5 Ecommerce Trends You Need To Know For 2024

There have been a lot of changes in the e-commerce industry in the past few years and for the better. According to Oberlo, in 2021, e-commerce sales are anticipated to account for 18.1% of total retail sales worldwide. Moreover, the total number of online buyers is also expected to hit 2.14 billion this year. 

If you run an e-commerce business and are trying to increase your sales, boost revenue, and expand reach, then it is important that you are aware of the current e-commerce trends. Since the market is saturated with so many online retailers, there is no space in the competition for the ones that are slow to adapt to new trends.

Today, we will be talking about the 5 major e-commerce trends that are expected to change the landscape of e-commerce in 2024.

Read about every trend that’s happening in the IT industry before everyone else.

Top 5 E-commerce Trends to look out for in 2024

Read down below to find out all about the e-commerce technology trends we will be seeing in 2024.

• Online Selling Trend in Growing

According to stats, online sales are expected to hit $4.9 trillion in 2021. More and more people are getting comfortable with shopping online because of the ease and security it offers. Online purchase trends have further boosted in 2024 due to the onset of the pandemic as people who had never tried shopping online before had to order stuff online since the majority of shops, malls, and restaurants were closed.

Moreover, the trust factor among customers is also increasing as they continue to shop online. Websites that ensure that their customers leave with a good experience after shopping from their website are the ones that are more likely to have a high rate of customer retention. Hence, customer-friendly websites are the ones that are more likely to thrive in the long run.

Also read Trends That Define the Success of E-Commerce Apps

• Acceleration of Mobile Shopping

Mobile shopping is taking over the world of e-commerce by storm. According to stats, m-commerce sales reach 3.56 trillion in 2021.

Furthermore, it is also anticipated that mobile sales are going to make up around 72% of all e-commerce deals. 

The use of mobile devices is increasing around the globe. Currently, there are 5.27 billion mobile users in the world, and are expected to increase further in the coming years. This is also bound to cause an increase in the number of people shopping online.

Social media websites such as Pinterest, Facebook, and Twitter have also started featuring “buy now” buttons that allow customers to make purchases online without the need to switch platforms. Other than this, there are also many online retailers that feature an on-click button on their mobile websites to allow customers a quick and easy shopping solution.

• AI will be More Beneficial

The trend of AI system integration in e-commerce is further expected to increase in the next few months of 2024. As the use of new technologies used in e-commerce such as chatbots and machine learning further becomes increasingly common, more and more e-commerce companies have started to leverage artificial intelligence to improve their operations.

According to an Ubisend study conducted in 2019, it was found that every 1 in 5 consumers prefers to buy goods or services from a chatbot, whereas 40% of consumers that shop online are interested in listening to shopping deals and ongoing discounts from chatbots.

Other than this, artificial intelligence is mainly used for task optimization, analyzing customer comments, suggestion systems, etc. Also, since AI technologies and systems are becoming more affordable with time, it is getting easier for small-to-medium-sized businesses to make use of it.

According to Dylan Max of Netomi, "Retailers are turning to artificial intelligence to improve everything from operations and inventory management to create good customer service and loyal customers."

You might also be interested in reading: APPLICATIONS OF ARTIFICIAL INTELLIGENCE IN E-COMMERCE

• Focus on Green Consumerism

Studies have shown that green consumerism has an impact on online purchase trends. People are more willing to purchase goods and services that are environment friendly, preferring to shop from brands whose production processes don’t harm nature. As per the findings of Statista, when it comes to future spending and social impact, millennials are the most self-conscious generation. 

As this consumer product trend in 2024 further continues to rise, many online retailers such as Amazon have started working towards building a sustainable business for customers and the planet. More brands are likely to follow this movement, encouraging the production of products that don’t contribute towards waste and help protect the planet for future generations. 

• Influencer Marketing will Increase

Influencer marketing has been quite the hype for the past few years. According to Marketing Hub, “Influencer marketing involves a brand collaborating with an online influencer to market one of its products or services. Some influencer marketing collaborations are less tangible than that – brands simply work with influencers to improve brand recognition.” 

 People are more likely to trust influencers marketing or promoting products as compared to brands themselves. According to stats, it is expected that influencer marketing will hit more than $13.8 billion in the coming year. Moreover, stats from Statista reveal that the Instagram influencer market size has increased three-fold in the past 4 years. We can expect to see a further rise in this trend in the next few years. 

Whether you want to develop an eCommerce store or need well-researched insights on the eCommerce industry, For this, check out our informative articles on eCommerce

Takeaway

Technology is constantly evolving the way business is conducted and how consumers shop for products. If e-commerce businesses are not in sync with the changing market trends, then they are most likely to lose a big chunk of their revenue and growth to their competitors.  The above-mentioned e-commerce trends of 2024 can help you ride the wave.

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