Welcome to the Topic “The Future of Commerce in 2023: Adapting to the New Digital Landscape”

We all know the current popularity of E-Commerce and it is expected to increase even more in the next few years. There are many online stores these days that are working extremely well and so many owners are now also shifting their business online knowing the success of online business.

Therefore, the future of commerce is bright and successful. However, there is also a need to adapt to this new digital era by incorporating many factors to make the online stores even more popular. If one keeps in mind certain complications that might come in the way of the new digital landscape and work to counter these complications, only then one can make his or her business navigate through the crowded marketplace.

Customer Acquisition Cost

The cost of customer acquisition is constantly going up. There is a concern raised that gaining more customers along with retaining old ones is becoming more and more difficult by every passing day. The current statistics assumes that there are upto 24 million online businesses with only limited spaces on the Google page one, that is, upto only 11. This limitation makes it difficult for the many other businesses to be even found in the first place. In the past, marketing budgets were put into PPC campaigns, however, now the cost is also increasing which is making customer acquisition even more difficult. In digital advertising, the cost per click has also increased by about 15% which means that more budgets will be utilized by businesses.

To counter these problems, it is suggested to invest in one’s brand which will help in increasing the lifetime value of the customer and this will boost the conversion rates. It has been found out that almost 80% of shoppers thoroughly research before placing any order, hence, investing in your brand by also incorporating key statements is always a good start.

Phase out of Third Party Cookies

Google has announced that the third party cookies will phase out which means that only first party cookies will remain. This means that the owners will not have any information on customers’ browsing habits such as their likes or dislikes taken from the other websites.

However, it has also come to light that many customers are willing to share information with those brands which they trust. The owners can conduct surveys to get more insight into the needs and wants of their customers which will help the marketers to incorporate the feedback into the users experience on their website even without the use of third party cookies.

Social Commerce and its increasing popularity

Nowadays there are different social media platforms that hold immense popularity, the buyers are increasingly using these platforms to make purchases. It has also been found that many of the buyers trust the content creators such as influencers when buying any product. Many people now directly maken purchases through these social media platforms. Hence, it is highly recommended to create partnerships with well known influencers to break into the social selling space and to gain trust of customers. These collaborations with popular influencers will bring in newer customers and help in accelerating your business.

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Also Read: Ten factors to consider when choosing an eCommerce platform in 2023