In the recent past, if you observe carefully, the eCommerce ecosystem has always been the dynamic one that forces businesses to rapidly explore, adapt, and experiment with their approaches for shoppers and align with their demands.
Retailers must work hard, evolve with the trends, and meet customer expectations.
In 2024, the eCommerce landscape is going to see a whole lineup of new trends and developments that could help brands grow and expand their businesses to shoppers’ demands. Here, we have chosen the top 5 eCommerce Trends for 2024, that we think will change the way people shop online.
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Social Commerce
Do you know how Gen Zs are shaping the future of eCommerce?
“It has been observed in a study that 73% of Gen Z do most of their shopping on a mobile device only. And 83% of them agreed that some or all of their shopping starts from Social Media platforms.” Source: Insider Intelligence
Gen Zs, the first generation of digital natives, are active participants in redesigning the online shopping culture across the worldwide web. Yes, the idea of purchasing products and services right there within a social media platform like Instagram, Facebook, Pinterest, TikTok, etc. Online shoppers, especially Gen Zs, broke the norms of linear retail shopping with Social Commerce.
Social Commerce is the leading eCommerce trend for 2024, fueled by a massive potential to rule online shopping. Unlike eCommerce, Social Commerce is an ecosystem where a social media user can also be a content creator, social media influencer, and social commerce seller. It makes the role of influencers more significant for businesses, brands, and retailers.
Business owners can create their digital storefronts within the respective platforms, and people can search and buy products or services without going out from their social media platforms from these digital storefronts in just a few taps on their devices.
It is an extended experience in the omnichannel customer experience (CX) for online shoppers, fulfilling the always-on retail. Additionally, Social Commerce builds meaningful engagement to deliver highly curated, personalized, and purpose-driven experiences that enable brands to ultimately earn lasting loyalty.
Sustainability
“By 2030, eCommerce logistics-generated carbon emissions are forecasted to reach up to 25 million metric tons of Carbon Dioxide (CO2).” Source: Statista
Sustainability is the essential strategy for eCommerce businesses in the future. Thanks to Gen Z and other shoppers who are aware and concerned about the impacts of climate change on our lives. In 2024, ‘Sustainability’ will be a leading trend in the eCommerce world, where brands, as well as shoppers, will be appreciated for their responsible moves to minimize their carbon footprint.
It takes a lot more than just promoting sustainability goals and advocating for a zero-carbon ecosystem. Shoppers are searching for brands offering eco-conscious products, services, and operational practices; in fact, they are willing to pay a premium for this eco-friendly cause. Online shoppers, especially the young ones, happily support the brands that align with their belief in preserving nature.
eCommerce brands started adopting the ‘reduce, recycle, and reuse’ sustainability strategy for a minimal carbon footprint. They need a winning strategy with an experience-rich eCommerce agency, multiply their efforts for sustainability goals, and effectively showcase the measurable progress with proof to demonstrate the developments to the cause.
Voice Commerce
“Alexa, please reorder Davidoff coffee.”
Have you ever used an AI-powered virtual assistant on your smartphone to change the music track while driving your car or working on your laptop? Probably so!
We are in the connected world of AI-powered voice assistants to take care of our regular routine using voice commands.
“In a recent market research, 40% of U.S. internet users agreed that they use a voice assistant or smart speaker monthly.” Source: Insider Intelligence
Welcome to the world of Voice Commerce, where smart devices and speakers actively work for users to assist them in their daily lives. It is ‘loud and clear’ that Voice Commerce is going to be the leading eCommerce trend for 2024.
Some eCommerce market leaders have already made it available for their shoppers to order any of their products by voice. By enabling Natural Language Processing (NLP), brands can enhance their digital commerce experiences manyfold.
In 2024, it is essential as well as crucial to optimize your digital store for a voice-based shopping experience. Otherwise, shoppers inclined towards voice search and shopping experiences will move to the next competitor who offers the desired experience. It also encourages some impulse shopping by users who just get amused by the tempting experience.
ROPO (Research Online, Purchase Offline) with BOPIS (Buy Online, Pay In-Store)
“In a study by KPMG, it has been observed that over 60% of consumers compare product prices online while shopping in a retail store.” Source: KPMG
Online customers are craving unforgettable shopping experiences, and the fulfilling experience of ‘always-on’ is the reason that makes ‘ROPO (Research Online, Purchase Offline) with BOPIS (Buy Online, Pay In-Store)’ one of the most prominent eCommerce trends of 2024 in this list.
“33% of shoppers reported in a global survey that they prefer to pay in-store using their smartphones.” Source: Think With Google
‘Research Online, Purchase Offline with Buy Online, Pay In-Store’ is an eCommerce trend for 2024 to redefine the shopping experience. As an extension of the omnichannel experience in the customers’ buying journey, it is built around the core values of personalization strategies with experience and utmost satisfaction.
With this new phenomenon, customers’ buying journey goes through multiple channels and touchpoints where shoppers research the product, compare prices and then experience it in tangible form at any traditional ‘brick and mortar’ store before making the final purchase decision to pay at the store. Sometimes, they buy it online and pick it up from a nearby store to enjoy the conventional shopping experience.
Brands who haven’t evaluated the potential of this trend should look for it in order to keep up with shoppers’ demands for this blended experience on their digital commerce storefronts.
In lieu, they will get plenty of key insights into their users from social media, browsing history, preferences, geolocations, payment modes, and more to map their journeys to get an extended visual of strategies for higher-conversion, more targeted campaigns, and enhanced engagement.
Livestream Shopping
In 2024, ‘Livestream Shopping’ is the experience of blended entertainment, and shopping is going to be the eCommerce trend, not just a ‘nice-to-have’ but rather a futuristic eCommerce trait for digital commerce.
Livestream Shopping means creating an experience-driven shopping experience via an online Livestream broadcast with an eCommerce store that enables viewers to simultaneously ‘watch and buy,’ all housed in one easy-to-use interface.
“By 2026, Livestream Shopping will contribute more than 5% of total eCommerce sales in the U.S.” Source: CNBC International
Unlike traditional online shopping, in ‘Livestream Shopping,’ a host (usually a celebrity or social media influencer) promotes a product or service via a live video and interacts with viewers in real time to make them instant buying decisions.
Viewers can ask their queries via comments or reactions and, by using a simple ‘buy’ button, can instantly purchase the products or services of their choice. eCommerce businesses should look to upgrade their existing digital commerce for ‘Livestream Shopping’ as it holds enormous long-term potential with a better conversion rate.
Especially, when the younger millennials and Gen Zs are the major population contributing to the eCommerce sales, this immersive and engaging eCommerce model is something to look forward to in 2024. It offers brands the chance to accelerate conversion, enhance brand appeal, and shorten customer decision-making in the journey.
Conclusion
eCommerce trends for 2024 go beyond listing the exciting trends, it focuses on the ‘looking-ahead vibe’ for the future of eCommerce. Some, like Voice Commerce and Livestream Commerce, are highly experience-driven, whereas some, like Sustainability, focus on being responsible shoppers.
eCommerce trends are defined by the shoppers, brands, and technological advancements to ease the way people buy. So, when an advanced technology or an experience emerges, then eCommerce evolves to pave the way for the future of eCommerce.
