E-Commerce Marketplace Development Trends In 2023

• By Jennifer watson
• 21-06-2023
• E-commerce

One of the businesses undergoing the most rapid transformation in e-commerce, specifically online marketplaces. It is one of the sectors swiftly absorbing the newest technologies and helps set trends for those industries. What kinds of shifts can we expect to see in the market in 2023? You have some pleasant things in store for you!

In a time when electric cars are being sent into free space and humanoid robots are becoming legal citizens of countries, the trends in the market are changing as quickly as the blink of an eye.

Because new e-commerce development tools come out so quickly, it's hard to imagine what the industry will be like in ten years. On the other hand, we can foresee events that will occur in the upcoming year will be predicted precisely.

To make this content useful, we researched the industry and website design trends. Let's begin! We'll examine 2023 market trends.

Trends in marketplace development. What do you have to know?

Some years ago, all the excitement began surrounding sharing economies and marketplaces. Currently, 54% of all purchases are made online, whereas the remaining 50% are conducted in markets.

Customers do more than make purchases online. Additionally, services are a common commodity that people buy and sell. Consider the impact of companies like Airbnb, Uber, and Blablacar on the market industry. These companies have made it possible for anyone to share and make money.

What is the first thing to mind when purchasing a new computer keyboard? Amazon!

And what are your thoughts on a pre-owned guitar? Ebay!

A stunning rug that was produced by hand? Etsy!

As can be seen, most of these categories already have distinct leaders who will be difficult to displace. Does this indicate that your idea for a product in the market cannot succeed? Never in a million years! You must put in more effort, provide the customer with something unique, and captivate them! The tendencies of the online industry that we will cover further will provide you with a good starting point!

Voice commerce and smart speaker integration

Currently, 50 million houses in the United States have switched to voice-controlled smart speakers. These modern devices are frequently utilized for various purposes, including education, entertainment, and online shopping. The market for personal voice assistants is expected to expand quickly in the not-too-distant future; consequently, voice commerce will emerge as a prominent trend in 2023 marketplaces.

Add voice search and navigation capabilities to your online marketplace as soon as possible.

There is now just a moderate amount of competition among speech apps. Think of this as an opportunity to capture a substantial portion of the market with significantly less work!

It's in your best interest to master your smart speaker's features. What are some ways that you may set yourself apart from the other people in the crowd? Motion design is something you should try your hand at!

Trends in markets development

AI-powered chatbots

The integration of chatbots into marketplace projects has been introduced previously. However, they aren't typically of much use in most situations because of inadequate construction. Because most customer inquiries need to be understood, only some sales occur.

AI chatbots are another story.

A chatbot's sophisticated artificial intelligence algorithms allow it to process questions like the human brain does, interpreting them and gaining knowledge as it interacts with users and responds to their inquiries.

As a direct result of this, they keep evolving and getting better.

In the year 2020, it is anticipated that 85 percent of all Internet transactions will take place without the involvement of a human. AI chatbots will soon take over this role. The sooner you begin utilizing a chatbot in your online marketplace, the more knowledgeable it will become throughout its lifetime. As a consequence of this, it will assume responsibility for providing customer service over the entirety of its e-commerce project.

Augmented and virtual reality

The fundamental element that contributes to the widespread skepticism of online purchasing among consumers is the fact that buyers are unable to touch, smell, or otherwise test out the service or commodity before making a purchase. Augmented and virtual worlds are now being utilized to work toward a solution to this problem.

IKEA was an industry pioneer in the sense that it was one of the first companies to provide customers the opportunity to virtually test out various furniture pieces in their own homes.

Other companies have seen and recognized the potential of this technology. As a direct consequence of this development, those companies are now giving their customers the option to virtually try on various articles of apparel, pieces of jewelry, or cosmetics before making a purchase.

Online real estate platforms have the capability of providing a service known as virtual property tours. These tours give potential purchasers an opportunity to investigate a home without needing them to drive large distances to do so.

Imagine you have to choose between two online marketplaces: one gives virtual tours, while the other is a more traditional online marketplace that only includes photographs. Which one should you choose? Which of the many options would you choose to pursue? The answer is utterly glaringly obvious.

Think about implementing augmented reality before your competitors do it.

Online marketplace web apps instead of mobile apps

Web applications should take precedence over mobile ones.

If you are not a massive online retailer like Amazon, eBay, or IKEA, then it is unlikely that users will download your app just for the purpose of making a single transaction.

People will instead access your website through their mobile devices and peruse the content that is available on your website. Therefore, make it a memorable experience for them!

Make sure the web app you choose for e-commerce is adaptable and can adapt to the majority of different screen widths. Additionally, advanced web applications should be considered as an alternative to mobile apps that can be installed on a device. With the help of this technology, you will be able to create user experiences within mobile browser tabs that are comparable to those that can be found within native applications. You have the option of getting more done with the same amount of resources or with fewer resources.

Develop mobile applications suitable for use in a variety of market settings.

Mobile-friendly design

You are aware that the majority of the effort that is put into building a mobile application for e-commerce will be wasted. Nonetheless, it is in everyone's best interest to take into account the millions of individuals who use mobile devices. If the web app for your marketplace has a responsive layout that has been thoughtfully planned, you will have the ability to communicate with them.

We live in a world with multiple screens, which means that we routinely utilize a variety of electronic gadgets all at once. All of these electronic gadgets, such as smart-TV screens, laptops, tablets, smartphones, and smartwatches, can come in a wide variety of sizes and forms. Your online market should have a website that can be adapted to work equally well on all of these different platforms, and you should be able to do this easily. It is not possible to anticipate the channel through which a potential customer would first become acquainted with your product or service.

Your web app will not be given a second chance to meet the needs of a potential customer if, despite your best efforts, it is unable to achieve those requirements.
In addition to this, search engines place responsive web apps higher in their rankings, which makes it much easier to get new clients.

Efficient layout with short load times

Users are becoming more impatient and do not want to wait for a page to load for over three seconds. Imagine for a moment that someone was interested in your product or service, decided to click the link, and then left your site in the few seconds it took to load because it was too slow. That's a golden opportunity that got away from you. Therefore, you should place a high priority on the speed at which your website loads.

Your web application load speed can be improved in a variety of ways, including the following:

• Increase the capacity of your hosting plan.
• Make use of a content delivery network, also known as a CDN.
• Caching should be implemented.
• Cut down on the number of requests made via HTTP.

However, excessively intricate designs are frequently the root of load speed issues in addition to technological difficulties. Because it takes some time for each piece to load, the more complex your design is, the longer your visitor must wait to load completely. The time spent waiting will rise even further if you choose to use photographs that have yet to be optimized. In addition, search engines do not appreciate websites that load slowly and will rank them lower because of this.

Various payment methods

The days when credit cards were the only preferred method of payment are long gone; thankfully, we no longer live in those times. Because of the rapid pace at which the fintech business is through change, it is essential for you to make certain that your online marketplace caters to each and every one of its customers in their own distinctive style.

You should add Apple Pay and Google Pay among your payment options since they make transactions easier to complete quickly while maintaining a high level of safety.

You also have to give some thought to the utilization of cryptocurrencies as a way. At first, bitcoin and other cryptocurrencies were seen as a way to quickly gain money and speculate on the direction of exchange rates. This perception persisted for a while. This viewpoint is still widely held in modern times. More and more people are willing to use digital currency as a means of payment these days than ever before.

The trend toward personalization in the creation of mobile applications

Extended personalization

The most important development in digital culture is personalization. An online marketplace with AI support conducts user analysis and gathers data on the users' actions, needs, and preferences. This information determines what a user sees on their computer screen.

If you have been looking for tickets to Barcelona recently, the system knows you will take a trip there. Because of this, items such as bags and sunscreen creams are likely to appear near the top of your stream.

The majority of the services that we use regularly collect information about us, which enables them to provide individualized experiences. Users are more likely to remain loyal to a brand and purchase when presented with more personalized offers.

Implement a review system.

According to the statistics, customers base their purchases on reviews. Users of marketplaces typically look at what other customers have to say about the goods or services they are considering purchasing. What they read affects the choice that they make.

Customers do not purchase directly from you but rather through other persons selling their wares on your marketplace platform. On the other hand, if they are unhappy with their purchase, the first person they will blame is you. Therefore, by giving them access to honest reviews, you can prevent them from having negative experiences with your business.

Material design

Adhering to the principles of Material Design is one technique to give your user interface a more streamlined and fashionable appearance. Google's products adhere to this standard operating procedure, consisting of a rule set, several components, and recommended business practices.

Some other product and service suppliers have adopted this strategy recently. In addition to receiving the benefits of an effective layout, you will also benefit from the reduced time and money required to create your market software.

As was pointed out, quite a few businesses have already decided to include Material Design in their offerings. How can you differentiate yourself from the rest of the crowd? Try your hand at motion design!

Conclusion

Keeping up with the most recent developments in digital technology is a never-ending challenge. They are always changing, which means that even if you redesign your marketplace now, in a few short months it will look hopelessly out of date.