The eCommerce industry is facing challenges like never before. New disruptive technologies are here to change everything, including customer behavior. These technological changes are deeply impacting the way the industry has been functioning until now. To sustain growth, businesses will have to adapt to these changing eCommerce trends in 2024.
AI and augmented reality are developing faster than we had imagined, and they will significantly transform the eCommerce market. This will not only generate a new set of challenges for the market dynamics and businesses but also ultimately change consumer behavior and shopping patterns.
While we explore the top eCommerce trends for 2024, we will understand the key developments that are set to define the industry and provide in-depth insights into the evolving digital marketplace.
Source: Statista – Project eCommerce trends
Top 10 Amazing eCommerce Trends For 2024
Let us understand the top 10 amazing eCommerce trends that we will witness in 2024.
1. Use Of AI For Personalization
AI is teh buzz word today. From smart watches to high tech aircrafts, AI impacts every aspect of our lives. eCommerce trends are not an exception. The first impact that we are already witnessing are the way how businesses are interacting with their customers on their onlinestores. Most of the times when you start a chat with the online support of any popular eCommerce portal, it is the AI that interacts with you first. This eCommerce trend of using AI for primary interaction uses big data to act like a person who can think. It also can analyze how customers act to give better ideas and replies. AI is really good at personalization, changing user experiences.
Businesses worldwide are turning to artificial intelligence to make customer experiences more personal. 92% of companies are using AI-based personalization to help their businesses grow.
This integrated approach also makes customers happier. The response is fast, accurate and highly personalised. It can lead to stronger customer loyalty and make more people want to buy their products or services. As tech and data analytics improve, AI becomes an even more helpful and impactful tool for E-commerce owners. It will help the owners in all aspects of eCommerce selling and generate more revenue through personalized strategies.
2. Voice Search
Voice search is no longer a new thing. All the top-notch eCommerce stores use it. People prefer to use voice search as evident from many surveys. . It’s changing how we shop. You can use a voice assistant on your phone, or your smart home hub, or even your TV remote. They’re smart tools that obey our commands. Voice searches are becoming popular, and this change affects shopping outcomes and searches. This eCommerce trend will impact the online shopping experience and direction this year and beyond. If your online store doesn’t have a voice search then better add it before you are left behind.
Source: Think With Google
Your website or app should be ready for the voice search. Some important information like your address, phone number, and business hours should be easily searchable. Studies show about 71% of folks prefer asking voice questions to typing. About 51% use voice commands to look up products before buying. A surprising 22% of consumers buy directly via voice commands. And about 17% use it to reorder their favorites with ease. So, this is one eCommerce trend that you cannot ignore.
3. Customer Care And DMs
Over the years, customer care has been an integral part of the shopping experience. Especially when the customer wants to exchange or return a purchased product. But, things changed in the recent years. Customer service is playing a crucial part now, even during sales. And all this is happening because customers want to talk before they buy.
Businesses have been using social media to promote their products. Customers now prefer to talk to businesses via social media. Customers prefer to ask their questions first rather than visiting the website or downloading the app through the link provided in the post. DM or direct messages are nothing new but with the use of social media it is seeing an exponential growth.
Source: HelpScout
And the numbers tell the story. 83% of customers who interacted for the first time are being changed to loyal customers by the customer support team. 93% of people are more likely to buy from a business again if they get top-notch service. In the busy world of online shopping, people want their shopping to be easy and prefer an instant interaction with brands.
People prefer to shop where they get to find their choice of product quickly. Customer care interecation helps in achieveing that. This also makes the buyer feel at home as they are being helped in something which they used to do themselves in the past – that is search their product on the store. This eCommerce trend in customer support will certainly get more competitive and advanced with emerging technologies. Therefore it is important for an eCommerce store to upgrade and train their customer care team to use the best of this opportunity offered by the changing online shopping trends.
4. Multiple Payment Methods
Shops sticking to old ways of payment, such as cards or checks, might lose many customers. More people are using mobile wallets. Examples are Apple Pay, Google Pay, Venmo, and PayPal. People want to pay in a quick and safe way. About 64% of people use mobile wallets as much as old payment ways. Almost 51% of customers are ready to stop shopping from merchants who do not have a digital wallet for payment. Fifty-one percent of people say they would stop shopping with a merchant that doesn’t accept payments from digital wallets.
Source: Forbes
Businesses also should not ignore other ways like wire transfers and ACH payments. These cater to a wide customer base. Online stores can lure low-spenders by offering payment plans like BNPL with no extra fees. This way, they will not have to pay the entire amount while shopping. They can pay in installments later. In the same way, physical shop owners should also offer online payment options. It is a safer, faster way for customers to buy things. If businesses use tap-to-pay at their checkout, it will make payment easier and smoother. It can keep up with the top eCommerce trends of today’s customers.
5. Subscriptions
In our tech-focused world, companies are using subscription models more and more. They want to keep customers coming back and help increase revenue. This is although not a new idea but with the availability of better technology, faster and easily subscription options can be offered to the customer. Subscriptions bring in more loyal customers than any other form. This has shown great results online as clever business people have creatively turned their offerings into subscriptions and kept customers interested for a long time. Subscriptions in the eCommerce market is projected to expand to $330.58 billion in 2024.
Despite this, successful subscriptions aren’t easy. They need careful planning and exact focus on several details. These are factors like how much they cost, how well they fit into technology, and changing the role from just helping customers to making them succeed in generating additional revenues. A top example of a retail subscription model that works well is Amazon Prime. By giving members things like streaming services, super-quick delivery, and special offers for a monthly or yearly payment, Amazon has built a whole network of customers that keep returning.
6. Short-form Videos To Educate
Short-form video is a rapid, enjoyable way to educate consumers about the diverse products that you have to offer. The younger generated get influced by short videos quickly. As noted by Influencer Marketing Hub, creating short-form videos is a top content marketing trend for 2024 to gain attention and loyal customers. This not only demonstrates the power of this format in connecting with shoppers but also emphasizes its importance in the top eCommerce trends for 2024.
Nowadays, brands cleverly use these videos with the help of influencers to highlight product features more efficiently. This enhances the changes of social sharing which is an added bonus during promotion. This includes branded influencer, and user-generated videos. It could be a swift product demonstration or a unique peek behind the scenes of a product’s production. Regardless, short-form videos are an effective way to keep consumers intrigued and, in the end, enhance sales.
7. D2C Model Is The Future
Another eCommerce trend that is here to stay for long is the D2C model that many small businesses are adoping. Consumers are showing a growing preference for direct-to-consumer (D2C) shopping as it offers them more control and insight into their purchases. This business model, cutting off the retailer, provides a diverse array of products, from footwear and eyewear to personal care items, all at competitive rates. In 2024, D2C e-commerce sales in the US are anticipated to increase by 16.4%, reaching a total of $197.11 billion.
The traditional retail scene has been shaken up by the rise of D2C sales in different markets. Emerging ecommerce websites suggest this progression won’t decelerate soon. As intereaction with the customer is increasing during sales, a D2C has an advantage over a traditional retail to customer model. The customer get a more personalized experience and tend to stay loyal for a long time.
8. Omnichannel Approach is the Key
In 2024 the success of businesses depends on how they merge pm;ome amd online shopping spaces. Studies support this shift in consumer behavior. Now, shoppers prefer going through different channels even if they have to buy one product. They might be looking for additional discounts, or to have a better shopping experience, or just match things on different platforms, they prefer to go to many places before buying. From online storefronts to virtual marketplaces on third-party platforms and to traditional walk-in stores, consumers prefer to check every option while making a final decision to buy. A whopping 73% of retail customers opt for this multiple-channel shopping, underscoring the necessity for a united brand experience.
Source: Seller App
Retailers need to have an active presence on multiple platforms. They shouldn’t neglect their website, social media handles, or third-party virtual buying platforms like Amazon. Retooling the omnichannel customer experience using backend unification, retailers can guarantee smooth shifts between different channels for customers.
9. TikTok Is Still Leading
As we have already mentioned earlier, small videos can help educate the customer faster than any other media. Many brands are using this platform’s potential to promote their offerings via short video content. TikTok has a unique capacity to create viral trends and reach to a big audience faster as compared to any other social media platform. It is highly popular among younger demographics, especially Gen Z and it easily captivates its audience. It has all the power to convert an audience to a loyal customer in a short period of time.
In 2022, a survey indicated that TikTok ranked as the top social media platform for impulse purchases. Another study conducted in the same year found that over seven out of ten TikTok users globally initiated shopping immediately upon encountering items in feeds or live stories. This trend was particularly notable among app users in the United States.
Source: Statista
Irrespective of the business size, this eCommerce trend is not only opening new options for revenue but also changing the way how customers behave and interact with the brand.
Conclusion
Online shopping is changing quickly and businesses need to keep pace with the fresh eCommerce trends for staying relevant in 2024. Using Artificial Intelligence for personal touch is crucial. It uplifts user experiences and strengthens customer trust. More people are using voice search, making it important for eCommerce websites to adapt to this changing consumer habit to stay ahead of the competition. Direct chats for customer service are getting more focused on increasing sales than ever before.
Quick and customized responses on social media platforms can change inquiries easily into sales and loyal customers who feel that they get personalized and preferential treatment during shopping. Multiple payment option is the requirement of the day if you do not want card abandonment. D2C sales are growing and sort videos over social media are helping in bring this huge change. Also, a multi-channel approach matters since customers are now shopping from various platforms. In the constantly changing online shopping world, grasping and applying these trends is important for ongoing growth in the ever-changing digital space of 2024.
Frequently Asked Questions
Q: What is the future of e-commerce in 2024?
The e-commerce landscape in 2024 is poised to amplify its focus on sustainability and eco-friendliness, a trend gaining significant traction in recent years. Consumers anticipate e-commerce platforms to provide eco-friendly options, minimize packaging waste, and adopt sustainable practices.
Which are the largest e-commerce companies in the world?
Leading the global e-commerce scene are prominent players such as Amazon, Walmart, The Home Depot, Alibaba, Reliance Industries, Prosus, and Costco Wholesale Corporation.
What products do Gen Z buy the most?
Gen Z's spending habits reveal a keen interest in fashion, makeup and beauty products, technology, and caring for their pets. These preferences may be attributed to their youthful age and fewer major financial responsibilities.
What social media channels do Gen Z use?
Gen Z's online presence is unmistakable, with Instagram, TikTok, and YouTube emerging as their preferred platforms. Notably, Gen Z actively seeks out new brands more than any other consumer generation, showcasing a dynamic engagement with emerging trends.
