eCommerce sales are expected to reach almost $6.3 trillion globally in 2024. If you’re looking to grow your brand, it’s worth investing in eCommerce quickly, before you miss the boat! With the industry growing significantly over the last 5 years, we’re going to be seeing new advancements with both people’s online shopping behaviours and with technology.
We can’t ignore the fact we’re also living through times of economic uncertainty and worry. Therefore, in order to retain a loyal customer base, you must be ahead of your competitors and on trend. Despite financial worries from consumers, eCommerce revenue is expected to continue to rise, as people look to online shopping for convenience and faster experiences.
1. Personalisation through AI
60% of consumers say they are likely to purchase again from somewhere if they receive a personalised experience. AI uses machine learning to create personalised brand messaging, content, and even products, based on data collected from consumers.
What does this look like for your customers? You can suggest products based on what they’ve previously purchased, or complimentary products to those they’re currently buying. It could be dynamic social media ads, which learns from products someone has previously looked at to increase purchase intent when they’re browsing social media.
What does this look like for your business? It will mean automating processes to drive your business forward. It could be as simple as online inventory management, so that AI can then predict stock levels going forward. This leads to more effective supply chain management for a business
Additionally, it could involve installing additional tools to your website, such as chatbots, which deliver personalised advice and recommendations based on your customer’s questions. This replaces complex customer service administration, and allows your customer to get answers quickly and efficiently.
Accenture found that 62% of consumers want to see companies taking a stand on sustainability and ethical practices. We’re increasingly seeing generations hungry for change, and looking for authenticity and transparency from the brands they love. Whether it is clearly sharing your sustainability policies, or sharing the impact you’re having on the world, it should be clear on your website to showcase what you’re doing.
People are also willing to spend more knowing it is from an ethical source. It’s worth looking at each component in your supply chain to try to reduce waste, change materials, and make more ethical decisions. These small changes could not only increase your consumers’ likelihood to purchase, but also reduce waste and costs for your business.
3. Rise of Social Commerce
We’ve already seen TikTok shop making big moves in the eCommerce industry, joining the previous social commerce platforms from Pinterest and Meta. This is only expected to increase going into 2024. According to Social Sprout, 68% of social media users have purchased directly from a platform. We highly recommend adopting these social commerce platforms, if you haven’t already!
Consumers are also often looking to social media for reviews and user-generated content about brands. Not only does your brand social media need to clearly communicate to your audience, but also your community. People will look to micro-influencers and non-sponsored posts to hear honest reviews of your products and services.
4. Curated Customer Journeys
Segmenting your audience increases the personalised experience. Whether it is into community groups, locations, or shopping habits, splitting up your audience can increase customer loyalty, build a community surrounding your brand, and increase repeat purchases.
These audience groups should each receive a carefully curated customer journey, from browsing right through to post-purchase. This could involve discount codes on specific items, memos about forgotten carts, and email marketing tailored to their needs and habits. Each stage of this journey can be automated depending on their behaviour or a time frame.
5. Cross-Border Commerce
Consumers are now looking at overseas brands differently. Previously associated with long shipping delays and high costs, as well as confusing conversion rates, the global marketplace is changing. We’re now seeing consumers purchasing from brands overseas easily and with effective shipping and returns policies.
Strategies for each location should be tailored to suit not just the audience, but also the culture prevalent there. We should look at the details of languages, products, and content carefully. If this is done correctly, you could grow your market across the globe!
If you’re looking to be ahead of the trends in 2024, and grow your eCommerce business, let’s chat! We’re experienced in developing global eCommerce solutions and increasing brand awareness across a range of sectors.