LONDON, UNITED KINGDOM – Global market research company Euromonitor International has released its annual report exploring the top five digital shopper trends that will redefine commerce the most in the year ahead (2023).
The Euromonitor report aims to help organisations understand how new technologies will impact e-commerce in 2023 and identify key digital trends that will influence brands the most in the coming year.
According to Euromonitor’s “Digital Shopper Trends in 2023” report, approximately 3.4 billion more people classify as digital consumers today compared to 2009, with projections showing that expenditure on goods and services online will reach US$10 trillion globally in 2023.
The key digital shopper trends that Euromonitor outlines are as follows:
1. Online Savers
- With inflation currently running at around 6.4% globally, digital platforms are evolving their services as consumers budget for the new economic climate.
2. Crowdsourced Creation
- Social networks have become a space for creativity, empowering consumers to communicate with brands and influence their product innovation process. 41% of global digital consumers are likely to engage with brands.
- 47% of consumers are in search of personalised experiences; enhanced online customisation can help retailers and hospitality operators retain online customers.
- Companies are gamifying parts of their online experience to drive engagement through rewards and competitions. In 2022, 55% of global digital consumers used their phone to play video games weekly.
5. Sensory Shopping
- Tech advancements will push brands to create a multi-sensory digital experience. 31% of consumers like to visualise how clothes might fit, and data has revealed that virtual reality and smartphone-optimised video content strengthens emotions associated with in-person activities.
Artificial intelligence will narrow the gap between consumers and brands
As consumers become increasingly digital, emerging technologies like artificial intelligence (A.I.) will play a stronger role in streamlining customer interactions and the co-creation process.
According to Euromonitor’s Voice of the Industry: Digital survey, fielded in November and December 2022, nearly one-in-three industry professionals reported that artificial intelligence had already impacted their product development. A further 32% responded that A.I. would make an impact in the next 12 months and over 36% said it would have an impact in the next five years.
Results also reveal how social networks have evolved into spaces which nurture freedom of expression and creativity. This has given consumers the agency to communicate directly with brands, thus influencing their internal strategies allowing opportunities for co-creation.
41% of global digital consumers like to actively engage with companies. The largest generation who want to influence product innovation are millennials, with 55% of the cohort engaging with brands.
Finally, finding bargains, especially online, is one of the top shopping motivations for consumers at any time. This sentiment is more important as consumers struggle with the rising costs of living.
Michelle Evans, Global Lead for Retail and Digital Consumer Insights at Euromonitor International, said:
“The population now has instant access to digital tools, which helps with navigating the economic downturn. This can range from utilising platforms to try and find discounts, to participating in second-hand shopping, through to joining neighbours in online communities to place bulk orders. The current economic uncertainty is set against a decade-long advancement in digital connectivity, meaning that apps and websites that help consumers with navigating this period by either cutting costs or generating income are likely to see a surge in engagement in the year ahead.”
For further details, listen to Euromonitor’s webinar “2023 Digital Shopper Trends” to understand how technology is changing the way consumers will shop in 2023.