Digital buyers want it all, & now – uncovering the biggest challenges businesses will face in 2023

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The stakes are rising for businesses because digital buyers have become more demanding than ever. And if they fail to up their marketing and sales game, they’ll find they lose their seat at the table. Ecommerce could become a number game dominated by trends like lowest-price mentality, seller selection checklists, and procurement specialists.

Research shows that people usually compare three businesses before closing the deal. The market has grown restless, and buying behaviours have changed over the last few years. 

77% of marketing experts believe buyers want an immediate answer to their issues, and 74% of them agree that customers expect sales experiences personalised to their preferences and requirements. The same survey reveals that 83% of customers are dissatisfied with more than one area, even with the winning product provider. Therefore, companies that neglect market research and postpone creating a sales strategy will fail to understand and address their clients’ needs. The longer they postpone Savanta Europe market research to identify their public’s expectations, the more likely they are to lose customers to their competitors. 

This article unveils the challenges and priorities companies will have in 2023 – from technological opportunities to commerce personalisation – let’s dig in. 

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New markets, marketplaces, and channels enable digital growth

Ecommerce is no longer something that will happen in the future, both B2C and B2B vendors have adopted it. 72% of the companies with at least $500 million revenue that took part in a survey state that over 50% of their global sales are completed via their website. Considering that most people prefer to purchase online, the chances are that this trend will grow more popular in 2023. 

The focus will shift towards ecommerce customer experience

The focus on online purchases makes manufacturers, vendors, and distributors engage in new initiatives. When asked how the shift toward the digital sector impacted their activities, the companies that took part in the survey stated that they’ve prioritised improving their website visitors’ experience through personalising the content and customising the options to fit each visitor. 62% of them revealed that they invest more in their ecommerce websites than in the past, and 57% of them intend to sell more of their services and products via online channels. 

In this context, it’s easy to understand that the customer experience will look differently in 2023 and buying portals will come at the forefront of digital growth strategies. An increasing number of companies plan to use portals to facilitate purchases or launch ecommerce websites to sell products. 

Companies also intend to enter more marketplaces to address a broader audience. In addition, new marketplaces are expected to be launched to meet the growing need for platforms to connect vendors with sellers. Some ecommerce websites even consider developing their own marketplaces to engage with their clients easier.   

The digital environment enables companies to expand to new regions and markets

Businesses can expand to new markets in terms of reaching new customer segments and geographical areas with new product lines and taking advantage of the benefits ecommerce offers. 58% of the companies participating in the survey intend to launch new ecommerce pages in 2023 to reach new regions and markets. Market expansion is among the main challenges vendors expect to face in 2023, and 58% of them want to prioritise launching their products in new regions and markets. 

The shift to digital purchases forces companies to invest in improving their ecommerce pages, using online marketplaces to employ aggressive sales strategies, enter new markets, and create their own marketplaces. The companies that want to address foreign audiences need to decide if they want to have new pages dedicated to each country on their website or develop new websites for each country. Most sellers prefer to consolidate a single ecommerce website because developing and maintaining different websites in each country can be expensive and slow down particular processes. 

Personalisation becomes a priority

As mentioned above, customising sales is a priority for companies addressing online audiences. However, most vendors find personalising content and purchasing offers more challenging than expected, especially if they provide B2B solutions. 

The most effective strategies for driving conversions

Businesses of all sizes benefit from personalising strategies to drive conversion. However, digital sellers see the greatest returns when they tailor their site search results according to user preferences. 

The most effective personalisation strategies for online sellers are:

– Personalised website search results

– Personalised shipping and payment solutions

– Personalised product recommendations

– Customising online promotions and website content

– Personalised product category pages

Data is paramount to personalisation

Companies lacking professional assistance have struggled in the past with how to use data to deliver personalised experiences. However, tech advancements have brought new approaches to utilising data, and digital transformation efforts are jump-starting customisation. According to the mentioned survey, 68% of companies rely on the collected data to personalise the content on their website and use the information to customise other systems like email, merchandising, and marketing. 

Ecommerce websites are gold mines of data for essential business operations like sales and marketing. If businesses collect their users’ digital signals, they can understand how different segments or markets behave and improve their messages to capture more sales. 

Challenges ecommerce companies will face in 2023

As with any other change, the shift to online commerce has brought a series of challenges and obstacles for companies. According to research, most companies think they’ll face the following difficulties in 2023:

– Expanding their operations to new regions and markets

– Securing resources to make the essential investments for the shift to the online environment

– Providing the audiences with personalised ecommerce experiences

– Integrating innovative technology and systems

– Upgrading or developing the website to meet the visitors’ needs

Vendors are dealing with shifts in expectations about the ecommerce process, uncertain economic conditions, and complex tech systems, and it’s crucial to keep up with the trends to remain competitive.