E-Commerce has a great influence on people of all ages and everyone wants to buy things from the comfort of their own. Is there anything wrong? No, why go for in-person shopping when they have an opportunity to do the shopping from the comfort of your home? Online eCommerce portal helping them get desired products and services without stepping out of the home. They get the product delivered at their doorstep using their fingertip. Yes, we are going to talk about eCommerce Trends 2024.
Online Market at Glance
Online shopping has grown by $ 183 billion, between March 2020 to February 2021 as per a report of an analysis based on the COVID-19 pandemic. Only customers from the United States spent a massive amount (around $ 844 billion) on online shopping. This is the rise of the eCommerce business that we all are excited about.
eCommerce website development services are on the boom. Businesses are exploring ways to build their eCommerce platform better than their competitors. That is possible but complex as they require to understand their business strategies and find out what is helping their competitors reap the benefits from the online platforms. So, keeping all these issues in mind, we have come up with 10 trending eCommerce trends for 2024 that will give you a great insight into requirements to make your brand more familiar with customers.
1. Mobile Commerce
In this mobile-first world, the role of mobile is notable and no one can deny it. When it comes to eCommerce trends for 2024, Mobile commerce has also a massive role to play. It’s a trend that must be the priority for businesses to have a gargantuan achievement ahead. Shopping through mobile phones and tablets is on the rise and is being popular constantly.
According to research, mobile commerce will have a 53.9% share in the eCommerce business by the end of 2021. Is that a tiny share? Never more than half and if you have not implemented your mobile-first approach to your eCommerce business, be one step at doing this, as is going to be the trend in 2024 and beneficial for your business growth.
2. Social Commerce
It’s anticipated social media to be one of the top eCommerce trends in 2024. As per research by Sproutsocial, 73% of businesses are taking part in social eCommerce and around 79% are to be doing the same during the upcoming three years. It seems convenient for customers as they can buy the products while learning about the same on social media platforms.
For businesses targeting young customers, it is essential to be aware of the importance of social commerce. A recent survey stated that around 55% of customers aged between 18-24, 48% of those aged between 25-34 purchased products on social media at least one time in 2021. Facebook, Instagram, Pinterest, are the platforms currently offering social commerce. You are thinking about it, start as soon as possible to be ahead of your competitors.
3. Increased Voice Search Prevalence
People always seek convenience and the more they have the more they wish to have. This is what happens with eCommerce platforms. The days are no longer the same as they used to be but changed. Voice assistance on every device whether it’s Smartphone, Smart hub, or anything else, has become popular. No one is in favor of typing but prefers voice assistance on any platform they use.
The popularity of voice search is growing and it’s anticipated that it will increase further. The voice search will influence the search results as well as the shopping method and sales growth. It’s the right time for eCommerce businesses to be abreast of trending eCommerce trends so that they can optimize their stores for better growth. This is essential for every type of eCommerce business to make sure their stores are optimized for mobile voice search.
4. Demand for Personalized Products
Acquiring cross-channel data and offering personalized products to your customers would remain one of the top eCommerce trends for businesses in 2024. As per research by Accenture, around 91% of customers prefer interacting with brands that are aware of their choice and preferences and offer unique and specialized products.
It up to some extent seems tough to totally satisfy customers and provide them all convenience, but personalizing the products as per the customers’ choice can bring a massive change in customer satisfaction when purchasing. Nike permits its customers an option to create their preferred color and design. At the same time Enfamil, asks due dates from expecting mothers to provide them with relevant information. Brands are going to adopt this trend in 2024 to provide a personalized offering to their customers.
5. Omnichannel Strategy
For your brand awareness, the more platforms you target the more customers you can attract for your business’ betterment. Having a presence on one platform can bring you profit but isn’t enough for your brand awareness, omnichannel strategy can be the best suited to accelerate your brand awareness.
According to data shared by Google, the Omnichannel strategy enhances 80% more visits to your eCommerce store and it’s anticipated that multichannel sales will increase up to 46% of total eCommerce sales by 2023, that was only 40.3% in 2019. With an Omnichannel strategy, a business can distribute its products on multiple platforms and can enhance brand awareness.
6. Augmented Reality (AR)
When it comes to the future of eCommerce, AR/VR is considered one of the major players. Augmented reality (AR) is one of the other trends that are going to be the best eCommerce trend in 2024. Using 3D mapping enables customers to experience and preview the products they are going to buy. It helps customers virtually try products to ensure whether it suits them or they need to try another one. It is predicted that around 101.6 million customers will use it at least once a month in 2024.
AR assists customers in trying products before they buy them as well as helping brands reach their busy customers who don’t have sufficient time, or who can’t, find any store in their surroundings. With AI, customers are able to preview products before purchasing, there are fewer possibilities for dissatisfaction. This is going to be one of the eCommerce trends in 2024.
7. Multiple Payment Methods
Do you know that customer satisfaction requires more than you think and for that, there is a need for constant enhancement in even little aspects of your eCommerce store? Payment is the last and final phase of purchasing and it can affect your business more than you think. As the Global retail cart abandonment rate touched 75.6% in 2021, there can be various things responsible for it including security issues. Slow loading, long delivery time, limited payment options, and so on.
Gen Z shoppers are using multiple payment options than Gen X, hence, it’s essential to ensure the customers’ preference before adding payment options. According to Emarketer, In 2025, more than 50% of the total purchases will be made through smartphones. So it’s essential for brands to apply new payment methods like Google pay, Apple Wallet, rather than accepting payment only via bank transfer, credit cards, and so on.
8. Conversational Commerce
It’s another eCommerce trend that is going to be popular among businesses in 2024. Conversational commerce provides a platform to sell products through chat, or messages. It helps your brand to be always available for your customers round the clock and builds trust by providing an option for a personalized shopping experience.
Research shows that 41% of customers prefer using live chat and 52% feel it is more convenient and remain loyal towards the eCommerce store. theThe chat doesn’t have to have a human on the other end, as the chatbot handles it thoroughly. Conversational commerce can bring you more loyal customers for your business growth.
9. Subscription Model for Client Retention
Client retention is one of the essential facets that every business must be a focus on for better business growth. Commonly, customers do the shopping once from a certain eCommerce store but most of them never return to the same store and try to find another suitable alternative. As per MoEngage, the average customer retention rate is around 38% in an eCommerce business.
However, the subscription trend in eCommerce has not existed so far but it can bring a massive change in it. The subscription model can be a great choice for businesses wanting better client retention. If you also want to be one step ahead of your competitors, you require it as it would be one of the eCommerce trends.
10. Livestream Shopping
Livestream shopping is one of the emerging trends in e-Business due to its interactive-in-nature feature that can bring more convenience to the customers. It helps customers who are not able to do in-store shopping or can’t find a nearby shop. Livestream demonstrates products to them and the chat option allows them to ask questions to the brands. It feels the same as they do in-store shopping.
It offers the same shopping experience as you are shopping with a store associate but the advantage is, you can do it while sitting at your home. It’s popular in China and constantly gaining popularity there. As per the Global shopping report, the Livestream sale was $6 billion in 2020, and it’s predicted to reach $446 billion in in2024. Isn’t its rapid growth? Yes, this is why it is going to be one of the top eCommerce trends next year.
A must-read: What Perks Does eCommerce Brings in 2024
Conclusion
Now, as you have come to know about most of the top eCommerce trends that are going to be useful for your eCommerce business in 2024, unleash the power of your store to bring more traffic, loyalty, and profit and be ahead of your competitors. These are the trends that you must keep your eye on for your business growth as well as customer satisfaction. Let’s leverage the opportunity to be at the top among eCommerce businesses.
Frequently Asked Questions
eCommerce refers to electronic commerce aka internet commerce that enables sellers to sell their products and services without requiring any physical store. Meanwhile, it enables customers to buy products and services without visiting the store physically. In simple terms, it’s the process of buying and selling of products or services over the internet.
The three main types of eCommerce are called as; B2B (business-to-business) B2C (business-to-consumer) C2C (consumer-to-consumer) Websites such as Shopify are the example of B2B, Amazon is the example of B2C while websites such as eBay are the example of C2C.
eCommerce is not a new trend; it has been in the market for more than a decade. Most importantly, it is evolving and coming up with a convenient and faster way of buying and selling good goods/services online. Therefore, the future of eCommerce is not just bright, but eCommerce is the future —thanks to the tech-savvy generation.
Of course, it is. As the number of internet users is growing and the smartphone penetration rate is higher than ever before, online shopping preferably is booming. In the coming days, people would like to buy not just products but also services using eCommerce platforms. In fact, the online report suggests that eCommerce sales in the USA grew by 44%, and retail accounted for 21%. The data is perfect for telling how fast incessantly eCommerce is growing.
This is all we have talked about in this article. And, Yes, eCommerce is profitable. However, as the number of eCommerce portals is growing, the competition is also doubling. You need to take the right step, to begin with, this venture. For example, you need a perfect eCommerce website and robust marketing strategies in place to keep your business thriving. We at World Web Technology help startups and SMEs not create highly scalable and effective eCommerce websites but also help them develop business strategies that help them make the out of their venture.
World Web Technology
World Web Technology is an India and USA-based Web Design, Web Development, and Mobile App Development Company that offers creative and proven web solutions around the globe.
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