Blog Fast White Cat
6 e-commerce trends for 2024 to follow closely
Karolina Obszyńska Feb 14. 2024
2024 promises to be a dynamic year for e-commerce trends. From AI revolutionizing customer experiences to mobile shopping reaching new heights, the digital landscape is in constant flux. While personalization has become a dominant force, don't underestimate the power of emotional connection in driving sales and building loyalty.
Change is happening faster than ever before, pushing us into new frontiers. While not quite the multiverse madness of "Everything Everywhere All at Once," the speed is undeniable. The days of waiting for the future are over; it's already arrived, seamlessly integrating into our daily lives.
As we reflect on the economic and political uncertainties of 2023, the ongoing impact of the pandemic, and the undeniable force of AI, let's explore the key trends that will shape e-commerce in 2024.
So, what e-commerce trends will be most popular?
The Rise of Hyper-Personalization in e-commerce
Ever since Chat GPT entered the market, AI has been the talk of the town. It's no surprise that AI is the most catchy from all So, what e-commerce trends will be most popular? and holds the power to influence not only markets but also our imagination.
According to Statista, online shopping is undergoing disruption due to new technologies, environmental changes, economic challenges, and the emergence of new generations of shoppers. In 2024, consumers can no longer be reached with last-decade retail and e-commerce solutions. Producers, retailers, and online players must adapt their approach to connect with the consumer of the future.
One steadily emerging trend that garners attention year after year is how machine learning (ML) enhances personalization. By analyzing customer data, browsing history, and purchase patterns, ML can generate a comprehensive list of tailored suggestions for users. The integration of AI into customer data is poised to revolutionize the landscape. However, the age-old principle - "garbage in, garbage out" - still holds true.
Mobile commerce continues to spearhead e-commerce growth, establishing smartphones as the predominant devices for online shopping. In 2023, smartphones constituted over 70 percent of all global retail website visits, and the integration of mobile technology will persist in shaping the future shopping experience. Retailers are prioritizing mobile-friendliness, ensuring that both their websites and apps are optimized for mobile devices. According to Statista.com, mobile e-commerce revenue in 2023 accounted for 60 percent of the total global e-commerce sales.
The popularity of M-commerce is particularly pronounced in Asia, where countries like China and South Korea generate over two-thirds of their total online sales through mobile devices, as reported by Statista.com. Consumers turn to their smartphones for seamless shopping experiences. To navigate this landscape successfully, businesses must not only comprehend prevailing mobile commerce trends but also strategically embrace elements such as user experience, personalization, social commerce, and mobile wallets and payments. The trajectory indicates that mobile shopping is poised for continuous growth.
The landscape of online shopping preferences in Europe is undergoing a notable shift, with a substantial increase in social media-driven purchases, as highlighted by Research and Markets. The surge in social commerce's popularity is predominantly influenced by the growth of m-commerce.
Major social platforms like Pinterest, TikTok, and Facebook have integrated shopping features, allowing brands to showcase products in more engaging ways. The preferences for online shopping across Europe have witnessed significant transformations, with 22% of citizens making purchases through social media in the past 12 months. This marks a rise from 18% in 2021, according to a study conducted by Statista.
A burgeoning facet of social shopping is live-commerce. While live shopping events are gradually gaining traction in Europe, they are still in their early stages compared to their popularity in Asia. China stands out as the most mature live-commerce market, with 57% of users engaging in this shopping format for over three years. In contrast, only 5 to 7 percent of live-commerce users in Europe, Latin America, and the US have embraced it to that extent, as per McKinsey's findings.
Experts anticipate the continuous growth of social commerce, complemented by AI-driven personalized shopping experiences and the maturation of augmented reality (AR) and virtual reality (VR) technologies.
The e-commerce trends landscape is inherently dynamic, with consumers increasingly seeking a seamless shopping experience that integrates online and offline channels, particularly as their habits undergo rapid evolution. Retailers are diligently optimizing their mobile sites and apps to ensure a user-friendly and cohesive shopping journey.
A growing trend among retailers involves the adoption of unified omnichannel strategies, merging online and offline operations, consolidating online and in-store inventory, providing cohesive customer data, and delivering consistent messaging across all channels. The ever-evolving omnichannel retail market is significantly influenced by a heightened focus on social media.
However, the current state of omnichannel retail is characterized by a noticeable shift toward brick-and-mortar stores as indicated by Research and Markets.
The ongoing transformation in consumer behaviors and the increasing demand for finely-tuned customer service stand out as the next significant trends being closely monitored. This escalating demand for omnichannel shopping, rooted in personalized data, serves as a clear indicator of a maturing market. Customers now anticipate not only tailored recommendations but also an overall frictionless journey, including multiple payment options, an intuitive checkout process, convenient delivery, and flexible fulfillment options such as buy online, pick up in store (BOPIS).
Enter the power of AI. It possesses the potential to elevate customer service, support chatbots and virtual assistants, and manage all customer interactions across platforms. More advanced bots can engage in natural, human-like conversation, analyze sentiment, understand and adapt to the tone of voice, not to mention expedite inquiries and summarize complex tickets. The influence of AI in enhancing the omnichannel experience is undeniable.
Heading Towards a Data-Driven Future and Trusted Software
The potential for e-commerce growth lies in reliable data, but unlocking this potential requires future-proof content and a robust customer data architecture. A paradox emerges: while AI tools demand accurate data for optimal functioning, many organizations lack such data initially. To address this, AI is now utilized to analyze datasets, identifying inconsistencies and streamlining the data preparation process for AI-driven solutions, thereby enhancing their effectiveness and efficiency.
Diving into the details, there's a noticeable trend towards the adoption of composable technologies. These solutions have become a priority for organizations aiming to establish a centralized and reliable source of truth for all their product data. With a composable data management tool, such as a PIM solution, businesses can synchronize product information from various sources, ensuring accuracy and consistency.
Investing in composable data management solutions not only streamlines data processes but also enables businesses to remain agile in the face of emerging trends and technologies. - Building a platform based on the Headless concept perfectly addresses challenges posed by the mobile-first approach. I strongly recommend using Adobe's PWA Studio, providing everything an online shop needs at the moment. Leveraging customer data, PWA Studio facilitates personalized product recommendations within “the app”, increasing engagement and the likelihood of purchases. Key benefits include improved performance, offline capabilities, and faster page loading times, ultimately enhancing the overall shopping experience for customers, as highlighted by Ruben Pedrosa, Business Development Manager, representing Fast White Cat.
Anticipating a significant shift in how businesses leverage data, driven by the demand for seamless customer experiences and the imperative to transition from traditional reporting to actionable insights. As we prepare for a cookieless future, the reliance on first-party data is more crucial than ever.
None of the accomplishments mentioned earlier would have been possible without a touch of creativity. As we toil away on the next innovation, it's crucial to consider our approach to new challenges. In a world increasingly dominated by algorithms, Mintel emphasizes in its 2024 Global Consumer Trends that human skills and emotion are essential to fully capitalize on this technological revolution.
The trend known as 'Being Human' can be both obvious and somewhat mysterious. It's widely acknowledged that AI-powered technologies enable the automation of mundane tasks, liberating time for more meaningful pursuits. Mintel suggests that, in response to faceless algorithms, brands and consumers will increasingly seek out uniquely human elements, giving rise to a new 'human-as-premium' label.
Don't forget this timeless mantra that emotional connection drives loyalty. Consumers are looking for more than just the frictionless shopping process. They long for vendors who will offer empathy, brands that evoke emotions and create an enjoyable experience.
Leading brands in 2023, as per Adobe's Digital Trends report, aligned seamlessly with their customers' ever-changing needs, emotions, and contexts, responding with warmth, empathy, and understanding. To actualize this vision, the enhancement of real-time, individual-level data access and the enrichment of data points with customer insight are imperative – a timeless recommendation echoed by Adobe.
Do you like article about e-commerce trends and want to know more? Click to read about data.
Change is happening faster than ever before, pushing us into new frontiers. While not quite the multiverse madness of "Everything Everywhere All at Once," the speed is undeniable. The days of waiting for the future are over; it's already arrived, seamlessly integrating into our daily lives.
As we reflect on the economic and political uncertainties of 2023, the ongoing impact of the pandemic, and the undeniable force of AI, let's explore the key trends that will shape e-commerce in 2024.
So, what e-commerce trends will be most popular?
The Rise of Hyper-Personalization in e-commerce
Ever since Chat GPT entered the market, AI has been the talk of the town. It's no surprise that AI is the most catchy from all So, what e-commerce trends will be most popular? and holds the power to influence not only markets but also our imagination.
According to Statista, online shopping is undergoing disruption due to new technologies, environmental changes, economic challenges, and the emergence of new generations of shoppers. In 2024, consumers can no longer be reached with last-decade retail and e-commerce solutions. Producers, retailers, and online players must adapt their approach to connect with the consumer of the future.
One steadily emerging trend that garners attention year after year is how machine learning (ML) enhances personalization. By analyzing customer data, browsing history, and purchase patterns, ML can generate a comprehensive list of tailored suggestions for users. The integration of AI into customer data is poised to revolutionize the landscape. However, the age-old principle - "garbage in, garbage out" - still holds true.
Mobile Commerce Soaring - king of e-commerce
Mobile commerce continues to spearhead e-commerce growth, establishing smartphones as the predominant devices for online shopping. In 2023, smartphones constituted over 70 percent of all global retail website visits, and the integration of mobile technology will persist in shaping the future shopping experience. Retailers are prioritizing mobile-friendliness, ensuring that both their websites and apps are optimized for mobile devices. According to Statista.com, mobile e-commerce revenue in 2023 accounted for 60 percent of the total global e-commerce sales.
The popularity of M-commerce is particularly pronounced in Asia, where countries like China and South Korea generate over two-thirds of their total online sales through mobile devices, as reported by Statista.com. Consumers turn to their smartphones for seamless shopping experiences. To navigate this landscape successfully, businesses must not only comprehend prevailing mobile commerce trends but also strategically embrace elements such as user experience, personalization, social commerce, and mobile wallets and payments. The trajectory indicates that mobile shopping is poised for continuous growth.
Embracing the Momentum of Social Commerce
The landscape of online shopping preferences in Europe is undergoing a notable shift, with a substantial increase in social media-driven purchases, as highlighted by Research and Markets. The surge in social commerce's popularity is predominantly influenced by the growth of m-commerce.
Major social platforms like Pinterest, TikTok, and Facebook have integrated shopping features, allowing brands to showcase products in more engaging ways. The preferences for online shopping across Europe have witnessed significant transformations, with 22% of citizens making purchases through social media in the past 12 months. This marks a rise from 18% in 2021, according to a study conducted by Statista.
A burgeoning facet of social shopping is live-commerce. While live shopping events are gradually gaining traction in Europe, they are still in their early stages compared to their popularity in Asia. China stands out as the most mature live-commerce market, with 57% of users engaging in this shopping format for over three years. In contrast, only 5 to 7 percent of live-commerce users in Europe, Latin America, and the US have embraced it to that extent, as per McKinsey's findings.
Experts anticipate the continuous growth of social commerce, complemented by AI-driven personalized shopping experiences and the maturation of augmented reality (AR) and virtual reality (VR) technologies.
When Omnichannel Strategies Take Center Stage
The e-commerce trends landscape is inherently dynamic, with consumers increasingly seeking a seamless shopping experience that integrates online and offline channels, particularly as their habits undergo rapid evolution. Retailers are diligently optimizing their mobile sites and apps to ensure a user-friendly and cohesive shopping journey.
A growing trend among retailers involves the adoption of unified omnichannel strategies, merging online and offline operations, consolidating online and in-store inventory, providing cohesive customer data, and delivering consistent messaging across all channels. The ever-evolving omnichannel retail market is significantly influenced by a heightened focus on social media.
However, the current state of omnichannel retail is characterized by a noticeable shift toward brick-and-mortar stores as indicated by Research and Markets.
The ongoing transformation in consumer behaviors and the increasing demand for finely-tuned customer service stand out as the next significant trends being closely monitored. This escalating demand for omnichannel shopping, rooted in personalized data, serves as a clear indicator of a maturing market. Customers now anticipate not only tailored recommendations but also an overall frictionless journey, including multiple payment options, an intuitive checkout process, convenient delivery, and flexible fulfillment options such as buy online, pick up in store (BOPIS).
Enter the power of AI. It possesses the potential to elevate customer service, support chatbots and virtual assistants, and manage all customer interactions across platforms. More advanced bots can engage in natural, human-like conversation, analyze sentiment, understand and adapt to the tone of voice, not to mention expedite inquiries and summarize complex tickets. The influence of AI in enhancing the omnichannel experience is undeniable.
Heading Towards a Data-Driven Future and Trusted Software
The potential for e-commerce growth lies in reliable data, but unlocking this potential requires future-proof content and a robust customer data architecture. A paradox emerges: while AI tools demand accurate data for optimal functioning, many organizations lack such data initially. To address this, AI is now utilized to analyze datasets, identifying inconsistencies and streamlining the data preparation process for AI-driven solutions, thereby enhancing their effectiveness and efficiency.
Diving into the details, there's a noticeable trend towards the adoption of composable technologies. These solutions have become a priority for organizations aiming to establish a centralized and reliable source of truth for all their product data. With a composable data management tool, such as a PIM solution, businesses can synchronize product information from various sources, ensuring accuracy and consistency.
Investing in composable data management solutions not only streamlines data processes but also enables businesses to remain agile in the face of emerging trends and technologies. - Building a platform based on the Headless concept perfectly addresses challenges posed by the mobile-first approach. I strongly recommend using Adobe's PWA Studio, providing everything an online shop needs at the moment. Leveraging customer data, PWA Studio facilitates personalized product recommendations within “the app”, increasing engagement and the likelihood of purchases. Key benefits include improved performance, offline capabilities, and faster page loading times, ultimately enhancing the overall shopping experience for customers, as highlighted by Ruben Pedrosa, Business Development Manager, representing Fast White Cat.
Anticipating a significant shift in how businesses leverage data, driven by the demand for seamless customer experiences and the imperative to transition from traditional reporting to actionable insights. As we prepare for a cookieless future, the reliance on first-party data is more crucial than ever.
E-commerce trends and Living Beyond the Algorithms
None of the accomplishments mentioned earlier would have been possible without a touch of creativity. As we toil away on the next innovation, it's crucial to consider our approach to new challenges. In a world increasingly dominated by algorithms, Mintel emphasizes in its 2024 Global Consumer Trends that human skills and emotion are essential to fully capitalize on this technological revolution.
The trend known as 'Being Human' can be both obvious and somewhat mysterious. It's widely acknowledged that AI-powered technologies enable the automation of mundane tasks, liberating time for more meaningful pursuits. Mintel suggests that, in response to faceless algorithms, brands and consumers will increasingly seek out uniquely human elements, giving rise to a new 'human-as-premium' label.
Don't forget this timeless mantra that emotional connection drives loyalty. Consumers are looking for more than just the frictionless shopping process. They long for vendors who will offer empathy, brands that evoke emotions and create an enjoyable experience.
Leading brands in 2023, as per Adobe's Digital Trends report, aligned seamlessly with their customers' ever-changing needs, emotions, and contexts, responding with warmth, empathy, and understanding. To actualize this vision, the enhancement of real-time, individual-level data access and the enrichment of data points with customer insight are imperative – a timeless recommendation echoed by Adobe.
Do you like article about e-commerce trends and want to know more? Click to read about data.