As we settle into 2023, the end-of-year 2022 data is pouring in. We can use these insights to forecast rising e-commerce strategies. SamCart is here to unpack the emerging 2023 trends to guide monetization for content creators.
1) Online vs. In-Person Sales
Before we dive into online sales trends, you might wonder if e-commerce is the right direction for you. According to the Quarterly Retail E-Commerce Sales Report from the Department of Commerce, online sales steadily increased throughout 2022. This rise continued even after the pandemic in-person shopping restrictions were completely lifted. We can expect these trends to continue throughout 2023 and beyond.
What does this mean for content creators? While you might prepare to open up shop once your revenue starts pouring in, e-commerce will likely provide a more steady income long-term. Online sales also offer creators additional benefits, including:
- Wider audience: In-person selling limits your potential audience to those in your area. You can increase revenue and quickly sell to customers worldwide with e-commerce.
- Overhead advantages: Retail storefronts can cost thousands of dollars each month for rent, utilities, maintenance, and staffing. Meanwhile, you can partner with a trusted online sales platform (like SamCart) for a fraction of the cost.
- Time and Hassle: Setting up a retail store can be time-consuming, expensive, and stressful. The challenges of this process make it easy for content creators to feel discouraged and avoid getting started. However, with a trusted e-commerce platform, you can access all the tools and support you need to begin selling online right away.
2) Monetization Trends for Content Creators
Profitability is key when it comes to monetizing your work. So how are content creators making money? The Tilt’s 2022 Content Entrepreneur Benchmark Research offers insight that can forecast the most profitable outlets for your brand.
- Selling coaching and consulting services was the most popular money-making method in 2022, with 62% of surveyed creators implementing this monetization strategy.
- Online courses and workshops were the second most common way of making money, with 39% of creators taking advantage of the opportunities online learning provides. (Hint: You can make more money by partnering with an online course platform that doesn’t charge unnecessary fees. Click here to read our guide to how much online course platforms take from content creators.)
- In third place, selling books and ebooks provided revenue for 27% of creators.
Some other noteworthy strategies used by content creators include memberships (17%), advertising (15%), paid content subscriptions (11%), and merchandising (8%).
3) Checkout Trends for 2023
As more creators and online sellers learn that checkout automation is the key to boosting sales, we are seeing new 2023 checkout trends emerge.
Recent data from the Baymard Institute found that nearly 1 in 5 shoppers abandoned their e-commerce shopping carts because the checkout process was too long and complicated. The same study found that the buying process could be improved by 20-60% by eliminating unnecessary checkout steps for buyers—such as with custom checkout forms.
We predict that checkout trends will only continue growing in 2023. More creators will likely turn to e-commerce platforms that offer customizable and automated checkout processes.
4) Streaming Sales: The Emergence of Live Commerce
Content creators and influencers know the buying power of social media. As such, these individuals are posed to thrive in the latest sales trend: live commerce.
Live commerce is the process of prompting audiences to buy the products featured in a livestream while they are viewing. By providing links to the product pages with an automated checkout process—customers can click and buy while following along with a stream.
According to Statistica, livestream sales accounted for $17 billion in the US in 2022—and they expect this metric to triple in the next three years. By capitalizing on your livestream influence, you can stay ahead of this growing trend in 2023.
5) Popular Payment Methods
To make shopping easy for your customers, you will need to keep up with the latest payment compatibility. So which payment methods are the most popular among online shoppers?
- Credit and Debit Cards: While more traditional payment methods are losing share to newer options, credit and debit cards still top the charts. According to data from WorldPay, credit cards are still expected to account for 20.8% of e-commerce payments by 2024—while debit card payments are expected to account for 12.0% of online purchases.
- Mobile Payment Apps: Data from Insider Intelligence suggests that the 2023 market will see $1.152 trillion through mobile payment apps—like PayPal and Zelle. Monetizing without mobile payment app compatibility can make your brand inaccessible to these valuable transactions.
- Mobile Wallets: Apple Pay, Google Pay, Samsung Pay, and other mobile wallets have skyrocketed in popularity over recent years. These easy and secure payment methods are expected to account for 51.7 percent of all e-commerce transactions by 2024.
- BNPL: Buy now, pay later (BNPL) payment methods are growing in traction. One popular example is Klarna, a BNPL platform that splits customer purchases into four interest-free payments. Afterpay and Affirm both hold significant shares in this sector as well. According to Juniper Research, the e-commerce market saw 360 million BNPL users in 2022—and that number is expected to surpass 900 million by 2027.
Monetize and Earn More with SamCart
You can seamlessly maintain the latest e-commerce trends when you monetize with SamCart. Our online selling platform makes it easy to sell almost anything—from digital products to online courses, membership services, physical products, and much more. Sign up for a SamCart trial to get started for free today!