Keeping up with e-commerce trends is essential for online retailers hoping to remain competitive, enhance customer experience, and adapt to the ever-changing landscape of the digital marketplace. As consumer preferences are constantly evolving, staying updated ensures that retailers can meet and exceed customer expectations, while also providing better customer experiences. Moreover, new tools, features, and online and social media platforms are continually emerging in the digital realm. Retailers relying on the latest technologies can enhance their operations, improve efficiency, and provide innovative solutions to their customers in 2024 and beyond.
From the rollout of TikTok Shop to post-purchase personalization, here are the key trends that online retailers should watch closely in 2024:
The Launching of TikTok Shop
According to Yotpo, the launching of TikTok Shop was one of the biggest e-commerce events of last year. However, this new commerce engine is still in its infancy, and brands are just beginning to understand what is effective on the platform and what isn’t. Though the platform’s first sales numbers may not be groundbreaking, they indicate the potential to engage audiences that might not typically make a purchase. In 2024, brands will probably experiment with their TikTok Shop techniques and refine their strategies for optimal results.
Omnichannel – The Most Successful Format
According to GfK’s new Retail report, there are four areas of growth where retailers are set to invest in 2024: formats, technology, operational excellence, and purpose. The survey outlines the primary trends that 800 retail executives believe will dominate the retail landscape in 2024 and beyond. The findings point to the fact that omnichannel is likely to remain the most successful format for the next couple of years. In fact, an overwhelming 79% of retailers have expressed confidence in its potential.
The Rise of Reusable Packaging
According to Yotpo, reusable packaging is one of the ten most important e-commerce trends that will shape marketing in 2024. Consumer interest in sustainable packaging has continued to grow recently, despite the difficult economic situation. Anticipating the year ahead, experts predict that a growing number of brands will make the transition to sustainable or reusable packaging. This shift will not only lessen the environmental impact, but it could also strengthen the bond between brands and their customers.
Expanding Payment Options
Businesses that choose to expand their payment options beyond checks and credit/debit cards are also more likely to gain success in 2024 and beyond. Mobile wallets like Apple Pay, Google Pay, PayPal, and Venmo have gained significant popularity in recent years, according to NetSuite. In fact, a recent survey conducted by Forbes Advisor revealed that nearly two-thirds of respondents use these payment methods as frequently as traditional ones, while approximately half of respondents said they use them more often. Experts recommend considering ACH payments, wire transfers, and cryptocurrency as effective means to expand payment options in 2024.
The Focus on AI and ML
GfK’s new Retail report shows that six in ten retail executives believe that artificial intelligence (AI) and machine learning (ML) are more important than other new technologies. Despite these being the primary targets for tech investment, there is only a moderate interest in actually making these investments in 2024. This contrasts sharply with the retailers’ consistent levels of enthusiasm for formats like omnichannel. Pure play online retailers are now at the forefront of adopting AI and ML technologies, demonstrating the highest confidence in implementing them.
Encouraging Real Customer Reviews
A recent RetailDive survey shows that 60% of American shoppers are willing to spend $100 on a product they discover on social media. However, 53% of customers also acknowledge they are experiencing more and more difficulties when it comes to trusting the products sold through these channels. This makes Yotpo suggest that brands will increase their efforts to convey trust and quality. One of the ways of doing that is to encourage real customer reviews, but other marketing strategies that focus on authenticity are also likely to flourish in 2024.
Understanding Post-Purchase Personalization
Sending personalized thank-you emails to returning customers, offering product recommendations and discounts, and encouraging real customer reviews are actually part of a wider strategy known as post-purchase personalization. According to Econsultancy, this is one of the most important e-commerce trends that will shape strategy in 2024. Experts like Rory O’Connor, CEO of delivery management platform Scurri, believe that this new trend can turn one-time buyers into returning customers. “Capitalizing on the post-purchase period allows retailers to boost brand loyalty through high-engagement communications,” he explains.
In Conclusion
From the launching of TikTok Shop to strategies like expanding payment options and implementing post-purchase personalization, multiple new trends are bound to reshape e-Commerce in 2024 and beyond. Retailers that hope to remain successful in the future will need to stay engaged with social commerce trends, make the first steps towards sustainable packaging, adopt new and convenient payment methods and embrace new technologies. Staying up-to-date with these new trends will help them keep their businesses competitive for years to come and ultimately succeed in the ever-changing digital market.
