The year 2024 and beyond are predicted to see continued growth for Ecommerce businesses. Statista predicts that Ecommerce retail sales will hit a remarkable 8.1 trillion dollars by 2026, offering ample opportunities for businesses to flourish. However, given the unprecedented speed of change and the numerous technological innovations shaping the industry, it is imperative for businesses to follow market trends to avoid losing out.
In this article, we will delve into 6 Ecommerce trends in 2024 that your business should not overlook. Find out why these trends hold a high probability of shaping the future of Ecommerce and positioning your business as an innovator in the industry.
Table of contents:
- Generative AI
- Social commerce
- Mobile first, desktop second
- Video marketing
- Faster payment
- FAQs about Ecommerce trends in 2024
Generative AI, known as GenAI, empowers users to input diverse prompts for generating fresh content, spanning text, images, videos, sounds, code, 3D designs, and more. It undergoes a learning process and training based on existing documents and artifacts available on the internet.
Prominent GenAI engines, such as ChatGPT and Bing, are valuable tools for brainstorming, creating, and optimizing various content types. These conversational AIs can simulate human-like conversations and continuously learn for more refined ideas in the future.
You can leverage this AI for your digital marketing projects in various ways. Check out this article now to find out how to use ChatGPT in your Digital Marketing efforts.
Several AI tools cater to specific purposes that could be useful in Ecommerce:
- AI Text (Jasper, Writesonic, Copy.ai): Generate copy for product titles, descriptions, and blog content using AI.
- AI SEO (Jasper, AlliAI, SEO.ai): Craft page titles and meta descriptions with the assistance of this SEO AI tool.
- AI Designer (Clickup AI, DreamStudio, Midjourney): Effortlessly create new page sections by describing the desired content, eliminating the need for designing or coding.
Why will it become a trend in 2024?
- AI helps Ecommerce websites to build excellent personalized experiences by making relevant and useful recommendations to their audience based on data points like purchase history, searched products, and browsing habits. That’s why 92% of businesses use AI-driven personalization tactics.
- AI helps streamline business workflows and save a lot of human resources. Research shows that marketers leveraging AI-powered content generation have been able to decrease their workload by nearly 60%.
- AI lays the foundation for better customer service, including AI-led chatbots.
Social commerce, also known as social media shopping, involves the use of social media platforms like Facebook, Instagram or TikTok to directly sell products or services to consumers. Social commerce is a logical choice for many Ecommerce businesses. Over half (58.4%) of the global population now engages with social media across various devices. Prior to the advent of social commerce, online shoppers had to visit the seller's main website and create an account, a potentially time-consuming process that diminished the excitement of shopping.
The rapid usability, convenience, and interactive features of social commerce are some of the factors contributing to its emergence as one of the leading online selling trends of 2024 and beyond. TikTok in particular is considered a rising full-funnel commerce platform, with nearly three-quarters of TikTok users worldwide shopping on TikTok when they stumble across something in the feed, according to Insider Intelligence.
Why will it be a trend in 2024?
- While it emerged as a trend in 2023, it is predicted to be an ongoing trend for 2024 and upcoming years since with the time users spend on social channels increasing, the value of social commerce sales is forecasted to reach around 8.5 trillion U.S. dollars by 2030.
- Social commerce expedites customers' decision journeys from awareness to purchase almost immediately. When users spot a desirable item, they are sent through a streamlined in-app purchasing process as part of the native experience.
- Social commerce fosters active community engagement and propels social selling success. By ensuring customer satisfaction post-purchase, brands motivate customers to become advocates, employing methods like posting reviews, sharing user-generated content (UGC), or instantly promoting the brand within their community with a simple click of the "share" button.
Mobile-first is a concept related to web and app design, encompassing mobile websites and user experience considerations. It involves optimizing website presentation for mobile devices and implementing responsive design principles that adapt to various screen sizes. In a mobile-first design, the focus is on working from the smallest to the largest size option.
The mobile-first approach is primarily focused on functionality. It adopts a targeted strategy by initially introducing core functions and progressively adding enhancements for higher resolutions, often termed progressive enhancement. This strategy is commonly known as a content-first approach, emphasizing the necessity for thorough research and careful structuring of website content based on its importance.
Why will it be a trend in 2024?
- Surge in mobile usage: As smartphones become more widely adopted, a substantial number of internet users choose to access websites and complete purchases through their mobile devices. Mobile devices also frequently serve as the initial point of contact for users, especially during activities like commuting or waiting in line. HubSpot’s 2023 State of Consumer Survey showed that roughly 75% of consumers prefer using their mobile devices, compared to 15% that prefer desktop and 6% that prefer tablets.
- More technology facilitating purchases via mobiles: Fingerprint and facial recognition technology, alongside faster payment options, will streamline mobile transactions and encourage users to shift from desktop to mobile platforms. It is anticipated that, soon, mobile devices will emerge as the preferred method for conducting Ecommerce transactions globally. According to Statista, in the third quarter of 2023, smartphones accounted for 74% of retail site visits in the United States and generated 63% of online shopping orders.
- Social media channels, major hubs for online interaction, are predominantly accessed through mobile devices. Incorporating social commerce into a mobile-first strategy maximizes the potential for sales on these platforms.
- Help in ranking better on search results pages. Since July 2019, Google has prioritized mobile-first indexing. A mobile-first UX/UI design strategy is critical for improving SEO as it enhances user experience, caters to the growing mobile user base, provides a consistent experience across devices, increases dwell time, and boosts search engine rankings.
>>> Explore Niteco's mobile solutions and real-life examples for an optimal mobile-first approach to enhance your business.
Hyper-personalization involves merging marketing and data analytics. It's a method where marketers integrate real-time customer data from various touchpoints and channels to craft an intricately detailed, personalized marketing strategy for each customer. This data enables the customization of advertising, products, services, and offers, finely tuned for relevance to maximize consumer response. According to a McKinsey report, 77% of companies that personalize B2B experiences report increased market share.
Achieving hyper-personalization requires significant effort and is made possible by advancements in AI technology, particularly machine learning and deep learning. This technology helps analyze real-time customer data, seeking patterns to discern individual preferences. This profound understanding allows a brand to be precisely where it needs to be, delivering the right products and services at the ideal moment in the customer’s journey.
Why will it be a trend in 2024?
- Hyper-personalization enhances user experience, positively affects the retention rate, and helps increase revenue. A study by Gartner finds that poor personalization efforts put brands at risk of losing 38% of their existing customer base.
- Hyper-personalization empowers customers by putting them in control of their online experience. Customers appreciate having choices and seeing content that aligns with their preferences.
Video marketing involves utilizing video content to promote your product, enhance engagement, and connect with an audience that prefers video over text. Therefore, it is no longer just a trend; it continues to be the preferred form of content. According to Statista, during the second quarter of 2023, online videos recorded an audience reach of around 92.3% among Internet users worldwide, with 50% of Internet users viewing videos before making a purchase.
Various forms of video marketing include:
- Video banner ads, which appear as advertisements on landing pages or websites.
- Pre-, mid-, or post-roll video advertisements, displayed before, during, or after online videos or those posted on social media.
- TV video ads, traditional commercials aired on linear TV outlets or streaming services.
- Live video, involving real-time streaming of events, conversations, or product launches.
- Sponsored video, identified by disclaimers like "This video is brought to you by..." and covering explainer videos about companies and their products.
- Sponsored product placement, a self-referential video marketing method where a company's brand or product is integrated into another type of video.
Why will it be a trend in 2024?
- Users can interpret information in videos better than in lengthy texts.
- Video marketing has a versatile range of applications, including fostering customer relationships and showcasing your brand, services, or products. It can also be utilized for presenting instructional content, sharing customer testimonials, live-streaming events, and delivering entertaining viral content.
>>> Learn more about innovative digital marketing solutions from Niteco now!
The desire for quick and secure transactions is a shared goal for both customers and businesses, and in 2024, the anticipation of numerous advanced, faster payment options in Ecommerce is palpable. Fast payments ensure instant fund transfers between parties. This proves especially beneficial for time-sensitive transactions, such as businesses promptly settling urgent supplier payments or instantly compensating employees, ensuring seamless operations without delays.
The most widely embraced category of faster payment systems is real-time payment systems, ensuring instant fund transfers between parties. This payment option is anticipated to grow at a rapid pace, with a projected growth of 31.1% from 2022 to 2027.
Moreover, faster payment could also encompass and support the buy now, pay later model (e.g., Klarna, Afterpay, installment plans). These systems find application in diverse transactions, encompassing peer-to-peer transfers, online acquisitions, and bill settlements.
Why will it be a trend in 2024?
- More advanced technologies are used to improve payments: Fast payment methods, utilizing biometric technology like face recognition, are progressively gaining prevalence, promising seamless money transfers and enhanced operational efficiency.
- Faster payment means more convenient purchases: With various payment choices like QR codes, consumers can experience efficient transactions, enabling almost instantaneous sending and receiving of money. This is one reason why nearly 80% of consumers are interested in adopting faster payment methods for their business transactions.
- On a larger scale, businesses can take advantage of faster payment options to enhance their operations, streamline financial procedures and optimize overall efficiency.
Nowadays, retail businesses must provide exceptional Ecommerce features to remain competitive. Simply uploading product images to your website and expecting ideal customers to discover them on a whim is not a sustainable model anymore. Adopting these 6 Ecommerce trends enables you to connect with your customers where they are and provide a shopping experience that will keep them coming back. Contact Niteco for the best optimized and customized Ecommerce solutions for your business.
What Ecommerce trends will continue in 2024?
Continuing trends in Ecommerce for 2024 include the sustained growth of social commerce and personalization. These trends have proven effective in generating quality leads and promising revenue, as highlighted in our article.
Is there a trend that will dominate the whole Ecommerce landscape in 2024?
The dominance of a particular trend in the Ecommerce landscape in 2024 will depend on various factors specific to your business. Considerations such as your business type, target market in Ecommerce, budget constraints, and other crucial factors will play a significant role in determining which trend is most impactful and relevant for your unique circumstances. It's essential to align your strategy with the specific needs and dynamics of your business to make informed decisions about the trend that will dominate in 2024.
Are there any other trends that will shape Ecommerce in 2024?
Yes, besides the 6 prominent trends mentioned above, there are several more you should consider for your Ecommerce business in 2024, such as voice search, image search, direct messaging for customer support, and livestream shopping.