To say that e-commerce has grown in market dominance and in popularity is putting it mildly. Over the past decade, e-commerce has become the preeminent type of retail, with consumers gravitating toward online shopping for all types of purchases, from everyday essentials to “guilty pleasure” splurges.
The dominance of e-commerce is good news for print on demand sellers, but of course, there are also plenty of challenges. The industry is ever evolving, and it’s crucial for print on demand sellers to have a clear sense of where things are headed. In this post, we’ll outline some of the top e-commerce trends of 2023, highlighting both potential obstacles and reasonable solutions.
E-Commerce Trends 2023: Challenges for Print on Demand Sellers
Every business faces challenges as they try to maintain profitability and hit their revenue targets. In 2023, however, print on demand sellers can expect to face a number of broader macroeconomic concerns, issues that are largely outside of their control.
Some of the most significant challenges include:
- Inflation. Inflation has been a major concern over the past couple of years, affecting consumer wallets as well as a business’s P&L. The good news is that, according to most economists, inflation is expected to cool significantly in the coming year. Even so, the lingering effects of inflation will probably mean higher prices for the first half of 2023.
- Supply chain. The COVID-19 pandemic exposed a lot of inefficiencies in global supply chain logistics. A lot of the experts are saying that, in 2023, we may actually see an overcorrection, resulting in surplus inventory across different niches. Even so, the lesson for business owners is to prepare for all contingencies, as the future is always uncertain.
- Privacy laws. From Europe to China to the United States, many governments are cracking down on third-party data collection. This is great news for consumer privacy advocates, but it’s less welcome to businesses that have relied on third-party data to target their advertising activity. In the coming year, one of the big challenges will be to create individualized marketing campaigns without as much reliance on “cookies.”
Gooten's Guidance for Print on Demand Sellers
Given these big-picture problems, as well as the increased competition within the print on demand and e-commerce verticals, it’s important for businesses to take thoughtful, strategic actions to remain profitable. Here are some of the steps we’d recommend.
- Engage in borderless commerce. One of the great things about print on demand is that it makes it pretty easy to sell your products internationally. As you look to scale your business, keep in mind that South American and Asian markets are poised to be particularly lucrative.
- Focus on omnichannel marketing. The typical e-commerce transaction requires eight touchpoints along the way. For print on demand sellers, that means engaging with buyers across a number of channels. Be active on social media, continually refine your online buying experience, and ensure that your customers can make purchases with a variety of payment options.
- Social commerce. You’ve probably had the experience of scrolling through Instagram, seeing a cute sweater, and wishing you could buy it right on the spot. Thanks to social commerce, that’s an increasingly common option, providing a streamlined online shopping experience. This year, we recommend that print on demand sellers focus on relationships with influencers, and that they combine traditional and cutting-edge print on demand marketing techniques.
- Dial back on personalization. While consumers like to feel as though their shopping experience is more personalized, they don’t want personalization at the expense of privacy. Avoid including too much personalized data in your customer communications.
Keep an Eye on E-Commerce Trends 2023
At Gooten, it’s our mission to help our e-commerce partners succeed. One way we do that is by keeping them in the loop about how the industry is changing, and what our partners can do to keep pace.
We’ve actually written an entire eBook about ecommerce trends for 2023, and we’d love to share it with you. Download your free copy of the eBook today. And, if you have any additional questions about how to keep your print on demand business profitable, reach out to the Gooten team at any time.