Huboo have complied their 2023 predictions around the top ecommerce trends for the year ahead as a helpful guide for retailers. The data was compiled based on information from Huboo’s extensive customer base, which comprises more than 1,000 businesses, and a selection of expert insights by the company’s experienced C-Suite team to offer a best in show forecast.
By shining a light on the UK market, with a focus for both domestic eCommerce providers as well as pan-European providers looking to export to the UK, it utilises Huboo’s category leadership credentials to support aspirational entrepreneurs and the future stars of eCommerce.
The research by Huboo reveals how a huge 95% of UK retail and ecommerce businesses see expanding into new territories as an important factor towards diversifying their brand, with many viewing European countries as lucrative marketplaces they would like to explore, with the right support.
- Online retailers will have no choice but to meet the cost demands of the consumer by offering multibuy discounts and loyalty programmes that serve the customer and increase basket spend.
- It will be impossible to ignore several new sector trends, including the growth of the hybrid retail model and how difficult and uncertain times continue to have the power to create vital market opportunities for bold brands.
- Now is the time for fast-growth brands to grasp tech and innovation opportunities – including more streamlined personalisation, better payment models, as well as taking advantage of digital shelf space and tapping into driving consumer demand via the metaverse.
- Smarter warehousing and logistics can support eCommerce brands in lean times by improving efficiency and cutting costs, while maintaining the quality of service provided to their customers. It is therefore vital to prioritise a human touch, be led by data innovation and adopt a sustainability-first mindset.
- Partnerships and integrations have never been more critical to eCommerce success – which includes the rise of the single ecosystem strategy and the importance of a centralised data pool. Social commerce will also go from strength to strength.
- The possibilities are endless when it comes to maximising sales channels and marketplaces through integrated data to gain a competitive edge.
We’re delighted we can channel the considerably detailed and complex insights that we have at our disposal through our people, customers and partners to create a valuable resource that’s helpful to the wider industry. The simple fact of the matter is that ecommerce businesses face difficult decisions in the months ahead and, in our report, we aim to highlight the key lessons to be taken from a challenging year in retail, and shine a light on promising trends that signpost viable, sustainable pathways to future prosperity.
It won’t be easy, but if online retailers take learnings from the last 12 months, they will put their businesses on a positive trajectory and emerge from the economic downturn stronger, leaner and more attuned to their customers’ needs.– Martin Bysh, CEO and co-founder, Huboo
You can read the full 2023 predictions along with insights from retailers and Huboo execs in their The State of eCommerce in 2023 report.