24. May 2024

eCommerce Trends: Top 5 trends to watch out for in 2024

eCommerce Trends - Top 5 trends to watch out for

Your future eCommerce success depends on anticipating emerging eCommerce trends. Adapting to dynamic eCommerce industry trends is crucial for maintaining competitiveness and relevance. As we delve past a quarter of 2024, analyzing pivotal shifts shaping the eCommerce landscape is imperative. From cutting-edge technologies to strategic imperatives, we examine the fundamental developments reshaping eCommerce. Here’s what you can do to make your eCommerce strategy more future-proof.

Embrace Quick Commerce Services

The global quick commerce (qCommerce) market is set to cross $173 Bn in revenues in 2024. China leads the world while popularity increases in the USA and South East Asia. This is set to go up with increased user preference for convenience. For instance, 800 Mn users are expected to engage by 2028 according to Statista. Thus, eCommerce enterprises are pivoting towards offering quick commerce services. Many services promise deliveries within 10 min to 2 hours of placing the order.

Quick commerce is still not mainstream within eCommerce, as it depends on last-mile delivery. Last-mile delivery is the most cost-intensive and the least environmentally friendly part of the supply chain. Another challenge with qCommerce is inventory management. Therefore, only a small product assortment can be easily maintained.

eCommerce Trends - Shorter delivery time
Shortening delivery time to less than a few hours, while not compromising on service levels, makes qCommerce a customer favorite. Source: Delivery Hero

How can you actually leverage this trend?
As qCommerce needs a massive infrastructure and can be challenging to scale, it is understandable for businesses to shy away from it. A study from Delloite showed that 50% of consumers were willing to pay a higher price for convenient doorstep delivery. This translates to a revenue stream with higher profitability. Therefore, if your eCommerce strategy does not include last-mile delivery services, it may be time to reconsider.

Partnering with qCommerce partners to improve your last-mile delivery is more cost-effective than developing your own last-mile delivery system. Some players such as Uber Direct in the US also offer white-label services that you could benefit from. This means it can be integrated into your direct-to-consumer store and would provide a seamless experience to consumers.

Support Perpetual Learning for eCommerce Managers

eCommerce is here to stay and not likely to slow down anytime soon. This means that. traditional companies with an offline retail background have a steep learning curve for embracing eCommerce trends.

eCommerce Trends - Global penetration increase
eCommerce global penetration is on the rise, making eCommerce pivotal for company success. Thus, it becomes critical for organizations to successfully leverage upcoming eCommerce trends. Source: Practical eCommerce

While the basics of marketing remain constant, there may be core eCommerce concepts that a traditional marketer may need to upskill. Similarly, the eCommerce environment adds complexity each passing day. Therefore, the role and skills of eCommerce managers become critical success factors. By acknowledging this reality, enterprises proactively invest in learning programs for their managers. These robust training programs and certifications empower their managers with the requisite hard and soft skills to navigate the competitive industry.

Want to explore more?
From achieving excellence in basics to developing comfort with more advanced topics. Training courses and upskilling workshops keep marketers and eCommerce managers up to date. More than theoretical learning, applying these insights directly onto their brands creates an opportunity to achieve mastery. Are there any eCommerce trends that you wish to dive deep into? Learn more about our hands-on eCommerce workshops.

Harness Artificial Intelligence for Content Creation

The rise of Artificial Intelligence will transform content creation within the eCommerce industry. Empowered by AI-driven algorithms, businesses are now capable of crafting compelling copy and immersive video content at scale. This swift creation of content for marginally less cost democratizes content on a scale never seen before.

eCommerce Trends - Generative AI in content creation
35 out of Top 50 AI Tools help users create Content using Generative AI. Source: Writer Buddy

As seen above, the most popular AI tools all revolve around content generation. This shows that you can mass-produce content that is still personalized to the user by leveraging Generative AI.

How can you leverage AI?
Start by leveraging AI to understand and classify your target segments into clear groups. You can use modeling tools to identify common patterns among shoppers or sub-segments that can improve your messaging. Subsequently, you can also leverage Generative AI as a starting point to create compelling content for each segment. Personalization drives up conversion. Remember that at this stage, your content team should sense-check content generated by AI before it goes out to users.

Invest Strategically in Technological Infrastructure

Success in eCommerce is achieved through multiple key performing areas, from the search funnel to an agile supply chain. For small & medium businesses, it is difficult to handle end-to-end operations. Thus, they can choose to outsource technological infrastructure & analytical services. The available range of eCommerce tools goes from state-of-the-art inventory management systems to sophisticated marketing automation platforms. You can leverage a mix of these technologies to streamline operations and elevate your customer experience.

Where to begin?
It is not enough to apply traditional sales infrastructures (whether technical or team) to eCommerce. Start with an end-to-end map of your eCom processes. Identify parts of the process that need improvement to drive up conversion. Once you have identified these gaps, it is time to assess where technology can help you fill them. For each process area, you can conduct research to see which tool or platform would fulfill your needs within your price range. Before you acquire all tools on your list, ensure you have avoided any knowledge silos that would result in duplicated investments in similar tools across different departments.

Expand International Market Penetration

eCommerce has opened up borders like never before. This means, cross border shopping is on the rise. From your perspective, it opens up opportunities to sell in new markets without needed physical infrastructures and high overheads in each one. Small and medium-sized businesses can also aspire to sell beyond domestic borders. This is made possible by several consumer behaviors. For instance, users discover brands beyond borders on social media. They are more trusting of international shipping and multi-currency transactions. With sellers like eBay offering buyer protection, it also lowers the barriers to cross-border consumption.

Cross border is on the rise with the availability of international payment and shipping modes.
PayPal Borderless Report 2022 captures the growing eCommerce trends of International Shopping. Source: PayPal

What does this mean for your business?
For your context, it is important to evaluate if cross-border would allow you to expand without conflicts with local operations or legal restrictions. In the case of local businesses or direct-to-consumer setups, strategic international expansion is now easier than ever, with multiple international marketplaces such as Amazon Global and AliExpress. These international eCommerce marketplaces help you navigate intricate cross-border logistics with local payment and shipping options at your disposal. You can first test multiple international waters. Then, you can choose the market that is your best fit for a long-term growth strategy.

Social media is a powerful tool to build a ubiquitous presence. Building campaigns while partnering with local influencers who have higher relatability, while strengthening operations with local as well as existing distributors is a certified strategy for international success.

Conclusion

Let’s summarize how these eCommerce trends impact your business. The eCommerce landscape is unique and constantly evolving. This means you cannot apply traditional sales infrastructures to it. The first thing you can do is make sure you build the right kind of team to support the requirements that come with online retail. Then, ensure that your team is educated and equipped to make strategic decisions. Allow them to assess your tech stack and make recommendations on an efficient tech setup. With the right team and infrastructure in place, you can also open yourself to expansion in the form of finding new retailers, new sectors, and even new markets.

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