After artificial intelligence was put into a legal framework at the end of last year, this year certain changes will also follow in e-commerce. 2024 is already a fact and many exciting innovations in e-commerce are also coming. The past 2023 brought impressive developments in online commerce - from the increased use of AI and VR, to the growing importance of sustainability and social responsibility in the industry. E-commerce has come a long way since its inception and continues to develop at a rapid pace. But what awaits us in 2024? What trends will shape the e-commerce market this year and how companies can prepare to remain competitive can be read in the following 10 sub-points.
1. Sustainability comes naturally
The sustainable development trends that have emerged in recent years should become increasingly evident in 2024.
Customers will become more environmentally conscious and will pay attention to how businesses produce and distribute their products. E-commerce companies will increasingly rely on sustainable supply chains, packaging, and products to meet these growing consumer needs.
Sustainability will no longer be a sales strategy, but will now be a natural part of the business model.
2. Artificial Intelligence (AI)
AI is already being used in various aspects of e-commerce, such as chatbots and recommendation engines. However, AI is expected to play an even more significant role in e-commerce in the future. For example, AI-powered personalization will allow businesses to provide more personalized experiences to their customers. This should lead to higher conversion rates and customer loyalty.
About 28% of leading e-commerce companies have already implemented AI and machine learning platforms. The AI in e-commerce market was valued at $4.06 billion in 2020, according to MarketWatch. By 2023, 36% of retailers will use AI to provide customers with highly personalized online experiences,
3. Augmented Reality (AR) is becoming the norm
Augmented reality is another technology that is already being used in e-commerce, especially in the fashion and beauty industry. AR provides customers with an interactive and immersive shopping experience before they make a purchase. Thanks to “virtual testing,” it should reduce product returns and increase customer satisfaction. As AR technology continues to improve, we can expect more businesses to incorporate Augmented Reality into their sales and development strategies.
4. Voice trading
Voice assistants like Amazon’s Alexa and Google Home are becoming increasingly popular and are also being used for e-commerce transactions. Voice commerce allows customers to make purchases using voice commands, making the purchasing process even more convenient. As voice recognition technology improves and more people adopt voice assistants, we can expect to see an increase in voice commerce.
5. Social media as a sales platform
Social media is no longer just used for marketing and customer service, but also for direct sales. Companies will integrate their products into social media and offer customers the opportunity to buy directly from their favorite platforms. This shortens the purchasing process and increases customer willingness to buy.
Influencer marketing will also become more important and expand the reach of e-commerce companies.
6. Subscription services
Subscription services have been around for a while, but they are still a growing trend in e-commerce. Consumers are looking for convenience and value, and subscription services provide both. Businesses can benefit from the recurring revenue and customer loyalty that comes with subscription services.
7. Same day delivery
As consumers become more accustomed to instant gratification, same-day delivery is becoming increasingly important. In the future, we can expect to see more businesses offering same-day delivery as a standard option, rather than a premium add-on.
8. Cross-border e-commerce is becoming easier
Borders to international trade will continue to diminish in 2024. Thanks to new trade agreements and more advanced technologies, it will be easier to expand your business across borders. Companies will invest more in localizing their platforms and e-commerce methods so they can gain insight into their consumer audience and serve the needs and preferences of customers in different regions.
9. Blockchain technology is becoming increasingly secure
Blockchain is used in e-commerce to provide transparency and security.
Customers can track the origin of products, avoid fraud with their personal data and finances, and be more protected overall.
10. Mobile commerce and progressive web apps (PWA) remain of high importance
Mobile devices remain the primary access point for online shopping. In 2024, progressive web apps (PWAs) will enhance the mobile shopping experience by offering fast loading times and a seamless user experience.
In conclusion
The future of e-commerce is bright, and businesses that stay abreast of emerging trends and technologies will have a competitive advantage. By incorporating at least one of the above into their strategies, e-commerce businesses can provide a better customer experience and increase their bottom line. As technology continues to evolve, there is no limit to the possibilities for e-commerce.
