Top Q3 E-commerce Trends to Watch

Consumer Spending Will Change

While we still see strong consumer spending habits, holiday sales are expected to slow. As a result of the economic downturn, holiday sales are projected to grow between 4% and 6%, reaching $1.45 to $1.47 trillion this season compared to an increase of 15.1% during last year’s period, according to a new forecast from Deloitte. With inflation hovering just above 8%, many consumers are making adjustments. According to a recent survey by Bankrate.com and spokesperson Ted Rossman.

“Something has to give. The fact that your rent costs more, your gas, your groceries, there’s a spillover effect to all that.”
Ted Rossman, Bankrate.com

8 of 10 Americans with travel plans are reconsidering or making modifications to save money.

Holiday Shopping is Coming Early

November typically marks the beginning of Peak holiday sales, but trends show shoppers have already started making gift purchases. According to a Gartner Marketing survey, nearly half of consumers, 48%, plan to shop early for this holiday season, and the big reason is inflation. They are spreading out their spending. Consumers are beginning to scour retail sites for the best deals and promotions, and deep discounts from retailers are expected to be seen early instead of revolving around “Days” or “Weeks” as in years past.

“Consumers will demonstrate less interest in traditional shopping days. Days have become weeks (e.g., Black Friday to Thanksgiving Week, Cyber Monday to Cyber Week, etc.)”
Howard Meitiner, Managing Director, Carl Marks Advisors

Brands that are poised to offer early promotions will be able to capitalize on early sales and offset last-minute delivery complications.

Social Selling is Rising in Popularity and Trust

As a result of COVID-19, consumers found that shopping online could keep them safe and save them money and time. This has increased consumer trust in social commerce. Social commerce is using social media to sell goods or services. From increasing your post frequency to engaging influencers to promote your product, now is the time to double down on social marketing and sales efforts.

Enduring 2022 E-commerce Trends to Watch

Personalization

Consumers are looking for shopping experiences tailored to their preferences. Shoppers are continuing to look for personalization. Personalization includes; displaying recommended products, targeted messaging, and cultivating personalized add-ons. People want their online shopping experience similar to having a personal shopper. AI is powering personalization and getting more accurate by the minute. A brand with a seamless omnichannel experience that offers the best deals and designs for each individual will perform well throughout the end of 2022 and into 2023.

M-Commerce

M-Commerce or mobile commerce will continue to be an e-commerce trend to watch. Mobile purchases are trending to be almost 22% higher than in 2021. It isn’t enough that your site is mobile-friendly; it needs to be optimized for mobile. Consumers are spending more time than ever on their devices. You cannot afford to have a sub-par mobile purchasing experience to capture their attention and their dollars. Here are just a few of the best practices for mobile UX design, according to Toptal.com.