Here are the top conclusions of how leading industry minds see the future of commerce:
Commerce is not a silo expertise anymore - Big brands must break down silos, involve multiple capabilities, and focus on speed-to-market and efficiency if they want to stay at the top of the game. Commerce is the field of hyper-evolution: new platforms appear regularly, creators who shape consumers’ habits rise and fall almost every month, and advertising technologies are getting increasingly sophisticated.
Virtual shopping after the pandemics - Covid caused a major, unprecedented peak for the entire sector, but as things return to normal, some of the major e-commerce players (e.g., Shopify, Amazon) reported a decline in online sales. It is just a fully expected phase: after moving the whole traffic to online, market players had to increase resources. Now, when offline is back, a small downturn was obvious.
Diminishing barriers between online and offline - All participants agreed that offline experience is here to stay but the role of physical sales must be re-defined - e.g. showroom function has to become far stronger than it is now and offline should also help generate online traffic. Thanks to data and technology, every brand experience can become a commerce experience, and every interaction has the potential to lead to commerce.
Technology is here to help - Talking about the future of commerce, we also see great potential in AI - e.g., creating personal shopping advisors who are making instant deals – negotiating and adding up to what is being desired at a particular moment. This is another great example of why the silos structure between online and offline should be narrowed down.
One shot at being unmissable - The first experience for brands is on mobile, designing for screens demands different thinking, ecommerce has forced this change. Mobiles play the most critical role because of the growth of e-commerce, so when thinking about designing for screen, please understand people fast scroll and are less patient on their mobile. Attention spans are decreasing.
Choose your platforms wisely - It's a cliche that in 2022 everyone and everything is on social media: people are using around four social networks each, regardless of age group. Each platform fulfills a specific need and breeds a particular habit.
2023 predictions - The global climate will also determine the performance of e-commerce. We forecasted steady growth: the further expansion of online shopping, but brands must respond to the ever-demanding role of this world. Only those players who focus on speed-to-market and efficiency, react fast enough, and use a data-based approach will remain on top of the game.