4 Amazon Trends to Watch for in 2023
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Amazon was one of the few businesses in the world that didn’t go under during the pandemic. For example, its profit for the 4th quarter of 2020 increased by 42%. This comes after spending $4 billion on COVID-19 measures. With Amazon doing great, there couldn’t be a better time to be a seller and grow your business in this e-commerce marketplace. As an Amazon seller, keeping up with the latest Amazon trends is a must, regardless of the size of your business and what you do.
And having survived the holiday retail season and put Holiday 22 behind us, it’s time to look ahead. It’s time to start learning from your past performance using the right data insights and plan for the future. Here’s a list of 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 is likely to grow by 320% in 2023 compared to 2022. Anticipating such exponential growth in voice assistant adoption, Amazon wasted no time in launching its Alexa Voice Shopping feature. This allows shoppers to search for products, add them to their carts, and track their orders.
As a marketer, you need to up your SEO game. Specifically, optimize your store to match voice search results to increase traffic and get better conversions.
Sustainability is more important than ever
Consumers’ purchase intention will be heavily influenced by the ethical and sustainable efforts of brands and their products. According to the World Wide Fund for Nature, Google searches for sustainable products have increased by 70% globally since 2016. In the US alone, sustainability-related searches grew 450% between 2016 and 2018.
83% of all consumers believe it is “essential” for brands to develop products that are designed to be reused or recycled. More than half of them said they are willing to pay more for sustainable alternatives to conventional products, according to a recent survey by Accenture. From these statistics, it’s safe to say that brands that have a compelling sustainability story to tell and sell products that have a positive impact on the environment will have higher success rates in 2023 and beyond.
Redemption of brand loyalty
Brand loyalty witnessed a massive decline during the pandemic. According to a McKinsey report, 75% of consumers have demonstrated new shopping behaviors driven primarily by convenience and price. Gaining the loyalty of these customers takes planning, strategy and time.
A good place to start would be to check your target audience and sub-segments. See if you can get the answers to these basic questions.
- Who are they?
- What drives them to buy?
- What do they look for in a product and how does the brand influence their personality?
- What are their goals in life?
- How do they begin their quest?
- What is their preferred shopping media?
The more answers you get to these questions, the easier it will be for you to refine your brand identity. This will help you align that identity with your respective values, which is key to regaining your audience’s trust and credibility.
The shift to social shopping
Social commerce has grown throughout the pandemic. According to a report by Accenture, in 2021, global sales will reach 560 billion dollars. This number is expected to reach $1.2 trillion by 2025. According to another report, more than half of the world’s population has become an active user of social media. People spend an average of almost 2.5 hours on social channels. For most of these users, social media is the entry point for all their online communication, news, entertainment and shopping. So, in order to gain an advantage when selling online, promoting sales through social commerce through a solid, distinctive and specific strategy is the key to success.
Final thoughts
With 2023 already upon us, it’s clear that consumers are increasingly looking for social validation of their purchases and proof of serious sustainability efforts from the brands they buy from. Staying in touch with the latest Amazon trends will give you an edge. And if you’re looking to expand your Shopify store’s presence on Amazon, you can check out CedCommerce’s Shopify-Amazon sales channel app in the Shopify app store. Expanding your business on Amazon couldn’t be easier thanks to CedCommerce’s team of industry experts who are always there to help.