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Top Digital Commerce Trends and Challenges to Expect in 2023 and Beyond

As we approach 2023, digital commerce experts are sharing their thoughts on the top trends and challenges we can expect in the upcoming years in this video produced by SAP. Uncertainty in the market, the need to deliver personalised experiences to customers, and enterprise-grade data management capabilities are some of the key topics highlighted. Ross Bark, Director of CX and Digital at Enterprise Wide, shares his insights on these and other important topics that businesses must consider.

One key trend that is expected to continue in the coming years is the need for businesses to stay agile and innovative in a fast-changing market. With uncertainty in the market, organisations must derive value from what they have in digital and respond quickly to changes in the market. Bark advises businesses to deliver solutions with a phased, aim, fire, aim approach that allows for ongoing adjustment based on market and customer information.

Another important trend is the need to deliver the right experiences to customers through intelligence. Personalisation is key to buying loyalty and driving growth. Businesses must get equipped with enterprise-grade data management capabilities, as measurement and data accountability have become more critical than ever.

Looking ahead to 2023, Bark emphasises the importance of creating meaningful, personalised, and relevant shopping experiences. Customers expect brands to interact with them in real-time and offer trust, convenience, and rollovers in the shopping experience. Subscription models for consumers are also becoming increasingly popular, as businesses look to boost customer retention and profitability.

New shopping trends, such as augmented reality, virtual reality, and haptic feedback systems, are also expected to shape the future of e-commerce. Bark notes that engagement is key in virtual shopping experiences, as it cannot simply replicate a physical store.

In the B2B space, marketplaces are expected to play an important role in driving profitability. Vertical and industry-specific marketplaces are emerging as new types of marketplaces, and businesses must consider expanding their business model to offer a wider assortment of services and products. Additionally, providing a seamless customer experience throughout the B2B buying journey is crucial for businesses. From pre-sales to post-sale, it’s all about how easy you are to do business with.

In conclusion, as the digital commerce landscape continues to evolve rapidly, businesses must stay on top of the latest trends and challenges to succeed in the market. By staying agile, delivering personalised experiences, and equipping themselves with the right data management capabilities, businesses can drive growth, retain customers, and provide a seamless experience throughout the buying journey.

Content Credit to SAP Products and Services.

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