4 Trends On Amazon To Look Out For In 2023
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Amazon was one of the few businesses worldwide that showed no slump during the pandemic. For instance, its Q4 2020 earnings saw an increase of 42%. This comes after a $4 billion expenditure for COVID-19 measures. With Amazon doing great, there can be no better time to be a seller and scale your business on this eCommerce marketplace. As a seller on Amazon, keeping up with the latest Amazon trends is mandatory, irrespective of your business size and what you do.
And having survived the holiday retail season and putting Holiday ‘22 in the back, it’s time to look ahead. It’s time to start learning from your past performance, using the right insights from the data and planning for the future. Here is a list of the 4 key consumer trends we think you shouldn’t miss when selling on Amazon in 2023.
Focus on Voice Commerce
According to Voicebot, the voice commerce market will likely increase by 320% in 2023 over 2022. With a prediction of such an exponential rise in voice assistant adoption, Amazon wasted no time launching its Alexa Voice Shopping functionality. This lets shoppers search for items, add them to carts, and track their orders.
As a seller, you need to up your SEO game. Specifically, optimize your store to suit voice search results to increase traffic and get better conversions.
Sustainability Matters More Than Ever
Consumers’ buying intent will be heavily driven by the ethical and sustainable efforts of brands and their products. According to the Worldwide Fund for Nature, Google searches for sustainable goods have risen globally by 70% since 2016. In the U.S. alone, sustainability-related searches grew by 450% between 2016 and 2018.
83% of all consumers feel it is “essential” for brands to develop products meant to be reused or recycled. Over half of them said they would be willing to pay more, for sustainable alternatives to conventional products, as per a recent survey conducted by Accenture. It’s safe to say from these stats that brands that have a compelling sustainability story to narrate and sell products that have a positive environmental impact will have higher success rates in 2023 and beyond.
Redeeming Brand Loyalty
Brand loyalty witnessed a massive downfall during the pandemic. As per a report by McKinsey, 75% of consumers showed new shopping behaviors driven mostly by convenience and price. Gaining these customers’ loyalty needs planning, strategy, and time.
A good place to begin would be by checking out your target audience and sub-segments. See if you can get answers to these basic questions:-
- Who are they?
- What drives their purchases?
- What are they looking for in a product and how does the brand affect their personalities?
- What are their life goals?
- How do they start their search?
- What is their preferred shopping media?
The more answers you get to these questions, the easier it will become for you to refine your brand identity. This will help you align that identity with your respective values, which is the key to winning back the trust and credibility of your audience.
Shift Towards Social Shopping
Social commerce has increased throughout the pandemic. As per a report by Accenture, sales of nearly $560 billion in 2021 were generated globally. This number is expected to go up to $1.2 trillion by 2025. Over half the world’s population has become active users of social media, as per another report. People are spending almost 2.5 hours on average on social channels. For most of these users, social media is the entry point for all their online communication, news, entertainment, and shopping. So, to get an advantage when selling online, leveraging the sales via social commerce through a robust, distinguished, and specific strategy is key to success.
Final Thoughts
With 2023 already here, it’s clear that consumers are increasingly seeking social validation of their purchases and proof of serious efforts toward sustainability from the brands they shop. Staying in touch with the latest Amazon trends will give you an advantage. And if you want to expand your Shopify store’s presence to Amazon, you can look at CedCommerce’s Shopify-Amazon sales channel app on the Shopify app store. Expanding your business to Amazon couldn’t have been easier thanks to CedCommerce’s panel of industry experts who will always be there for your help.