E-Commerce Trends – What Can We Expect in 2024

There are no signs of a slowing in the rapidly expanding global e-commerce industry. Forecasts indicate that the e-commerce sector may reach a value of over $8 trillion by 2027. Considering the growing need for online shopping, brands must stay competitive by keeping up with changing trends. E-commerce is changing due to several new developments, such as the combination of augmented reality (AR) and artificial intelligence (AI), the emergence of voice commerce, the ever-evolving landscape of social media and the rise in sustainable shopping. 

This article will examine the most recent developments in e-commerce and look at what we can expect in 2024. 

Personalisation & AI 

It is expected that customisation will continue to be a crucial component in the field of e-commerce, as it has done in recent years. Businesses are using artificial intelligence (AI) and data to create customised shopping experiences for each customer. This includes tailored product recommendations, focused marketing campaigns, and unique website designs that aim to improve the whole shopping experience. 

AI integration enables brands to analyse consumer behaviour and data, enabling the development of more engaging and personalised shopping experiences. This promotes client loyalty and increases sales in addition to improving consumer satisfaction. 

The Emergence of Voice Commerce 

There has been a large increase in people using virtual assistants like Amazon’s Alexa and due to this rise, voice commerce has become a growing trend in e-commerce. Customers can now use their voice to search for products, add items to their cart and make purchases. 

It is anticipated that this trend will increase as more individuals use virtual assistants and get acclimated to utilising voice commands while they purchase. By creating speech-enabled purchasing experiences and optimising their websites for voice search, brands will be able to benefit from this trend. 

Augmented Reality & Virtual Reality 

In 2024, AR and VR technologies have the power to completely transform the e-commerce industry. Customers will be able to try on clothing, test out furniture in their homes, and even see how beauty items will look on their faces before making a purchase thanks to these new technologies and the brands that will put them into practise. 

This will not only enhance the shopping experience but also reduce the likelihood of customer returns as customers will be able to see how products will look and fit before they buy. 

Already, 40% of US consumers find augmented reality helpful when shopping online, and 34% of say these tools make them more likely to make online purchases. (https://www.junglescout.com/consumer-trends/) 

Amazon partnered with Hexa, a 3D visualisation company to let sellers create 3D images, immersive 360-degree visualisation, virtual try-ons and augmented reality content for their product pages. There is Amazon’s Room Decorator Tool which allows shoppers to visualise furniture and Amazon Fashion partnered with Snapchat releasing a virtual try-on tool for Eyewear allowing shoppers to try on brands such as Oakley and Persol so it shows you that Amazon are already ahead of the curve when it comes to AR & VR and it will play a big part over the next few years. 

Social Media 

Social media is always evolving and 2024 will be no exception – but we expect to see e-commerce on social media expand significantly as platforms like Snapchat are becoming more prevalent for consumers to find cool and unique products on Amazon. 

It is therefore anticipated that social media platforms will continue to incorporate e-commerce functionalities that enable users to find and buy things straight from their feeds.  

This implies that e-commerce elements will be improved and integrated into platforms other than social media to facilitate the purchasing process. In 2024, affiliates and sellers on Amazon will need to be flexible to sell across all platforms. 

Amazon and Snapchat launched a partnership allowing shopping ads for select products to be shown within the Snapchat app and customers in the US can see real-time pricing, prime eligibility, delivery estimates and product details on select Amazon product ads. Social media platforms are increasingly looking to grow their e-commerce offerings to convince users to spend more time and money on their apps and Amazon is the perfect partner for this.  

Sustainable Shopping 

Customers are more inclined than ever to support businesses that share their beliefs. 46% of customers are more likely to make a purchase from a business that regularly makes charitable contributions. A growing number of consumers are demanding sustainable and ethically produced goods as they become more aware of how their purchases affect society and the environment. Brands are responding to this trend by offering eco-friendly and ethically made products, as well as providing transparency about their supply chain and production processes.  According to a survey conducted in Europe, 70% of consumers consider sustainability and ethical practices when making purchasing decisions in 2024. (European Consumer Survey) In 2024, 80% of consumers are willing to pay a premium for products that are produced sustainably and ethically. (European Consumer Behaviour Report). 

Amazon launched an initiative called The Climate Pledge Friendly where they partnered with a wide range of external certifications to help customers distinguish more sustainable products. The badge is specific to products so your products must be certified by one or more of the certification partners with Amazon. Ensuring that you have the Climate Friendly Badge shown if applicable is a massive advantage for you as customers can specifically search for products on the Climate Friendly Pledge storefront giving you a competitive advantage on Amazon. 

Amazon  

As traffic continues to grow on Amazon and growth in other channels slows, 2024 will see many global brands devote a larger portion of their team resource and marketing budgets towards Amazon. With this increased competition, it becomes even more important for brands to stand out on the digital shelf hence why fully optimised engaging content and strategic advertising are so important to succeed in 2024. 

It is important to set out your objectives and goals for 2024 early on. SEO algorithms are continuously evolving and new technological developments are always being created therefore staying up to date with these advancements and trends is vital to keep your brand relevant and successful. This is where Toucan can help you with complete account management for Amazon so you can have a hassle-free experience from beginning to end. 

Summary 

The e-commerce sector is always changing, and for brands to be competitive, they need to keep up with the latest developments. Numerous trends, such as personalisation, sustainability, and augmented reality, are influencing how e-commerce will develop in the future. 

Brands can prosper and satisfy the ever evolving wants of their clients by adopting these trends in 2024 and remaining ahead of the curve. If you would like Toucan to show you how we could improve or start your Amazon journey for you, get in touch today!