Despite its type, any business needs to be up-to-date with its trends to stay stronger in this highly competitive market. Considering the growth of eCommerce these years, you must definitely keep tabs on the top eCommerce Trends you will see in 2024.
In 2023 58.4% of the online audience makes at least one purchase every week. As home orders have moved from weeks to months, many customers had no option but to adapt to online shopping, which has further contributed to the considerable growth in the market.
Many companies have continued to succeed by seeking new possibilities in the digital world. The improvements in the stocks of Shopify are the best proof for the significant shifts in consumer buying behavior. This shift is paving the way for a whole new, unconventional market ecosystem. Even after the end of the epidemic, do you think you’re going to back to the same old technologies and practices?
Here is a survey report when Shopify asked a set of people if they used pandemic-driven technologies even after it ended.
Here are the top 10 eCommerce trends that you need to be aware of in 2024:
1. AR enhances the online shopping experience
This is one of the eCommerce trends that is easy to guess as most of the big e-tailers have moved to Augmented Reality already. It simulates online in-person shopping experiences by allowing shoppers to see how a product might look at home. With AR, customers click the product and automatically see it overlaid anywhere with their mobile’s camera. This technology helps buyers understand more about the product details, such as the texture, size, and complexity. So, AR provides the user with the in-store experience and helps in the conversion of products.
Using 3D models of your products, one can show product form and texture from any perspective. With AR functionality, 3D modeling brings an immersive 360-degree environment that encourages users to check out before purchasing.
2. AI helps shops to understand customer behavior
The proliferation of Artificial Intelligence (AI) and machine learning will grow as retailers concentrate on innovative ways to enhance customization and customer experience. This fact is the primary reason why most eCommerce companies should invest in this growth. The following are some of the reasons why you should consider AI for your online business.
- AI lets companies take care of their clients and provide them with the personalized services they deserve.
- By using AI, you can link consumer data with real-time insights to enhance the customer shopping experience.
- Automating functions such as customer service by chatbots to assist consumers 24/7 is one of your business’s best practices.
- Moreover, you can optimize the listing, customize discounting, and forecast demand.
3. Sustainable is never out of trend
There are three top mandates that every online store must fulfill, fast, free, sustainable, and branded shipping. In today’s world, every consumer wants their product to be shipped fast and for free without compromising its eco-friendliness. A study also states the three-quarters of U.S. consumers prefer to buy products packaged using sustainable materials. And more importantly, many were also ready to pay a premium. The focus is on zero-waste packaging, where used, reused, or recycled materials are involved. Minimum packaging, smaller box sizes, and redesigned shipping cases are also top priorities.
4. Subscription Model takes the lead
Adopt a recurring revenue business model in 2024 as subscription models are going to be in trend. Evaluate if the goods will be suitable to be sold as a subscription. There are three standard subscription models available. They are
- Replenishment: This helps consumers save time and money because they never run out of anything.
- Curation: surprise clients with specific items or differentiated sets.
- VIP Access: Provide special access to anything that is not available to anyone or anywhere.
When you have subscribers, do this to retain them.
- Simplify the billing process
- Create a subscription to third parties at various price points to have an option.
- Customize marketing to each segment by individualizing products.
5. Onsite personalization to create individualized experiences
In 2024, build on the consumer’s willingness to embrace brands that resonate with their values by injecting life into your marketplace product pages, personalizing offerings, and encouraging customers to co-create products and experiences with you.
Create time for a human-to-human connection-Automate boring, mundane activities so that the staff can spend more time with clients.
Empower co-created products and experiences and give customers the freedom to personalize products, design custom packaging, or mix and match custom assortments.
6. Endless innovation with API First Solution
Headless business, the API-first solution, decouples the front-end customer experience from the back-end technology infrastructure. Benefits shall include:
- Integration: Building custom enterprise infrastructure with APIs allows deep integration with tools or services of choice.
- Flexibility: By splitting the back end from the front end, you have absolute ownership and leverage of the front end experience and the tech stack used to create it.
- Omnichannel: This versatility helps you expand your shopping experience to any consumer experience, application, or network.
Despite the expense and implementation difficulty of going headless, many traders can still follow a headless architecture to increase conversion rates. Expect to accelerate the introduction of headless and lean microservice software stacks by 2021.
7. Back To Omnichannel Strategy
Scaling your omnichannel strategy is the foremost thing that you should do in 2024. To leverage on the eCommerce boom and conquer the fierce competition, you need to maximize trading through platforms such as online exchanges, social media, retail and wholesale. Thus, it involves creating or purchasing a technology base that frees your team to develop immersive, cohesive products everywhere your customers are. The market advantage is flexibility, allowing your business to rapidly transfer offline efforts and capital to online and back again, depending on customer demand.
8. Mobile Shopping Experiences To Prevail
Prioritize mobile shopping experiences. Competing in customer experience also requires a lightning-fast mobile experience, with 50% of global eCommerce sales happening on mobile devices. Even before COVID-19, mobile commerce accounted for 92% of eCommerce growth. Research indicates 53% of consumers will abandon a site that takes longer than three seconds to load on mobile. Worse yet, mobile bounce rates are consistently higher than desktop.
Make your site sensitive as responsive online stores enable your brand to offer a seamless experience across all platforms, from desktop to tablet to smartphone. They achieve this by defining the type of device used and configuring the website to fit the device’s display as near as possible. Sensitive themes can also further boost SEO, site pace, and overall user experience.
9. Big data analytics will flourish
Unify the consumer and product details to get a single view of both. This is the first step in providing consumers with clear service across networks. Develop your company on a common platform that combines workflows and data sources, helps you handle all of your distribution platforms in one location, and integrates with third-party solutions.
Synchronize stock and inventory statistics. To ensure that your brand’s product details and inventory levels are correct and up-to-date in real-time across platforms, your app can automatically synchronize product information such as price, definition, and SKU count photos.
Integrate the sales and distribution info. Without a common point of reality for distribution and reporting data, brands would find it impossible to monitor success across platforms effectively. Your business platform must be compatible with both the distribution and supply sides of the business. Using the POS framework to link the digital storefront to retail outlets in a single reporting center.
10. Marketplaces will dominate brands
Half of all global eCommerce revenues were made in countries where customers search for solutions rather than brands.
The construction of a brand has never been easy. Meanwhile, socially aware customers can pay a premium for a brand with a mission. Brands should turn their product pages on the market into engaging environments by delivering exclusive personalized items across their platforms.
Half of all global eCommerce transactions are on the marketplaces, and the sheer scale forces brands to participate. About $2 trillion is invested annually in the top 100 markets, and the world’s largest retailers are joining the ring. Therefore, you are going to compete with these marketplaces to sell a single product.
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