Would you like to stay ahead of the latest trends to remain competitive? Sorting through valuable information and filtering out the unnecessary clutter on the Internet can be challenging. To assist you, we've curated a list of the most crucial e-commerce trends in 2024. By incorporating these tools and staying updated, you can enhance your business results. Follow our blog for regular updates on business and technology.
The competition in e-commerce has significantly intensified in recent years. Many companies have capitalized on the opportunity to boost their revenues by establishing and continuously optimizing their online stores. Global online retail sales reached $4.9 trillion by 2022, and it's projected to grow to $7.5 trillion between 2023 and 2027. If your business hasn't ventured into online retail yet, now is the opportune moment. We can assist in this regard. Receive professional advice for your business by sharing your contact information.
After reading this article, you'll be better equipped to navigate the future of the e-commerce industry. Discover new strategies to enhance efficiency and elevate customer service levels for your business.
The 8 most important eCommerce trends you need to be aware of in 2024
- Augmented Reality and Virtual Reality
Augmented reality (AR) and virtual reality (VR) are expected to maintain their momentum in 2024. It's anticipated that providing AR and VR options will become the norm for companies. In the long run, the initial investment in new technology will prove worthwhile due to the added benefits. With the expansion of ecommerce, consumers will prefer companies that offer the option to visually test products before making a purchase.
- Machine Learning and AI
Encounters with machine learning and AI are a daily occurrence, even if you're not consciously aware of it.
Take Netflix as an example: rather than categorizing viewers by age, location, or gender, Netflix has established 1,300 "preference communities." The platform offers recommendations based on the similar preferences of viewers in each community for movies or TV shows that are currently popular among them. This marks the evolving landscape of machine learning.
Other ecommerce platforms will soon experience individual advantages by employing machine learning and algorithms to discern the most suitable content for specific audiences. In the future, machine learning and AI will play a role in segmenting content, ensuring that consumers are presented only with content (or products) that align with their specific interests.
- Invest in improving the performance of your applications
It is time to ensure that your web or mobile app is performing at its best. A fast eCommerce store has a high conversion rate. Across the industry, there is a growing push to provide high-performing platforms with perceived fast loading times. Consumers need to be able to shop quickly. Despite the cost of this e-commerce business strategy, it is worth every penny because it helps convert leads into sales.
- Think about selling items via voice shopping in the future
In the United States alone, Statista estimates that smart speaker sales will double between 2018 and 2021 from 47.3 million units to nearly 91 million. According to their projections, smart speakers will be shipped worldwide more than 200 million units by 2024. It is likely that many of your close friends and family members use Siri, or that the latest models of cars all offer voice search functionality. As a result, consumers are increasingly adopting this technology and integrating it into their daily lives, which includes shopping. You should jump on board as soon as possible if you wish to ensure that your customers enjoy this convenience of shopping.
- The use of chatbots can improve the user experience
In a store, consumers are usually greeted by a sales associate, who may even assist them with their shopping needs. Chatbots serve as your online sales assistant in an eCommerce store, fulfilling this customer service role. When a consumer cannot find the product they are looking for on your website, they will either contact your chatbot for assistance or search elsewhere. Consumers are more likely to complete their purchase on your website if there is a chatbot.
Regardless of the type of chatbot you select, you can expect faster response times and better chances of exceeding consumer expectations.
- Commerce via social media
Social media coverage is increasing every year. Currently, 59% of people around the world use social media platforms, and this number is expected to increase even more in the coming years. Several studies have predicted that social media platforms will generate €1 trillion in global sales by 2022, and that figure will increase to €2.9 trillion by 2026. It is important to note that Instagram, Facebook, TikTok, Pinterest, Snapchat, and now Twitter are the most popular social media platforms that offer social commerce. Your eCommerce business should take advantage of one of these social media platforms if it does not already do so for social commerce. Be sure to include them in your eCommerce strategy.
- Various methods of payment
One of the most common causes of shopping cart abandonment is a complicated checkout or payment process. Customers who need help to complete their digital purchase will abandon the cart and look for an eCommerce company that makes the purchase process as simple as possible. As of 2022, approximately 50% of all eCommerce payment transactions will be conducted using digital wallets. This has resulted in the digital wallet becoming the most widely used form of online payment in the world. This share is expected to increase by over 53% in 2023. As a result, your eCommerce business must consider which countries it is selling its products in to provide customers with convenient payment options.
- Livestream Shopping
Livestream shopping gained popularity initially in China, a country with the highest number of online shoppers globally. Key Opinion Leaders (KOLs) or influencers host live shows through an app, showcasing, modeling, and testing various products for their audience. Viewers of these live shows enjoy the entertainment provided by engaging hosts and can address any concerns they have about the product in real-time.
Livestream shopping is rapidly transforming how brands connect with customers through established hosts, and more companies in the US are exploring this platform. Although it's still relatively new in the United States, e-commerce companies are looking to live streaming as a method to boost sales in the coming years.
Summary
Setting up an online store (especially with the wide variety of e-commerce platforms available) is relatively easy, but growing your business from there is not as easy. It is essential to constantly adapt your strategies to meet changes in consumer behavior if you want your online business to be as successful. A strategy that worked last year or even last month is not a guarantee of success in the future.
Digital trends are constantly evolving, and the digital world is no exception. You should adapt to one or more of the above trends if you wish to improve your e-commerce business strategy and increase sales.
It is possible that some of these trends are only applicable to certain business models. You need to understand your business to make informed decisions and succeed.
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