur with steps in global e-commerce, we would like to talk about the top 6 global e-commerce trends that will benefit you. Here are some effective tips on the subject…
1. Global Inflation Pressure
Inflation, with a continuous and serious increase, led the whole world to a worried process. It continues to rank first in inflation in the list of negativities such as poverty, social inequality, unemployment and coronavirus.
We can say that all global brands feel the pressure of inflation seriously. Entrepreneurs who will make cross-border e-commerce should carefully examine the effect of inflation in all countries of the world.
For this reason, businesses should care about investing in technologies that include e-commerce solutions in order to make growth uninterrupted and sustainable, even if they are in a cash advantageous position.
There is another reflex to be had, which is this: It is useful to scrutinize the inflation rates of the countries targeted for e-commerce and to optimize their pricing policies in the light of the data obtained.
2. The Rate of Shopping with Smartphones Increases
It is a fact that Covid-19 has triggered e-commerce around the world on its growth path. In this process, with the closure of physical stores, the need for online shopping increased and many people turned to e-commerce. In other words, due to the pandemic, online shopping rates have progressed at a very fast pace.
We can say that smartphones and tablets, which are one of the platforms where online commerce is carried out most frequently, are the most important means of M-commerce, that is, mobile commerce. This shows that M-commerce will continue to be popular in the coming years. Thanks to technological applications such as branded shopping applications and 5G wireless, many people will continue to shop via their mobile phones.
Online retail is in its golden age, thanks to the active use of mobile phones and tablets worldwide. It is known that one out of every 5 people shopping in the USA uses these mobile devices.
Shopping on social platforms is also expected to at least triple by 2025.
Competition in the market is heating up as brands invest in social commerce by 2022. Social commerce content made through channels such as Facebook, TikTok and Instagram is also gaining momentum in this sense.
3. A New Breath in Marketing
Advertising and marketing is a rapidly developing and breathing or living organism. There are exciting developments in this organic formation every year.
The dynamic of social commerce has gained momentum with the transformation of channels such as Facebook, Instagram, and TikTok, which were previously designed only for pleasure, into environments used in e-commerce.
However, we can say that the live shopping strategy has started to become popular. This application, which has become extremely popular especially in China, has begun to spread to other countries. Serious budgets are allocated for this.
About 20% of online shoppers in the US state that they participate in live trading, while 34% say that they do not do live trading, but are aware of it.
Another rising value is connected TV advertising. This application, which has a presence on platforms such as YouTube, Hulu, Roku, is also planning to appear as a popular application in the near future.
4. Global Supply Chain
The disruption in the global supply chain due to Covid-19 has been visibly large. Dynamics such as globalization, low-cost procurement and minimum inventory, which are the main features of the supply chain, were interrupted during the pandemic process.
In this sense, companies acted quickly and began to search for a way to prevent their existing supply chains from stalling. World-renowned brands experienced the negative consequences of this disruption in their supply chain. According to the predictions of experts, this result would not be on the way to recovery until the beginning of 2023. However, it is a fact that this situation will trigger other advantages and the crisis will turn into an advantage.
5. China and the Asia-Pacific Brace the Rope
It is not difficult to predict that by the beginning of 2023, retail e-commerce sales in Asia Pacific will compete with the whole world alone. Thanks to the developments in technology, rapid urbanization, government and private sector initiatives in China, eyes are turned to these regions. We can say that e-commerce sales in China are about 2.8 trillion by 2022, twice as much as the market in the USA.
6. The Power of Local Language Content Creation
One of the most important criteria for a consumer is to be met in his local language or English on the e-commerce site he enters for shopping. According to studies, almost all English-speaking customers say they do not want to shop from a site that is not translated into English.
Therefore, if your site is compatible with all local languages, at least the global language, English, will allow your global sales to increase.
According to the surveys, 65% of consumers state that they prefer content in their own language on the site they visit for shopping and do not want to shop from sites that are not in their own language.
