In the universe of eCommerce, the stars are aligning for a revolutionary shift in 2024. The future is knocking here with a bag full of trends that could redefine how we click, cart, and convert.
Online shopping is projected at a staggering $1 trillion in the US alone. The pace at which eCommerce is accelerating leaves no room for complacency. With trends evolving quicker than a page refresh, latching onto them could mean the difference for a growing eCommerce business.
So, what’s in store for 2024? We’re talking about an era where Augmented Reality (AR) will turn browsers into buyers, AI will be the new sales associate, and the checkout lines will stretch across digital wallets. In this blog, let’s take a sneak peek into the future, where your business can flourish with the right moves.
Online Shopping Trends eCommerce Business will Experience in 2024
1. Augmented Reality Shopping Experiences
Augmented Reality (AR) is a technology poised for explosive growth, with a projected influx of 8.5 million AR headset shipments by the end of 2023. AR’s potential to bridge the gap between virtual and physical shopping ensures an interactive and engaging experience, encouraging customers to connect more deeply with products. Leading retailers are already harnessing this technology. Take Google’s move to enable AR-powered ads, allowing beauty product try-ons directly from the search page.
2. The Surge of AI in eCommerce
Artificial Intelligence (AI) is a driving force in the eCommerce space. AI’s realm in eCommerce extends from crafting compelling product descriptions and ad copy to managing inventories and providing round-the-clock customer service through chatbots. The agility offered by AI not only enhances efficiency but also paves the way for more personalised shopping.
For instance, AI can predict purchasing behaviours to recommend products tailored to individual tastes, fundamentally shifting the paradigm from mass marketing to individualised customer engagement.
3. The Dominance of Social Commerce
Social commerce is on a meteoric rise, and this surge is underpinned by the convenience of shoppable posts and the authentic connections formed through influencer marketing. Social commerce is augmenting the shopping experience and integrating it seamlessly into social media feeds, where the line between browsing and buying is increasingly blurred. With platforms like TikTok driving forward with live shopping features and Pinterest joining forces with Amazon, the social commerce landscape in 2024 looks set to offer an even more cohesive and direct pathway from product discovery to purchase.
4. AI-Powered Customer Experience
As we head into 2024, AI’s influence is particularly prominent in customer service, where it not only meets but often exceeds customer expectations through prompt, intelligent assistance. AI-driven chatbots, for instance, are becoming increasingly sophisticated, capable of handling a wide spectrum of customer queries with the precision and understanding once solely attributed to human agents.
5. The Evolution of Influencer Marketing
Influencer marketing is experiencing a leap, with its market value projected to skyrocket, underscoring its significance in the eCommerce sphere. The crux of this evolution lies in the authenticity of influencer promotions. Now more than ever, consumers can distinguish between genuine endorsements and forced advertising.
Private-label product brands increasingly opt for influencers who resonate with their values and ethos, fostering a genuine connection with the audience. The notion of ‘de-influencing’ – advocating against impulsive purchases – is gaining traction, further emphasizing the need for authenticity.
As eCommerce businesses venture into 2024, aligning with influencers who authentically embody the brand’s identity and can engage with their audience meaningfully will be key.
6. Emergence of Convenient Payment Options
In online shopping, convenience is key, and nothing exemplifies this more than the payment options offered by eCommerce platforms. The checkout experience is a pivotal moment in the customer journey. In 2024, eCommerce businesses will recognise the need to provide a plethora of payment options to cater to the diverse preferences of their customer base. Digital wallets like Apple Pay, Google Pay, and Shopify Pay are becoming the norm, offering a seamless, secure, and swift transactional experience. The evolution doesn’t stop there; Buy Now, Pay Later (BNPL) options are popular, allowing customers to manage their finances without hindering purchasing power.
7. Growth of eCommerce Subscriptions
The subscription model is not new, but its application in eCommerce is undergoing significant growth. This growth is rooted in the model’s ability to provide a consistent revenue stream, which is invaluable for business forecasting and stability.
eCommerce subscriptions are diversifying, with replenishment subscriptions gaining traction, particularly in categories where product consumption is consistent, such as beauty, food, and home goods. This model excels in fostering customer retention by removing the burden of repeated purchasing decisions and providing a convenient solution to ongoing needs. As brands look to build loyalty and predictability in their sales, be it in dropshipping, the focus on crafting well-curated subscription offerings will be paramount.
8. Mobile Commerce Increasing Sales Contribution
Mobile commerce is ready to make an even greater impact on retail eCommerce sales in the coming years. With predictions indicating a significant portion of sales will originate from mobile devices, eCommerce businesses are called to meticulously optimize their mobile platforms. A mobile-optimized site or an app must offer an intuitive, user-friendly experience that caters to the on-the-go nature of mobile users. This includes responsive design, easy navigation, and streamlined checkout processes that cater to the small screen.
App-based shopping experiences are particularly powerful in providing opportunities for deeper engagement and personalized interactions through features like push notifications and loyalty rewards. As consumer behavior continues to shift towards mobile shopping, eCommerce businesses must ensure that their mobile strategies are responsive and proactive, leveraging the latest technologies and design principles.
9. The Quick Commerce Revolution
The tempo of modern life demands speed and efficiency, especially when it comes to online shopping. Quick commerce, or q-commerce, is the response to this consumer demand, focusing on ultra-fast delivery times that are revolutionizing the eCommerce industry. Businesses are innovating at a breakneck pace, with dark stores—retail distribution centers designed solely for managing online orders—becoming a strategic asset for facilitating same-day deliveries. These hubs are strategically located to minimize delivery times, ensuring that customers receive their orders in record time, often within hours of purchase.
10. The Potential of Live Shopping
Live shopping is becoming increasingly popular among eCommerce businesses preparing for 2024. Following the phenomenal success of live commerce in Asian markets, American platforms are investing heavily in this technology. They have recognized that live shopping has the potential to transform the shopping experience by combining instant purchase capabilities with interactive live video content. While current engagement levels may be modest, the trend of live shopping is undoubtedly on an upward trajectory, with TikTok leading the way.
Conclusion
As we look towards 2024, it’s clear that the fusion of technology and personalized service will dominate the eCommerce landscape. Businesses that adapt, adopting these trends into their strategic arsenal, will be the ones to watch, grow, and lead. They’ll be the ones setting the pace for innovation and customer satisfaction.
For eCommerce businesses looking to thrive, robust logistics strategies are keystone in the competitive marketplace. Therefore, investing in a cohesive logistics platform like NimbusPost can be their North Star, guiding them to a future where business doesn’t just exist but excels.
Also, learn what low-investment business ideas are.
FAQs
What is the future of eCommerce?
The future of eCommerce is poised for dynamic growth, driven by advancements in mobile technology, personalized shopping experiences, and insightful social media analytics. Embracing omni-channel service and the sharing economy business models will further catalyze this evolution. Key trends shaping eCommerce’s future include the integration of augmented reality (AR) and virtual reality (VR) for immersive virtual try-on (VTO) tools, the expansion of social commerce, and a growing emphasis on sustainable and ethical shopping practices.
What are the new and emerging technologies in eCommerce?
Here are some emerging technologies in e-commerce:
- Voice search: AI-based voice recognition technology makes it easier for online shoppers to use their voice instead of typing.
- Chatbots: AI-enabled tools that can have a text conversation with users and offer basic assistance around the clock.
- Augmented reality: Overlays computer-generated images onto the real world to allow users to experience products in a more immersive way.
- Mobile commerce: Online retailers confirm that mobile transactions increase each year, especially during the holiday sales season.
What is the size of the eCommerce market in India?
India’s eCommerce market size was valued at $51.57 billion in 2022. It is expected to grow at a CAGR of 31.13 percent from 2023 to 2029 to reach $343.90 billion.
What are online trends?
Online trends are products, services, and ideas that go viral. Celebrities or influential users often start them. Online trends can start with a small group of users sharing content organically within their network.
