BairesDev Presents Five E-Commerce Trends

By Elenne Castro

BairesDev®, a technology unicorn of nearshore software solutions, presented a new study that highlighted upcoming trends in the e-commerce industry. The analysis is based on a 150% increase in the company’s software development projects in the last 20 months—a period that has been marked by challenges and innovations in the sector.

While e-commerce grew globally during the pandemic, Southeast Asia and Latin America showed the highest growth in 2022—more than 20% in each region. With respect to Mexico, at the end of last year the country continued to position itself among those with the highest growth rates internationally. Mexico’s e-commerce and retail market value reached 528 million pesos with an increase of 23%.

In the BairesDev report five trends stand out:

(1) Although physical stores have not come to an end, businesses must change the way they operate. It has been found that 54% of consumers prefer hybrid purchases in which they can see a product online but make the purchase in a physical store. With this in mind, merchants must build a multi-channel presence to stay competitive. Companies need to take advantage of new technologies to reach their consumers in creative ways.

(2) Personalization or nothing. Artificial intelligence drives personalization putting the consumer at the center of the e-commerce experience and prioritizing their unique needs. The use of augmented reality (AR) in an online store can increase sales by up to 71%. Immersive and interactive technologies that make the user experience more engaging (and easier) will continue to grow.

(3) Conscious digital consumers demand ethical purchases. Generation Z and Millennials demand products and services prioritizing privacy, security, sustainability, and ethical practices. Artificial intelligence-based technologies allow companies to improve their diversity and sustainability efforts.

(4) Data is everything. Data-driven decisions are key to driving business success especially for merchants. Data-driven organizations are 23 times more likely to acquire customers, 19 times more likely to be profitable, and six times more likely to retain customers. Merchants should continue to invest in cloud-based technologies as they allow them to access vast amounts of data and use that information to make real-time decisions.

(5) Use of mobile devices is crucial for e-commerce. Mobile sales represent 43.4% of total e-commerce sales. To stay competitive, businesses must prioritize improving user experience through mobile devices. Businesses that do not optimize their online shopping experience risk losing revenue and loyalty significantly.

Bob Leibholz, Senior Vice President of Business Development at BairesDev, commented that in today’s industry businesses need to take advantage of world-class logistics and e-commerce to stay competitive. “Our experience in e-commerce projects shows that companies must prioritize building a strong digital presence and offer an exceptional experience to consumers aligned with the demands of a new generation. They need a quality, experienced partner to strengthen their digital presence and quickly implement changes to stay ahead of their competition.”