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By Ruchi Pardal
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22 Jan, 2024
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~ 9 minutes to read
22 Jan, 2024
~ 9 minutes to read
In today’s world, where the global cost of many everyday items is an issue, spending design is scrutinized. What do clients buy, how would they go about it, and, in particular, for what reason do they invest their energy and cash?
Data and technology are driving this change, providing new opportunities for retailers looking to capitalize on patterns. Online retail sales have accounted for a significant portion of worldwide shopping in recent years.
Retail e-commerce sales worldwide were assessed to be worth 5.2 trillion US dollars in 2021.
This value is expected to increase by 56 percent over the following few years, reaching around 8.1 trillion dollars by 2026.
With that, some of the major topics we will cover in 2024 include:
In 2024, we anticipate a surge in AR apps that allow clients to virtually try on apparel, test out furniture placements in their homes, and even experience things in real time before making a purchase.
This interactive shopping experience not only boosts customer engagement but also reduces the likelihood of returns, which benefits both businesses and consumers. Ignore hazy item photos!
IKEA’s Place app essentially allows you to place furniture in your home, ensuring an ideal fit before purchasing. Virtual display areas and test drives are not too far off, further blurring the lines between online and in-person shopping.
According to Gartner research, by 2025, 60% of large firms will have integrated augmented reality into their e-commerce platforms.
A practical example is IKEA’s Arrange app, which allows customers to virtually arrange furniture in their homes, improving the purchase experience.
Impact: reduced product returns, increased customer confidence, and deep product discovery.
Also Read: Fashion E-commerce Trends 2024
Whether you agree or not, AI is here to stay. It has long been a helpful tool for e-commerce enterprises, but generative AI will bring it into the mainstream in 2023, demonstrating to consumers how powerful it can be.
With artificial intelligence growing more prevalent, it’s easy to see why it’s ranked second for 2024 e-commerce trends.
It is no surprise that 97.2% of organizations are investing in big data and artificial intelligence (AI). Furthermore, 91% of top organizations say they invest in AI regularly and hope to enhance it.
AI can be an effective tool for online shops to:
Example –. An excellent example is Pinterest’s new upgrade to its Chrome extension, allowing users to select an object from any photograph online and then request that they surface comparable products using image recognition software.
Also Read: E-Commerce SEO Trends You Shouldn’t Miss in 2024
Platforms such as Instagram, TikTok, and YouTube are adding seamless shopping functionality, allowing users to discover and buy things immediately from their feeds.
In the United States, 96.9 million people use social media to shop.
And as younger millennials and Generation Z continue to consume the market, that number will only increase.
83% of Generation Z buyers begin their purchase journey on social media.
Live streaming with interactive features, influencer relationships, and shoppable posts blurs the distinction between entertainment and commerce. It results in a dynamic and engaging purchasing experience.
Social commerce is predicted to generate $2.9 trillion by 2026. This means that the time for shops to get social is now.
2024 e-commerce trends integrated with social commerce:
For Example
1: Enable Facebook Pay: Modern buyers want options—9% will abandon their online shopping basket if the retailer does not accept their preferred payment method. For some shoppers, this includes Facebook Pay (also known as Meta Pay).
2: Host Instagram Lives: Every day, over 100 million people watch these native livestreams, with 13% preferring Instagram Live to other social media platforms. Glamnetic, a direct-to-consumer beauty firm, is a merchant that utilizes Instagram Live. It holds live shopping events via the app, allowing customers to engage with the entrepreneur and purchase items on display.
Also Read: E-Commerce Grocery Trends 2024
Due to the rise of fulfillment options such as BOPIS and Same-Day Delivery, as well as Buy Now, Pay Later, one-click checkouts (think Shop Pay), and digital wallets (think Apple Pay, PayPal, Venmo, and others), the checkout process can be overwhelming and time-consuming.
Determine the best method to improve your checkout by testing and optimizing, reviewing website or app data for insights, and even surveying customers. These preferences may differ depending on the brand, product, or consumer segment, so avoid taking a one-size-fits-all strategy!
In a recent Baymard Institute study, 25% of respondents indicated they abandoned their cart because the site required them to form an account. Consider providing context about the benefits of registering an account—storage of information, targeted offers, free shipping—and then delivering on those benefits to build brand loyalty.
Also Read: Jewelry Ecommerce Trends 2024
Customers shop across various channels and touchpoints for any one purchase.
People are researching, comparing, shopping, and seeking support almost anywhere you can think of, from internet shops to third-party markets to social media apps to brick-and-mortar businesses. They anticipate being able to do so with little to no inconvenience.
51% of shoppers make purchases on their phones inside a store.
73% of retail customers shop across several channels, and retailers who employ three or more channels enhance customer engagement by 251% more than single-channel retailers.
Example –
Sephora prioritizes omnichannel personalization, with rich in-app messaging, individualized push notifications, and simple options for customers to schedule in-person consultations.
Its in-store technology is a valuable addition, allowing personnel to access customer preferences and recommend things they would like next.
Its loyalty program also plays a vital role. The efforts are already paying off for Sephora: research indicated that clients who visited the retail website within 24 hours of visiting a store were three times more likely to make a purchase. Orders were 13% higher than for other customers.
2024 e-commerce trends integrated into multichannel experiences:
Sustainability stays at the forefront of consumers’ minds as they witness the effects of climate change firsthand. This tendency will only gain momentum in 2024.
Consumers are becoming more concerned about the environmental impact of their purchases.
E-commerce companies are responding by implementing sustainable practices such as eco-friendly packaging, carbon-neutral shipping alternatives, and product origins and materials transparency.
This shift to sustainability coincides with consumer ideals and provides a competitive edge.
60% of US customers believe that many businesses only claim sustainability.
Consumers are looking for and prioritizing environmentally friendly solutions, and many are even willing to pay a premium for sustainable products and businesses.
Customers believe the most significant sustainable eCommerce practices are:
Sustainable eCommerce is important to consumers.
According to a recent consumer poll, 88% of customers consider sustainability vital in their purchase decisions, and 66% believe it has become more relevant since the COVID-19 pandemic 2020.
For example –
Thousand Fell Shoes is reducing the gap in the footwear market. Their trendy sneakers are manufactured from sustainable materials and are completely recyclable.
When a wearer is finished using their Thousand Fell Shoes, they can return them to be renovated, given to someone in need, or completely discarded. Customers will never have to send another pair of footwear to the landfill again.
These six trends are simply the tip of the iceberg. As technology advances and consumer expectations rise, e-commerce retail will experience even more dramatic upheavals. The future of e-commerce shopping seems promising for retailers who embrace these developments and adjust their tactics accordingly.
They can design a personalized, engaging, and sustainable purchasing experience that caters to today’s consumers’ ever-changing demands.
As E-commerce retail trends continue to evolve in 2024, the imperative for a robust online presence has never been more crucial. Amidst the myriad strategies available, retail businesses must not overlook the paramount importance of SEO, and in this landscape, opting for pay-for-performance SEO services stands out as a game-changing approach. To truly thrive in the digital marketplace, retail businesses need to focus on SEO and ensure that their investment translates into tangible outcomes.
Additional Read:
6 Unique Strategies To Increase ROI For Your Ecommerce Business
Our Pay for performance SEO programe helps companies
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