Welcome back after the holiday and celebration of New Year, 2024, the leap year, is here to turn into a big year for businesses. In the eCommerce world, where it is difficult to get more out of existing customers and visitors, the more difficult challenges of converting or finding new customers.
In the Global Consumer Insights Pulse Survey 2023 by PwC, in 8,975 customers in 25 countries and territories, it has been found that companies wishing to get a competitive edge should empower their customers with adequate information, technology, and timely support to pace the decision-making.
The eCommerce landscape is a space where the customer makes purchase decisions based on information, experience, and support that set the tone for upcoming trends. In 2024, shoppers’ moods, brand offerings, and marketing strategies will differ from previous years, so we have the top 5 eCommerce trends to leap forward in the next 365 days. The eCommerce brand marketers and senior management teams who crave growth and revenue must pursue these trends.
Let’s dive in.
eCommerce shopping is experience-driven, responsible for the higher demand for Omnichannel shopping experiences from eCommerce brands. In traditional retail at a ‘brick-and-mortar’ physical store, the customer gets excellent services and replies to all queries until the buying decision. However, this is limited to a small number of shoppers and audiences, whereas eCommerce has the potential to reach an infinite number of users who have internet connectivity. Livestream Shopping has the combination of these two, where shoppers can go online and interact with a host, celebrity, or influencer to get the product or service experience in live streaming and get their queries answered in the comment section. Furthermore, if they like to buy, then with a single tap on the ‘Buy Now’ button, they can order it.
Gen Zs and millennials contribute to a significant population of eCommerce shoppers as being the true digital natives. This younger generation does a lot of shopping online, yet sometimes finds it difficult to manage funds or credit cards while shopping, especially during the annual sale day, Black Friday, Cyber Monday, etc. It leads to a ‘Cart Abandonment’ problem, and eventually, eCommerce loses the business.
‘Buy Now, Pay Later (BNPL)’ payment is introduced by eCommerce brands as a flexible payment option for shoppers when they wish to buy a product or service, but neither have handy cash nor a credit card, and even there is no ‘layaway program’ too; so they can opt for ‘Buy Now, Pay Later (BNPL).’ It is an interest-free payment for Pay Later (Full after 30 days) or Pay Later Installments (In 3 or 4 equal installments) with a Finance It (Up to 36 monthly payments) for a particular applicable interest. In 2024, the BNPL will be a leading trend as a ‘win-win’ for both eCommerce brands and shoppers.
Excessively long shipping and delivery TAT (Turnaround time) have been a significant reason for ‘Cart Abandonment’ concern for eCommerce sales and revenue growth. Online shoppers seek faster delivery from eCommerce brands; they fork up the premium for ‘Instant Delivery or Same-Day or Next-Day Delivery.’ Though the urgency of such faster delivery has demand primarily in the Food and beverage, Personal care, Pharmaceuticals, Gifts, etc. shopping, the market is there, and eCommerce is developing them for quick delivery. In short, the faster the delivery, the higher the sales figures.
In 2024, the ‘Subscription Commerce’ model is going to be one of the leading and popular eCommerce trends among users as well as for businesses. Subscription Commerce brings a range of benefits, including ease, convenience, and sometimes ‘delighting surprises’ for users as well as for online retailers to get consistent recurring revenue streams and customer loyalty and drive higher business valuations to deliver enhanced customer experience.
It has been observed that the cost to retain an existing customer is lesser than acquiring a new customer, where the former gives brand loyalty and predictable revenue. Be it a physical product like Dollar Shave Club (DSC) or streaming services like Netflix, Amazon Prime, etc., the eCommerce players can get the advantages of an effective ‘Subscription Commerce’ model to spike their revenue. It is an eCommerce trend going to rule in 2024 for an enhanced Customer Experience (CX) expectation of shoppers.
With the growing advancements and customer demands for better online shopping experiences, the use of advanced technologies like Artificial intelligence (AI) is inevitable. Artificial intelligence (AI) enables eCommerce brands to add value at different touchpoints and channels in the customer journey, making it one of the most prominent eCommerce trends in 2024.
AI empowers a customer-centric approach to digital commerce for intelligent product recommendations, personalized customer experiences, Natural Language Processing (NLP) enabled voice search, AI-powered virtual assistance, and more. Artificial intelligence (AI) is prolific for futuristic eCommerce, where experience is at the core of it. It is effective to thoughtfully integrate Artificial intelligence (AI) in your eCommerce strategy to lead the eCommerce world in 2024.
Due to the dynamic nature of the eCommerce landscape, it is essential to follow the trends and stay along with the curve to exceed customer expectations and achieve sales figures. In 2024, these eCommerce trends are going to buzz throughout the year, and not just these top 5 eCommerce trends but more such exciting ones. For an in-depth dive, we also have an eBook on eCommerce Trends 2024, where we have compiled a more comprehensive list with real-time examples and more. Go check that out!
As an award-winning eCommerce agency, Krish is unfolding these trends for you to redefine your eCommerce strategies and stay competitive in 2024 and beyond. At Krish, we specialize in developing cutting-edge eCommerce applications and consultancy services with the latest platform technologies for our clients to meet their specific requirements and respective industries. Our team of business experts and technical prowess bring innovation and seamless functionality to your application. For more, you can connect here.
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Abhilash is a coffee-fanatic marketer and storyteller, always seeking new experiences and captivating stories from life. With his meticulous research and vivid narratives, he simplifies complex technologies accessible to all. He spends much of his spare time on traveling and stories from life.
21 August, 2023 The holiday season for eCommerce business owners in 2023 promises to be a transformative and dynamic period characterized by a convergence of evolving consumer behaviors, technological advancements, and strategic imperatives. eCommerce businesses are presented with an array of trends to embrace. Being for more than two decades in the eCommerce landscape, we have formulated a comprehensive outlook on what this holiday season is set to encompass for eCommerce business owners. It’s time to prepare your eCommerce store for the impending festive rush. Let’s jump in to understand further.
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