Last Updated: 22nd December, 2023
For most eCommerce businesses, the period of 2020 – 2022 was about survival and building out the basics of their business operations. The whole eCommerce industry underwent a monumental change in these two years which created its fair share of challenges and disruptions while also generating opportunities for brands to connect with their customers in new ways.
2024 will be as a bumper year for the eCommerce industry with a new set of trends promising to change the eCommerce landscape. From multichannel customer support and the growth of subscription models to video marketing and a renewed interest in brand storytelling, eCommerce experts are looking ahead to some truly exciting changes in 2024.
The latest trends in the eCommerce industry can help in understanding the best approach to ensure that the business has a contemporary appeal for the target audiences. Moreover, to stay ahead of the competition, businesses should keep an eye on them and stay alert to the emerging trends for 2024.
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Latest eCommerce Trends to Watch Out For in 2024
The latest trends also help update the eCommerce strategy with insights into the latest consumer preferences. This article discusses the top 10 trends of eCommerce for 2024 and what each of them entails for online retailers.
Livestream Shopping
Despite being so convenient, online shopping can many times feel a bit dispassionate. In spite of so many ways to look at the products, check reviews, talk to a chatbot, and even call or email the store, it still feels detached and accounts for a more realistic shopping experience.
Livestream shopping is a smart way to bridge the gap between eCommerce businesses and their customers. It works similar to watching a home shopping network where the host presents a range of products on the screen and customers can buy during the broadcast. The difference, however, is that the customers can not only interact with the host but also with each other.
Social Commerce
An average consumer spends almost two hours on social media every day. This is a great place for eCommerce businesses to place their products in front of potential customers. Businesses should embrace this trend before being edged out by competitors and make the most of this opportunity.
Facebook and Instagram have introduced live streaming which allows customers to interact with brands in real-time. Customers can ask questions and even buy during the streaming without leaving the platform. The use of social commerce has risen and continues to evolve.
It is a powerful tool for eCommerce retailers as it shortens customer journeys, improves conversions, and boosts customer loyalty.
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Machine Learning & Data Science
AI technology, especially machine learning, has already had a deep impact on the eCommerce industry, which will keep evolving in 2023. The online stores have access to the data and information of the users. They are aware of the insights into the customersÔÇÖ behavior, reasons for the purchase or abandonment, how they interact with different websites, and much more.
In addition to analyzing large amounts of data, machine learning for eCommerce offers several business benefits such as boosting conversions, curating marketing campaigns relevant to the target audience, managing inventory, and improving other in-house operations.
D2C Sales
The latest trend that peaked over the last year is that businesses prefer to sell directly to customers instead of using a reseller or a shared marketplace. This is called D2C sales. Even though D2C is not a new idea and has been around for a few years now, the last two years during the pandemic really gave it wings, and is going to be a significant eCommerce trend to watch out for in 2024.
Warby Parker is considered the gold standard for D2C brands.
BOPIS
Buy Online Pay In Store (BOPIS) helps consumers to make purchases online and collect the products from the physical store. This helps the sellers in unifying offline and online sales channels. It offers consumers, the best of both worlds. However, this strategy can work only when the sellers on the platform also have brick-and-mortar stores.
Alternatively, distributors with a physical store and ones which cover multiple brands can leverage an eCommerce marketplace to the consumers with a similar strategy.
Sustainability Niches
Change against climate action is gaining steam not just among world leaders, but also among consumers. People are making small changes to reduce the amount of waste produced and carbon footprint making sustainable and eco-friendly products business quite lucrative. Therefore, businesses offering sustainable products are sure to witness growth in the near future.
eCommerce marketplaces like Milk The Sun and Ardent Earth which offer sustainable products on their platform, stand to gain traction amongst consumers.
Augmented Reality
One of the biggest challenges of online shopping is the restriction of trying and interacting with the product as one can do in a physical store. Augmented reality gives this flexibility to the customers to try or visualize the final look before purchasing. Several eCommerce businesses have opted for augmented reality applications to help their customers find the right product.
This new trend is also going to gain pace in 2024.
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Loyalty Marketing Initiatives
Loyalty marketing programs have an excellent track record of gaining traction among consumers and enhancing customer retention. Cashback, in-wallet offers, discount coupons, reward points, and more ÔÇò are some of the many ways of rewarding customers that make purchases on the platform. Such initiatives also increase sales on the platform and can result in higher revenue and foster brand awareness of the eCommerce business.
Finance Options
Offering credit to the customers by way of interest-free installments or buy now pay later options helps in increasing the conversions on the eCommerce platform. Moreover, consumers are more likely to go for high-value products once this facility is made available to them. This helps in increasing the overall revenue generated on the platform. Additionally, it also enhances customer loyalty.
Voice Search
With voice recognition technology getting better with time, consumers are getting eager to explore the capabilities of the technology. Voice search is gaining steam with consumers expecting it across platforms. Voice search saves time and adds convenience. Therefore, its relevance.
Choosing Trends That Suit the Business
Although these trends have revolutionized the industry, not all of them are worth considering. They need to be evaluated to identify which ones require time and effort. While many of them add value to your business, several others might not align with your audience and are costly to implement and maintain.
Consider the below-mentioned pointers to make the final call.
- eCommerce business owners are required to follow blogs, related news, and influencers to stay updated on recent developments.
- Checking industry research reports and data insights can help predict the future.
- Using digital tools and analytics to analyze and identify customer behavior can also help business owners find the right trend suitable for their business.
- Customer feedback provides business-specific insights where customers can suggest some pieces of advice that have not yet broken into the market.
- Observing competitors and identifying the trends adopted by them is also recommended for businesses. However, ensure you do not start following in their footsteps and just analyze how the trends have worked for them.
Conclusion
The eCommerce market is not the same as it was a few years back which is why it is essential to look for future trends continuously. The advancement in technology and changing customer behavior have brought along paradigm shifts that eCommerce businesses should adapt to remain competitive.
To ensure our clients are always on top of their game, we keep up with the latest trends and carefully consider the specifics and needs of the business.
