3 Recommendations from the Shopify Commerce Trends Webinar

Shopify recently held a webinar sharing some of the commerce trends they discovered over the past 12 months.

It began with the statement that the unexpected is the new normal.

Their results showed customers are more concerned about inflation than the pandemic. But despite this, consumer spending is up. According to Shopify, over $US3 million was spent on Black Friday last year.

The road ahead looks bumpy with cost-of-living pressures and rising interest rates. But Shopify provided three recommendations to help you thrive in 2023.

1- Overcome Third-Party Data Woes Through Collaboration

One of the shocking statistics that Shopify revealed was that brands lose an average of $29 for every customer they gain. This is a 222% increase from eight years ago.

With the looming changes to third-party information, more businesses are turning to collaborations with other brands and influencers to get their name in front of people. Research shows that a third of customers trust their recommendations over friends or family members. It also found that user-generated content is eight times more powerful than influencers.

Because of these numbers, Shopify recommends rethinking your definition of loyalty. Shift your thinking to customers rather than transactions. You should also look to invite fans of similar brands to look at your products via a special discount or complimentary offer. Finally, explore how you can expand your collaboration network.

2- Focus on Customer Experience In-Store and Online

Another statement at the Shopify Commerce Trends webinar was that physical and online shopping experiences are no longer different. They revealed that a business can receive up to 37% more online traffic in a quarter after opening a physical store.

Because of these facts, Shopify recommended designing in-store experiences with technology. You should create compelling and immersive buyer journeys. This can include third spaces or showroom capabilities.

The most important component mentioned was to think omnichannel. Your customer might come into your store to touch and feel a product. But they might go home and order it online. You need to make it easy for them to receive their item without having to come back to your business to receive it.

3- Create Interactive Ecommerce and Social Commerce Experiences

The final recommendation at the Shopify Commerce Trends webinar was to invest time and effort into social media. One-third of retailers stated that consumers on social platforms provide the highest volume of sales.

There was also a discussion on the metaverse. About 75% of respondents to a survey believe it will become commonplace and early adopters could gain the competitive edge.

Shopify recommended showing up where your customers are and chat with them using the platforms they use. It could be Messenger or WhatsApp. You should also look at chatbots if you’re unable to utilise staff or want to provide after-hours support.

They also suggested that you utilise integrations. Shopify suggested experimenting by leveraging existing apps. You can build a brand community by providing engaging experiences that encourage loyalty and repeat business.

Prepare for the Unexpected

While there is a lot of nervousness surrounding what’s coming in 2023, Shopify and other brands have strategies to prepare as best they can for the unexpected. The key theme in all the recommendations was to focus on the customer and ensure you’re meeting their needs and expectations. If you can, they will reward you with loyalty and repeat business.

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