The world of Ecommerce continued to evolve and innovate new ways for online shoppers to purchase products. With social commerce capabilities rising, virtual 360 shopping experiences, the metaverse becoming increasingly present and sustainability difficult to ignore, shoppers expect unique shopping experiences and businesses will be looking to provide this in 2024.
The number of Metaverse market users is expected to reach 24.9m users by 2030. User penetration, which currently stands at 11.0% in 2023, is projected to increase to 36.0% by 2030. – Statista
Augmented Reality has and will continue to revolutionise the way consumers shop online in 2024. We are likely to see a significant increase in AR shopping experience with retailers already incorporating AR technology to allow customers to visualise products in their own environment before making a purchase decision. This unique immersive shopping experience not only increases customer engagement but also reduces the likelihood of returns.
Voice-controlled smart devices, such as Amazon's Alexa and Google Assistant, have become integral parts of many households. Although voice commerce has been a key trend in recent years, we can anticipate a surge in voice commerce in 2024; where consumers can make purchases by simply speaking to their smart speakers or virtual assistants. Ecommerce platforms are adapting to this trend by optimising their sites for voice search and providing voice-activated shopping experiences.
Two-thirds of Gen Z shoppers stated they are likely to buy products from a brand that has strong ethical and sustainable credentials. – Statista
Sustainability is a growing concern for consumers and retailers are beginning to incorporate this into their strategies. This trend will continue to gain momentum in 2024 as shoppers become increasingly eco-conscious and are looking for brands that prioritise sustainability. Ecommerce businesses that embrace environmentally friendly practices, from packaging to sourcing, will gain a competitive edge.
Personalisation has been a trend for some time, but it's expected to become even more refined in 2024. With the help of artificial intelligence and machine learning, online retailers will be able to offer highly tailored shopping experiences, recommending products based on individual preferences and shopping behaviours. This not only enhances customer satisfaction but also drives higher conversion rates whilst also boosting loyalty.
As cryptocurrencies gain mainstream acceptance, ecommerce businesses have begun to adopt them as payment options. We can expect an increase in the number of online stores that accept cryptocurrencies, making transactions more secure. Additionally, blockchain technology will be used to enhance supply chain transparency and reduce fraud, increasing trust among shoppers and further benefiting the ecommerce industry.
Social media platforms are increasingly blurring the lines between social interaction and shopping. Social commerce activity is likely to surge in 2024 with popular platforms like Instagram, Facebook, and TikTok offering seamless shopping experiences. Brands will need to create compelling, shareable content to engage with their audience and drive sales through social channels. The role of influencers will also play a key role in social commerce progression.
Speaking of social commerce, mobile commerce has been on the rise for several years, and it will continue to dominate in 2024. With the increasing use of smartphones and the development of mobile-first shopping apps, consumers will expect fast, convenient, and user-friendly mobile shopping experiences. Ecommerce businesses should prioritise mobile optimisation to capture this growing market.
Subscription-based ecommerce models have gained popularity, offering convenience and consistency to consumers. In 2024, more businesses will adopt subscription-based services, allowing customers to receive regular product deliveries, curated boxes, or exclusive content for a fixed monthly fee. This model fosters customer loyalty and predictable revenue streams.
The ecommerce landscape is poised for significant transformation in 2024. With the integration of emerging technologies, a focus on sustainability, and the continued emphasis on personalised customer experiences, ecommerce businesses will need to adapt to stay competitive. By staying ahead of these trends, online retailers can continue to thrive in a dynamic and ever-changing industry. As consumers' preferences and expectations evolve, embracing these trends will be crucial for the success of ecommerce businesses in not only 2024, but the coming years.